Jefferies Comments on Ensco's Merger with Pride

Jefferies is providing commentary on Ensco's ESV merger. “With the Pride PDE merger complete, ESV is now positioned as the 2nd largest offshore driller in the world, with significant leverage to improving UDW floater and jack-up fundamentals,” Jefferies writes. “ESV remains one of our favorite offshore drillers due to its attractive earnings leverage and NAV growth over the next three years.” Ensco closed Thursday at $55.30.