Davis Polk advised the lead dealer managers, in connection with the Rule 144A/Regulation S exchange offers by Ensco plc pursuant to which it issued $332 million aggregate principal amount of Ensco’s newly issued 8.00% senior notes due 2024 and paid $332 million of cash in exchange for of approximately $374 million aggregate principal amount of its 4.70% senior notes due 2021, and approximately $146 million aggregate principal amount of 8.50% senior notes due 2019 and $130 million aggregate principal amount of 6.875% senior notes due 2020 of Pride International, Inc., a wholly owned subsidiary of Ensco.

Ensco is a global provider of offshore drilling services to the petroleum industry. It currently owns and operates a fleet of offshore drilling rigs spanning most of the strategic markets around the globe. Ensco is headquartered in Houston, Texas, and domiciled in the United Kingdom.

The Davis Polk corporate team included partner Michael Kaplan, counsel Marcel Fausten, European counsel John Taylor and associates Nick Gilling, Eugene Baek, Roohi Gupte and Win Rutherfurd. The tax team included partner Jonathan Cooklin, counsel Alon Gurfinkel and associate Omer Harel. Members of the Davis Polk team are based in the New York and London offices.

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