SCHLUMBERGER: ENSCO TAPS
Offshore oil driller Ensco PLC said Friday that Carl Trowell, a senior executive from oil-services company Schlumberger Ltd., has been named chief executive and president.
Mr. Trowell, who will take up his new roles June 15, succeeds Dan Rabun who is retiring after eight years as CEO. Mr. Rabun's planned retirement was announced in November.
Mr. Trowell, 45 years old, began his career as a petroleum engineer with Shell before joining Schlumberger, where he held a variety of international management positions. At Schlumberger, his responsibilities included operations and technology to marketing and business development across various regions.
U.S.-listed Ensco is the world's second-largest offshore oil driller after Transocean Ltd. and operates one of the newest ultradeep-water rig fleets and has a major presence in many of the world's big oil basins.
Oil-services companies such as Ensco have benefited from the boom in offshore drilling in recent years as the world's biggest oil companies go further off the coast of such countries as Angola, Brazil and Mozambique in search of new barrels, and as energy demand continues to grow.
Accessing deep-water reservoirs has never been easy, and it is getting more expensive—wells can cost upward of $200 million. The technology required to drill in such regions is key to keeping costs down.
At Schlumberger, Mr. Trowell was seen as an executive with potential to become its CEO within eight years, a person familiar with the matter said Friday. He gained a reputation for being a strong technology leader adept at hiring and developing top talent.
Ensco "was able to pull a real star out of Schlumberger,'' the person said.
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