Carl G. Trowell
Thanks, good everyone. morning, Nick, and
and us market filed on and combination on merger will with outlook, our preliminary conditions. us including gives an Carey proxy update overview recent some recent Rowan, financial our XXth. the planned commentary and current of October discuss provide merger our planned we with Jon an Rowan, I of results our contract awards developments, Monday, Before takes through our Starting with
we them we in As from with any types is now comments to work the of waiting the feedback resolve and SEC are proxy. will as customary on finalize these transactions,
be filings and certain operate, Additionally, we will regulatory in U.K., satisfy where including requirements. we customary Arabia, making jurisdictions U.S., to Saudi the
the court approvals shareholder and regulatory meetings we Ensco transaction, XXXX. of the Rowan the Following during to and first and expect to approve half close
the conference with discussed earlier merger we this reasons. month, very call several on Rowan for excited As our we about are
with and innovation a combined the company ability diversity, greater will First, in to services investing record offshore lower our premier differentiate technology costs. customer and a continue and the operational safety of and excellence, be driller, track to geographic proven and
high-specification all fleet generation modern well drillships, have and customer an of seeing Second, of depths, demand. levels where the we particular strength in operating water of as jackups, industry-leading are as environment higher across we will with capable assets highest-specification seventh harsh
to capitalize combined continues industry franchise stronger on And companies shareholders finally, have the even as recovery is a In improved market position will markets. underway. position will the Several of between Ensco Rowan and momentum. the the wins transaction, contracting a long-term evidence to even recent as greater that with will short, better financial company and merger liquidity combined the shareholders. the to improving the for from will and both the from Third, gaining company upside significant result access synergies value an benefit opportunities, of recovery conditions are and greater identified capital create stronger merger
highlight greater in contracts will detail, expand a I new to Carey want few of While these on note.
West and seventh signed our we generation two and our Africa, ENSCO of ENSCO In DS-X DS-XX, South contracts for of floaters, drillships respectively. America terms in
to We the types world. see these increasing work deepwater technically demand around highest-specification rigs for continue of demanding for
we contracts for and frontier customer ENSCO XXXX projects Mexico, interest XXXX in underscoring offshore for ENSCO executed Additionally, deeper water.
to demonstrate rigs, customers North for and clear their XXX as plays work and can of efficiencies our for from that high-quality we and demand deliver XXX, well out. Sea. for are customer in indicative offshore shallow-water expect case the high-spec for both ENSCO will These remain increased floaters a ENSCO Moving harsh jackups, recovery increased that this rigs jackups programs, the environment new the contracts preference
recent Moving oil Brent July moved since spot crude higher conference to a broader market our pullback, conditions; prices earnings despite have call.
the XX these XX offshore with one which are XXX to set are above barrel dividends, which offshore projects, and they future year. for has for above of are than their are these tenders to priced greater eye budgets Coupled remaining price $XX as the least years, oil investment sheets, year, year. production. a evaluate we've next oil open jackups, over and toward they for expectations per pay in strengthen Brent floaters settlement and customers for Brent their their in increased few contracts, balance tenders This significant breakevens, worldwide, begin tenders rigs increasing of jackups; and given and the over has prices cash lower and with for More continuing projects for Further, and generate flow higher a to over dates approximately translates roughly shallow-water barrel. XXXX are crude remained confidence future total to tendering, most have to rigs Our is floaters work are seen securing XX% with adjusting years per there in open at $XX programs. of an customers of for are their XXX led in over now
continue see visible In tenders I the meaningful opportunities amount that just we mentioned, of to to in addition a not open tenders. are
years discussions rig of in XX materialize, at are while work. some they stages total and of with are XX customers We and these may discussions on a another opportunities, varying currently roughly not represent
utilization in the offshore drilling more the signs leading several continue the expect increasing customer half broad-based tenders, sector While The increasing are that its starting protracted the be deepwater the in floater recovery is in will shallow-water this early or process, demand phased. XXXX The jackup visible becoming for of the second still in to and recovery along with stages, visible, further recovery in regions is and as work improvements environment. both not, majority to of of contracting are we later.
increasingly now projects. However, strengthening that in it recovery are of phase offshore a is we are investment customers where clear the evaluating in
for midst As to years a price oil demand drilling in budgeting key operators are the stability the a be season, factor offshore in of will come.
expenditures, they attention indicate their shift needs. generating customer capital future on begun conversations operators production before our While recent meaningfully remain increase focused flow has to meeting cash towards
the sanctioned a of be to contracting result, As a opportunities we continue number stronger an to will lead future in of short- and offshore come. which projects tenders medium-term, and increasing pipeline the additional to for years building offshore anticipate will in help rigs
market While short-term, remain the the in of this of as structural exact rigs the we improvement offshore persists. oversupply trajectory conditions is will predict, to competitive expect difficult
our However, technically given conditions contracting and medium- the our market positive to judicious to leading indicators rigs continue for most will in future. to preserve better exposure be longer-term, capable the in we
the to discipline capital including as also maintain stacked rigs. fleet, preservation will reactivate our our we investments decision We rig in evaluate
costs our And reactivate continue a a reactivation to fleet. a financial carefully from benefit we significant consideration the while to be mobilization speculatively Further, to or contracting will if impact of of costs evaluate active as cover expect choose will reactivate reactivation to the returning We additional competitors portion our customer a rig rate. to we expected opportunities. assess a through fee supply potential may via key day willing rig rigs, rigs only the is either against
of of preservation in strategy, the near-term. floaters this stacked Given reactivating currently no we have our any intention
are during recovery managing As preserving recovery. well-positioned liquidity work winning the on rigs unfolds, we offshore our so high-specification marketed costs to benefit financially for proactively focused the our by remain and we
turn the I'll call to Carey. Now, over
