Energy Exploration | Houston, TX | Corporate Acquisition
Ensco (NYSE: ESV) has agreed to purchase fellow offshore oil driller Atwood Oceanics (NYSE: ATW) in an all-stock transaction valued at $839 million. The combined company will operate a fleet of 63 rigs and work with a customer base of 27 national oil companies and other clients. Ensco expects the deal to create annual synergies of $65 million starting in 2019. Ensco's shares closed Tuesday down 5%, while Atwood stock popped 24%.