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Ensco International Inc News

06 Apr 2000

Offshore Comeback At Hand

U.S. oil drillers expect weaker or flat first quarter earnings but see revenues picking up later in the year as recent high oil prices trickle down to the service sector. According to sector company executives, the recovery is set to begin in the second half of this year for most, and improve markedly in 2001 as major, independent and national oil firms ramp up oil and gas exploration and production spending. "The year 2000 will be a transition year, the later we get into the year the better things will become...We troughed in the third quarter (1999)," Robert Rose, Chairman, President and CEO of offshore driller Global Marine. "But we have to wait to 2001 before we start having the kind of earnings we had in 1997…

07 Apr 2000

Offshore Market Begins To Rumble

U.S. oil drillers expect weaker or flat first quarter earnings but see revenues picking up later in the year as recent high oil prices trickle down to the service sector. According to sector company executives, the recovery is set to begin in the second half of this year for most, and improve markedly in 2001 as major, independent and national oil firms ramp up oil and gas exploration and production spending. "The year 2000 will be a transition year, the later we get into the year the better things will become...We troughed in the third quarter (1999)," Robert Rose, Chairman, President and CEO of offshore driller Global Marine. "But we have to wait to 2001 before we start having the kind of earnings we had in 1997…

11 Dec 2000

Keppel Fels, Ensco Team On $130M Rig

Keppel FELS Limited, the offshore arm of Keppel FELS Energy & Infrastructure Ltd., and ENSCO International Inc. have entered in an alliance agreement to build, own and operate an enhanced KFELS MOD V jack-up rig, with an estimated value of US$130 million. ENSCO 102, respectively. Keppel FELS is responsible for the engineering and building of the rig, while ENSCO provides procurement services and is responsible for the project management during the construction of the rig. ENSCO will have the option to purchase the remaining 75% interest in the rig from Keppel FELS until two years after delivery of the rig. The option price for the period up to the delivery of the rig will be based on the final price payable to Keppel FELS for the construction of the rig.

11 Dec 2000

Keppel Fels, Ensco Team On $130M Rig

Keppel FELS Limited, the offshore arm of Keppel FELS Energy & Infrastructure Ltd., and ENSCO International Inc. have entered in an alliance agreement to build, own and operate an enhanced KFELS MOD V jack-up rig, with an estimated value of US$130 million. ENSCO 102, respectively. Keppel FELS is responsible for the engineering and building of the rig, while ENSCO provides procurement services and is responsible for the project management during the construction of the rig. ENSCO will have the option to purchase the remaining 75% interest in the rig from Keppel FELS until two years after delivery of the rig. The option price for the period up to the delivery of the rig will be based on the final price payable to Keppel FELS for the construction of the rig.

04 Oct 2007

ENSCO International Finalizes Contract

Dallas, Texas-based ENSCO International Inc. reported one of its subsidiaries has entered into a definitive drilling contract for the ENSCO 8502, an ultra-deepwater semisubmersible rig, with Nexen Petroleum USA Inc. The contract calls for a minimum two-year primary in the Gulf, which can be extended to a three- or four-year term. The aggregate day rate revenue for the two-year term is expected to be $340m. The drilling rig is the company’s third of four ultra-deepwater semisubmersibles in the ENSCO 8500 Series under construction and will join the company’s 7500 rig, which was delivered in 2000.

30 Mar 2007

Keppel FELS Delivers Jackup for ENSCO

Keppel FELS Limited (Keppel FELS) has delivered ENSCO 108, its ninth jackup rig for ENSCO International Inc (ENSCO) on schedule, within budget and with zero loss time incidents. Of this outstanding achievement, Mr Choo Chiau Beng, Chairman & CEO of Keppel Offshore & Marine, said, “Construction of ENSCO 108 was a true mark of the efficiency and precision in project design, management and execution. ENSCO 108 was named by Lady Sponsor, Mrs Marcia Hunzeker at a ceremony at Keppel FELS on 24 March 2007. Mrs Hunzeker is wife of Mr Russ Hunzeker, Drilling and Completions Manager of BP Tanguh. ENSCO 108 is built to Keppel’s proprietary KFELS B Class jackup rig design. She is expected to depart the Keppel FELS’ yard in April on her maiden assignment in Indonesia for BP.

03 Jan 2007

Ensco to Replace BellSouth in S&P 500

Standard & Poor's said offshore drilling contractor Ensco International Inc. will replace BellSouth Corp. in its widely followed S&P 500 index after trading ends Wednesday. BellSouth was acquired by rival AT&T Inc. in a deal completed Friday. Replacing Ensco in the S&P MidCap 400 will be oil and gas explorer Cimarex Energy Co. Hornbeck Offshore Services Inc., which supplies vessels to the oil and gas industry, takes Cimarex's spot in the S&P SmallCap 600.(Source: Business Week)

06 Jul 2006

More Oil Rigs Leaving GoM

According to The Post Gazette, jack-up and deep-water rigs are leaving the Gulf of Mexico for more lucrative jobs elsewhere. This is expected to accelerate production declines in the Gulf, putting upward pressure on domestic energy prices. The rig exodus is squeezing what was an already tight market for drilling equipment. In 2001, about 148 rigs were in the Gulf. Now, about 90 remain, and more are expected to leave soon. The rig migration will have the most pronounced effect on natural-gas production and prices because most of the rigs leaving the Gulf are jack-ups used to find gas in shallower waters. Gulf gas reservoirs are often quickly exhausted, so energy companies must keep punching new wells to maintain production. Why has the rig count dropped so sharply?

23 Jan 2006

Keppel FELS Delivers Rig to ENSCO

Keppel FELS Limited (Keppel FELS) delivered ENSCO 107, a KFELS B Class design jackup drilling rig to ENSCO International Inc (ENSCO) one month ahead of contractual schedule and within budget. Guest-of-Honor, Mr. S. Dhanabalan, chairman of Temasek Holdings Pte Limited and Mr. Lim Chee Onn, executive chairman of Keppel Corporation Limited, were present to witness the christening ceremony, which came one day after Keppel FELS and ENSCO inked a new contract for the construction of a $338 million semisubmersible. The Lady Sponsor for ENSCO 107 was Mrs. Mieke Koenders, wife of Mr. Eisso Koenders, vice president of ENSCO Offshore International and unit manager for the Asia Pacific region.

17 Mar 2000

ABN AMRO Raises 2001 Earnings Estimates For Offshore Drillers

ABN AMRO raised its 2001 earnings estimates for several offshore drillers and said the oil service industry was in the early stages of a multiyear growth phase. "We are raising our 2000 and 2001 upstream capital spending growth estimates,'' analyst Asit Sen said in a research note. "We note that our views are above the latest consensus expectations. To reflect higher-than-previously expected day rates/utilization rates, we are also raising our 2001 earnings estimates and price targets," he said. "We believe that the sector is in the early stages of a multiyear growth phase. Accordingly, we would use any periods of significant near-term weakness as buying opportunities," he added.

09 Aug 2001

Merrill Lynch Slashes Rates On Trio of Oil Giants

Merrill Lynch on Thursday said it cut its rating on oil drilling companies Rowan Cos Inc., ENSCO International Inc. and Global Marine Inc., citing slack demand in the Gulf of Mexico drilling market. Merrill said that it previously believed drilling demand would improve by the late part of 2001, but it now looks as though that will not occur until early 2002. Shares of Global Marine were down $0.33 cents at $15.30. ENSCO was down $0.27 cents at $18.63, while Rowan was down $0.06 at $16.95 on the New York Stock Exchange.

17 Aug 1999

ENSCO Announces 2Q Earnings

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.

24 Sep 1999

Earnings Down for Most Oil Companies

Many oil companies reported a decrease in net income for the second quarter, compared to the previous year's results, although - in most cases - the second quarter still outperformed the first. While the decreases ranged in percentage, only a few companies' results were virtually unchanged from the previous year's performance. However, higher crude oil prices resulted in many companies' exploration and production net income actually increasing over the previous year. "I am encouraged second-quarter operating earnings, although down from year-ago levels, were more than six times higher than in the first quarter, reflecting the impact of higher crude oil and natural gas prices…

02 Mar 2000

Quarter and Year-End Earnings

Once again, quarter and year-end earnings reported in the offshore market reflected a familiar trend: oil majors saw gains - sometimes significant; while oilfield service companies continued to struggle, compared to the year-earlier marks. Unocal Corporation reported fourth quarter 1999 preliminary unaudited net earnings of $97 million and adjusted net earnings (excluding special items) of $77 million. The fourth quarter results compare with a reported loss of $29 million for the same period a year ago. Adjusted net earnings for the fourth quarter 1998 were $28 million. The fourth quarter earnings reflect higher oil and gas prices, offset partially by lower net oil and gas sales volumes and a higher international tax rate.

13 Apr 2000

Offshore Market 2000: In like a lamb, out like a lion?

Though fraught with traditional starts and stops, peaks and valleys, it appears now the much-anticipated Gulf of Mexico offshore business rebound is imminent. Maybe. Much of the uncertainty surrounding the upswing of offshore activity in the Gulf of Mexico region closely parallels the unpredictable dips and turns of the price per barrel of oil itself. While those in the industry and the financial community are hardly prepared to declare the oil market free from its cyclical shackles, there has been mounting evidence that those who most directly control the market - i.e. OPEC leaders - are more determined than ever to ensure stability is the hallmark of the new millennium's oil market.