ENSCO 3Q Earnings Hit By Gulf Downturn

Friday, October 12, 2001
ENSCO International Incorporated expects that its third quarter earnings per share will be in the range of $.38 to $.42, and that its fourth quarter earnings per share is expected to be in the range of $.25 to $.30. This trend in results is due primarily to a decline in Gulf of Mexico drilling activity.

The company also announced that one of its subsidiaries has received notice of Chevron's intent to effect early termination of the ENSCO I, a barge drilling rig under long-term contract with Chevron in Venezuela. Not included in the third quarter earnings estimate given above is approximately $15 million of revenue resulting in a gain of approximately $10 million after tax, or $.07 per fully diluted share, from the early termination of this contract, if finally consummated.

Carl Thorne, Chairman and CEO of ENSCO, said "Due to further deterioration in the Gulf of Mexico offshore rig market, we are experiencing increased downtime relative to our Gulf of Mexico jackup rigs. Several oil and gas companies have suspended Gulf of Mexico drilling programs, as significant percentages of the drilling budgets were spent earlier in the year when natural gas prices were exceptionally high. The Company currently has three rigs that are in shipyards for planned work and six rigs that are between contracts, although several of these rigs have pending contract commitments. We continue to see pressure on day rates, and do not expect improvement in the Gulf of Mexico jackup rig market until late this year. We will use this opportunity to accelerate regulatory dry dockings and planned upgrades of our Gulf of Mexico jackup rig fleet. International jackup activity remains strong, and ENSCO continues to respond to inquiries for international work. The only international jackup the company currently has available is a North Sea rig that completed a contract earlier than anticipated."

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Greece Wants EU Funding to Tackle Migrant Influx

Greece will ask the European Union for about 700 million euros to build infrastructure to shelter the hundreds of refugees and migrants arriving on its shores daily, the government said on Thursday.

Asia-Europe Box Rates Soar Again

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

Education/Training

Transas Expands ECDIS Training Network in China

The New Alliance Marine Training Center (NAMTC) has joined the Transas Global ECDIS Training Network (GET-Net), and shipping companies can now benefit from an ECDIS

Drilling Down into Risk Management

Afloat or ashore, we cannot eliminate risk, but it can be sensibly managed to a tolerable level. It begins with a hypothetical, but worryingly authentic, tale

Nominations Invited for BIMCO Awards

BIMCO, the world’s largest international shipping association is now calling for nominations for its prestigious awards, to be presented in Hamburg in November 2015.

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3425 sec (3 req/sec)