Investor urges EnscoRowan to declare $2.5B special dividend

Offshore driller EnscoRowan has been urged by Luminus, a fund owning 4.5% of its shares, to declare a special dividend of $2.5 billion, which, the fund believes, would help the ESV share price which has been on a downward spiral for some time now and is at “1993 lows.”

In a letter sent to EnscoRowan this week, Luminus said it “has been extremely disappointed by the absolute and relative trading performance of EnscoRowan both before, and since, the consummation of the Ensco-Rowan merger. We cannot imagine that other long-term shareholders feel differently.”

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