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Atwood Oceanics Inc
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May 2017 Strengthening the Offshore Driller of Choice
| Rob Salriel | Page 4 of 11 |
May 09, 2024
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"May 2017 Strengthening the Offshore Driller of Choice"
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4 Transaction Summary Transaction Summary Transaction Structure • All-Stock Transaction Terms • 1.60 newly-issued Ensco shares per Atwood share • Implies $10.72 total value per share of Atwood as of May 26, 2017 • Implied pro forma ownership of ~69% to Ensco shareholders and ~31% to Atwood shareholders Leadership • Ensco’s senior executive leadership team and board will continue • Two members from Atwood’s current board will join Ensco’s board Domicile • Pro forma Ensco will remain domiciled in the UK • Senior executive officers will be located in London and Houston Shareholder Value • ~$65 million of expected pre-tax annual expense synergies • Combination is projected to be accretive on a discounted cash flow basis