Ensco Announces 3Q Results

Monday, October 27, 2008

The company incurred a loss from discontinued operations for the third quarter of 2008 (net of tax) of $18.9m ($0.13 per diluted share) related to the loss of ENSCO 74, a Gulf of Mexico jackup rig that was presumed to have sunk in the aftermath of Hurricane Ike in September. Income from continuing operations was $301.2m ($2.13 per diluted share) for the quarter ended September 30, 2008, as compared to income from continuing operations of $259.4m ($1.77 per diluted share) for the quarter ended September 30, 2007.

For the nine months ended September 30, 2008, net income was $851m ($5.97 per diluted share) on revenues of $1,828.3m as compared to $753.4m ($5.08 per diluted share) on revenues of $1,570.9m for the year earlier nine month period. Income from continuing operations for the nine months ended September 30, 2008 was $859.5m ($6.03 per diluted share) as compared to income from continuing operations of $733.3m ($4.94 per diluted share) for the nine months ended September 30, 2007.

The average day rate for Ensco's 43-rig jackup fleet for the quarter ended September 30, 2008, increased 10% to $156,900, as compared to $142,100 in the prior year quarter. Utilization of the company's jack-up fleet was 97% in the third quarter of 2008 compared to 90% in the third quarter of 2007.


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