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Ensco, a London-based offshore oil drilling contractor, announced on Monday that it would acquire Pride International of Houston for $7.3 billion in cash and stock.

The merger will create the second largest offshore driller in the world, with 74 rigs spanning 25 countries on six continents. The combined company will have 21 ultra deepwater and deepwater rigs.

The deal comes as the industry confronts a crossroads.

Nearly a year ago, a rig leased to BP exploded in the Gulf of Mexico, causing the worst offshore oil spill in United States history. Transocean, the world’s largest offshore drilling contractor, owned the rig, known as Deepwater Horizon. The disaster incited political and regulatory fallout, including lawsuits and billions of dollars in government fines.

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