Daniel W. Rabun has been named by ENSCO's Board of Directors to serve as President of the Company, and has also been appointed to serve as a member of the Board of Directors, effective on or before March 31, 2006. Mr. Rabun received a B.B.A. in Accounting from the University of Houston and a J.D. from Southern Methodist University. Mr. Rabun has been a Certified Public Accountant since 1976, was admitted to the Texas Bar in 1983, and has been associated with the international law firm of Baker & McKenzie LLP since 1986. He has provided legal advice and counsel to ENSCO for over fifteen years, and served as a Director of the Company during 2001.
The Company also announced that William S. Chadwick, Jr. has been named the Company's Executive Vice President and Chief Operating Officer. A graduate of the Wharton School of the University of Pennsylvania, Mr. Chadwick has been with the Company since 1987, and has served in a number of management positions, most recently as Senior Vice President - Operations.
Carl F. Thorne will continue to serve as ENSCO's Chairman and Chief Executive Officer. It is currently contemplated that Mr. Thorne will step down as Chief Executive Officer within the next year, at which time Mr. Rabun will be appointed to serve as ENSCO's Chief Executive Officer. Mr. Thorne will thereupon continue to serve as Chairman of the Board.
Carl F. Thorne, Chairman and Chief Executive Officer, commented "We are very pleased that Dan Rabun is joining ENSCO. His ability and diverse experience will add additional depth and breadth to our executive management team. Because he has been our primary outside counsel for many years, and previously served on our Board, Dan is intimately familiar with our operations and business philosophy. He embraces our core fundamental values of discipline, business integrity and ethics. This demonstrated compatibility, together with his legal and financial experience and strong leadership and management skills, make Dan an outstanding addition to ENSCO's management team and its Board.
"We also commend Bill Chadwick upon his promotion to Executive Vice President and Chief Operating Officer. Bill has been an integral part of ENSCO's management team since the Company's inception. His wealth of experience, demonstrated leadership capabilities, and participation in the formulation of our core values have made a significant contribution to ENSCO's growth and success over the years, and will continue to serve Bill well as he assumes his new responsibilities.
"The election of Mr. Rabun to our management team and the promotion of Mr. Chadwick to his new role are the result of our ongoing commitment to succession planning. The said commitment and its positive results will continue to provide for, and allow, orderly and timely transition so as to perpetuate the Company's historical success."
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