Ensco Results Sink Further as Offshore Market Shakeout Continues; Our Bearish View Unchanged
No-moat Ensco’s first-quarter results finished below our estimates and lower than the prior quarter. Though Ensco is the first of the major drillers to report, it appears offshore rig markets are not done bottoming. Revenue shrank nearly 12% from the same period last year, with the top line for jackups falling the furthest at 17%. Meanwhile, contract drilling expense swelled with the addition of several stacked Atwood rigs. After comparing first-quarter performance with the recently published fl...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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