Adjusting FVEs for Transocean and Ensco With Updated Market Expectations
After taking a fresh look at Ensco and Transocean, we are adjusting our fair value estimates. We've raised our Transocean fair value estimate to $8.25 per share from $7 and lowered our Ensco fair value estimate to $4.40 per share from $7. Because of higher leverage, our scenario analysis produces a wider set of outcomes for Ensco, and we’ve raised our fair value uncertainty rating to extreme from very high. Conversely, our range of outcomes for Transocean has narrowed, resulting in a change in u...Ensco is an offshore contract drilling company engaged in providing offshore contract drilling services to the international oil and gas industry. As of Dec 31 2017, Co. owned and operated an offshore drilling rig fleet of 62 rigs. Co.'s rig fleet includes 12 drillships, 11 semisubmersible rigs, four moored semisubmersible rigs and 38 jackup rigs, including rigs under construction. Co.'s business consists of three operating segments: floaters, which includes its drillships and semisubmersible rigs; jackups; and other, which consists of management services on rigs owned by third-parties. Co.'s two reportable segments, floaters and jackups, provide one service, contract drilling.
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