Ensco Q2 2013 Contracted Revenue Backlog $11-biliion

MarineLink.com
Monday, July 29, 2013
Image courtesy of Ensco

Offshore drilling services provider Ensco on the crest of the wave according to their second quarter 2013 financial results.

  • Record Revenues Totaling $1.2 Billion

  • Operating Income Grew 12%

  • $11 Billion of Contracted Revenue Backlog

  • Ordered ENSCO DS-10 Ultra-Deepwater Drillship and ENSCO 110 Premium Jackup

  • Hosted Naming Ceremony for ENSCO DS-7 in South Korea

Chairman, President and Chief Executive Officer Dan Rabun stated, “We continue to see strong, broad-based customer demand given the steady pace of new discoveries that must be appraised and developed. Based on our positive outlook, we recently ordered our eighth Samsung DP3 drillship, ENSCO DS-10, and our seventh Keppel FELS B Class jackup, ENSCO 110.”

Mr. Rabun added, “These new assets reinforce our fleet standardization strategy that provides customers consistently high levels of operational excellence.”

Revenues grew 17% to a record $1.248 billion in second quarter 2013 from $1.071 billion a year ago. Operating income grew 12% to $452 million and earnings increased $20 million to a record $361 million. The addition of ENSCO 8506 and ENSCO DS-6 to the active fleet as well as a full quarter of operations for ENSCO 8505 drove these increases. The average day rate for the fleet increased $36,000 year to year to $228,000.

Contract drilling expense was $607 million, up from $494 million in second quarter 2012. This increase was primarily due to adding new floaters to the active fleet as well as a previously anticipated increase in labor costs.
 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Houston Ship Channel Man Overboard Swims to Island

The U.S. Coast Guard informs of the rescue of a 62-year-old man who was stranded on Atkinson Island, after he fell off his boat in the Houston Ship Channel near Sylvan Beach and swam to the island.

RS to Exhibit at SMM 2014

Russian Maritime Register of Shipping (RS) announced it will exhibit at Shipbuilding, Machinery and Marine Technology (SMM) International Trade Fair September 9-12, 2014 in Hamburg, Germany.

Green Marine, ACPA Partner to Reduce Environmental Footprint

Green Marine and the Association of Canadian Port Authorities (ACPA) have entered into a Memorandum of Understanding with the goal of jointly expanding efforts

Offshore

Update: LOOP Terminal Shutdown

LOOP's Offshore Marine Terminal suspended its crude oil offloading operations on August 13 while investigating an oil sheen discovered along the pipeline. According to the terminal,

GoM Sale Yields $110m in High Bids

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,

Motion Compensation Aids Offshore Lifeboat Lift

In a refurbishment program to upgrade lifeboats on offshore platforms, Ampelmann completed a second successful reinstallation using its full motion compensation technology.

Finance

SC Ports’ Earnings, Volumes Surpass Plans

July cargo volumes deliver strong start to new fiscal year SC Ports Authority reported 2014 fiscal year-end operating earnings of $14.3 million, 20.7 percent over the organization's financial plan.

GoM Sale Yields $110m in High Bids

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,

Traders Store Crude for Profit as Contango Takes Hold

Oil traders have begun fixing tankers to take North Sea, West African and Arab crudes to South Africa for storage, hoping for a repeat of the multimillion dollar bonanza they reaped in 2008-2009.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1417 sec (7 req/sec)