(RTTNews) - Offshore drilling contractor Ensco International Incorporated (ESV: News ) Monday announced its intention to change the company's corporate structure. The plan mainly includes relocating its headquarters to the U.K. from Dallas to improve access to key customers, enhance access to European institutional investors and to take advantage of the country's tax structure. The plan is subject to approval by majority of stockholders.

Ensco has substantial operations in the U.K. and most of the company's senior executive officers would be based in the U.K. under the contemplated restructuring. Ensco noted that it will continue with the same business operations when the proposed restructuring is completed, and the new U.K. parent company will be named Ensco International Plc, or Ensco UK.

Chairman, president and chief executive officer Dan Rabun stated, "The new corporate headquarters will facilitate executive oversight of our global operations and senior executives will be closer to more of our customers."

The plan approved by the the company's board provides that each issued and outstanding share of the common stock of Ensco International Incorporated will be converted into the right to receive one American depositary share, which will represent one Class A Ordinary Share of Ensco UK and is evidenced by an American depositary receipt.
Ensco UK's ADSs are expected to trade on the New York Stock Exchange under the symbol ESV, the current symbol for the company's common stock.

Ensco said it will remain subject to U.S. Securities and Exchange Commission reporting requirements, the mandates of the Sarbanes-Oxley Act and the applicable corporate governance and listing rules of the New York Stock Exchange. Ensco will continue to report its financial results in U.S. dollars under U.S. generally accepted accounting principles, in addition to any applicable reporting requirements of English law.

ESV is currently trading at $47.55 per share, down 1.00%, on the New York Stock Exchange.

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by RTT Staff Writer

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