Offshore drilling company CEO announces retirement

HOUSTON — Ensco announced Wednesday that CEO Dan Rabun will retire after eight years at the helm.

The London-based offshore drilling company said Rabun, 59, will step down as CEO and president after the board of directors selects a successor. He will remain board chairman through the company’s 2014 annual general meeting or later.

Building up: Ensco pumping investment into new rigs

Ensco said the board has been planning for Rabun retirement for more than a year, assembling a succession committee chaired by lead independent director Paul Rowsey, CEO of real estate investment firm Compatriot Capital, and working with executive recruiting firm Heidrick & Struggles International.

“Dan has made many contributions to the success of our company, especially his unwavering passion to further advance safety and operational excellence,” Rowsey said in a written statement. “Over the past eight years, revenue and stockholders’ equity have more than quadrupled, dividends have grown from $0.10 to $3.00 per share annually and we are now among the largest and most well-respected offshore drillers.”

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