Ensco Day Rates Stayed Flat in 4Q, but Difficulty Contracting Floaters Begins to Affect Utilization
Ensco’s fourth-quarter revenue declined 12% year over year and 7% sequentially. The year-over-year decline was due entirely to a decrease in day rates, but the sequential decline was due to a fall in utilization, as day rates were flat quarter over quarter. Overall, following a year of declining day rates, pricing for Ensco seems to have stabilized in the fourth quarter. Still, Ensco (like peers) has moved away from providing disclosure on day rates on new contracts. We remain conservative in ou...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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