ENSCO International acquires Chiles Offshore News
// May 24, 2002
ENSCO International Incorporated and Chiles Offshore Inc have announced that they have signed a definitive merger agreement under the terms of which ENSCO will acquire Chiles. The Boards of both companies have approved the transaction.
Under the terms of the merger agreement, Chiles' stockholders will receive 0.6575 shares of ENSCO common stock, plus cash of $5.25, for each share of Chiles' common stock. Total value of the transaction is approximately $578 million based on ENSCO's closing price as of May 14th 2002.
After giving effect to the transaction and including the Chiles' rig currently under construction, the combined company will have a fleet of 56 offshore drilling rigs, in addition to ENSCO's fleet of 28 OSVs in the Gulf of Mexico.. The combined fleet will include 43 premium jack-up rigs, with 29 rigs, or two thirds of the fleet, having been built or rebuilt since 1995.
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