Pride, Rowan Are Attractive Merger, Acquisition Candidates, Bernstein Says

Pride International Inc. and Rowan Cos. are “attractive” merger and acquisition candidates, Scott Gruber, an analyst with Sanford Bernstein & Co., wrote in a report today.

Gruber cited lower rig-rental rates because of the U.S.’s moratorium on drilling. Rates are down 33 percent in deep water and 45 percent in mid-water, he wrote.