ENSCO Announces 2Q Earnings

Tuesday, August 17, 1999
ENSCO International Inc. reported a net loss for the three months ended June 30, 1999 of $9.8 million on revenues of $79.4 million, compared to net income of $80.6 million on revenues of $234 million for the three months ended June 30, 1998. ENSCO's net income for the first six months of 1999 was $10.2 million on revenues of $207.1 million, compared to net income of $167.8 million on revenues of $480.4 million for the prior year period. The decline in the financial results is due to sharply reduced demand for contract drilling and related services in 1999 as compared to the prior year. During the second quarter of 1999, the Baker Hughes U.S. Rig Count reached an all time low. The average day rate for the company's jackup fleet was approximately $23,000 in the second quarter of 1999, compared to $63,000 for the year earlier period. Utilization of the company's jackup fleet decreased to 71 percent in the most recent quarter from 89 percent in the second quarter of 1998. In the marine transportation segment, average day rates in the second quarter of 1999 for the company's fleet of oilfield support vessels decreased to $4,200 from $8,100 in the year earlier period. Average utilization for the company's marine fleet was 61 percent in the second quarter of 1999 compared to 83 percent in the second quarter of 1998.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

3Si Group Launches Offshore Division

3Si Group, whose global portfolio of marine safety products and services covers commercial, leisure and military markets, has announced the formation of 3Si Offshore,

Rosneft, Gazprom to Receive Four Arctic Fields

Ministry of the Environment sent to the government documents on the transfer of "Rosneft" and "Gazprom" licenses for the development of four more fields on the Arctic shelf,

Edelweiss Now Controls Bharati Shipyard

Edelweiss Asset Reconstruction Company has taken over management control of Bharati Shipyard, says a report in ET.   Edelweiss now controls 70% of the Indian yard’s debts.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Simulators Sonar Winch
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: 0.3188 sec (3 req/sec)