Consolidation among drillers paramount to a recovery, WoodMac says

Monday’s news of the proposed merger between offshore drillers Ensco and Rowan came as no surprise to the energy intelligence group Wood Mackenzie whose analysts have said M&A in the drilling space is of utmost importance for the sector’s recovery.

Commenting on the $2.38 billion deal, Leslie Cook, principal analyst, Wood Mackenzie, said: “As we have been saying for the past two years, consolidation among drillers is paramount to a recovery. In that respect, this announcement comes as no surprise.

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