Ensco Reports 2Q Results In Line With Our Expectations; Maintaining FVE
Ensco reported second-quarter earnings with a dramatic decline in operating performance over the prior year. Although revenue was nearly in line with guided estimates, this quarter’s results demonstrate offshore drilling contractors' inability to accomplish attractive returns in this oil environment. Revenue declined to $458 million from $910 million a year ago, with a majority of the operational decline resulting from weakness in the floater segment. In tandem with significant declines in float...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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