The collapse in oil prices starting in mid-2014 precipitated a down-cycle for offshore energy producers and contractors alike. This plunge forced oil companies to cut capital spending and investment levels tumbled, falling more than 50% by 2018.
Two mid-tier players, Ensco Plc and Rowan Companies, focused on making smart decisions and continuous improvement to weather the storm. Doing so primed them for a merger that would establish the combined company as a tier-one competitor.
Front and center was ensuring that the unified brand honors the accomplishments, contributions and legacies of both organizations while also establishing a true north for its future ambitions together as one.
Some unique characteristics compounded the pressure for getting it right, including employees’ loyalty to their legacy brands, the majority of the organization being located in harsh conditions at sea and around the world, and a high-stakes contracting environment with large corporations and nation states as partners.
Our strategy established the brand purpose to be Boldly First, a clear call to lead the category forward in a measured manner. The pride each organization brings to work every day and the harsh environments in which they do their work provided a great deal of inspiration for the name. Along with the notion of “Boldly First,” we wanted a name that conveyed strength, ingenuity and an intrepid spirit, all qualities from our brand platform that define the combined culture.
• Successfully combined two companies with different cultures together.
• Launched the new name to employees across more than 60 countries, from offshore rigs to offices on land, to shareholders, the public and the industry.
• Drove lots of internal enthusiasm for the new brand