ENSCO proposes change in corporate structure
Ensco International has approved a plan to change the company’s legal domicile from Delaware to the UK, where the corporate headquarters would be relocated. Most of the company’s senior executive officers would be based in the UK under the contemplated restructuring, which is subject to approval by the majority of company stockholders.
Ensco’s Board believes the plan would provide many benefits, including:
• Enhance management efficiencies resulting from the UK time zone overlap with geographies where Ensco operates;
• Improve access to key customers;
• Enhance access to European institutional investors;
• Improve customer and investor perceptions that Ensco is a truly global offshore drilling contractor with expanding deepwater operations; and
• Allow Ensco to benefit from the UK’s developed tax regime and extensive tax treaty network, and potentially achieve a global effective tax rate comparable to that of some of Ensco’s global competitors.
Groundbreaking on InterMoor facility
InterMoor, an Acteon company, recently broke ground on its new facility in Morgan City, La. More than 80 guests were on hand for the ceremony, including Louisiana Gov. Bobby Jindal, Morgan City Mayor Tim Matte and Port of Morgan City President Mac Wade.
The new facility will feature more than 30,000 sq ft of fabrication space, including a high-tech CNC cutting machine, mooring equipment and storage capabilities; a 12,000-sq-ft multi-purpose building for administrative and operations employees; a 7,500-wire doping area to inspect, protect and prepare wire rope for offshore jobs; a 20,000-sq-ft blasting and painting facility; and a 300-ton crane to enhance docking services.
The $17.2 million capital investment will allow the company to retain more than 200 jobs and allow for future growth.
Teton acquires Porta-Kamp
Teton Building, a FirstCity Crestone portfolio company, recently acquired the assets of Porta-Kamp International, a Houston-based company that designs, manufactures and installs housing, including remote workforce sites for the oilfield. Porta-Kamp’s 260,000-sq-ft manufacturing facility in Houston will allow Teton, based in Casper, Wyo., to better serve the needs of its customers.