Ensco-Rowan deal makes sense but higher oil prices won’t soon help rig rates [Seeking Alpha]
ENSCO (ESV)
Last ensco earnings: 5/1 06:53 pm
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Source: Seeking Alpha
Ensco’s (NYSE: ESV ) acquisition of Rowan (NYSE: RDC ) is “ just in time ,” as utilization rates and dayrates are starting to rise, says Evercore ISI analyst James West, who also continues to believe offshore drillers are where the doubles, triples and more can be found. ESV will now gain exposure to the ultra-harsh jackup market, which is a market that is quickly beginning to tighten , and double-down on its already robust market share position with Saudi Aramco via addition of RDC's ARO Drilling JV, according to Tudor Pickering Holt analysts. But Heard On The Street 's Spencer Jakab is more skeptical on the deal , noting that the combined company will have a fairly modern fleet but rig pricing will not improve industry-wide until rivals retire older rigs. The rig market will tighten eventually, but short-term factors elevating oil prices may have faded by then, too, Jakab writes. ESV jumped 3.6% and RDC rose 4.6% in today's trade. Click to subscribe
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