Ensco tender for Scorpion Offshore shares

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enscologow

Ensco, an offshore drilling service provider for the petroleum industry, has announced that its wholly-owned subsidiary, Ensco (Bermuda) will make a partial tender offer to purchase 19 percent of the outstanding shares in Scorpion Offshore, an owner of jackup offshore drilling rigs. Ensco is offering an in-cash price of US$6.14 (NOK39.50) per share.

The partial tender offer commences immediately and will expire on May 28, 2010. The Scorpion Offshore Board of Directors has decided to recommend Ensco's proposal including the partial tender offer. Shareholders, including members of Scorpion Offshore's senior management and the Board of Directors and their affiliates (including Kistefos and Polgas), represent 31.2 percent of the outstanding shares.

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