Gottfried,
an update on new Ensco 7500 project.
biz.yahoo.com
Thursday March 2, 6:27 pm Eastern Time
Company Press Release
SOURCE: ENSCO International Incorporated
Update on ENSCO 7500 Construction Project
DALLAS, March 2 /PRNewswire/ -- ENSCO International Incorporated (NYSE:
ESV - news) announced today that construction of the ENSCO 7500
semisubmersible rig is progressing satisfactorily at the Friede Goldman Offshore (``FGO'), Orange, Texas shipyard.
FGO now estimates that construction of the rig will be completed, and that shipyard delivery will take place during
October of 2000. This is in line with ENSCO's previously reported expectation that the rig will commence its term
contract for Burlington Resources during the fourth quarter of 2000. The Burlington contract is expected to generate
revenue of approximately $190 million during the three year primary term.
In a related development, Burlington, while reconfirming their commitment under the ENSCO 7500 drilling
contract, and ENSCO have agreed to work together to sublet the rig to third parties if spare rig capacity is available
during the primary term of the contract.
The ENSCO 7500 is a dynamically positioned semisubmersible rig capable of drilling in 8000 feet of water. The rig is
an ENSCO proprietary design intended for work in the Gulf of Mexico, offshore Brazil, West Africa or Asia.
ENSCO, headquartered in Dallas, Texas, provides contract drilling and marine transportation services to the
international petroleum industry.
SOURCE: ENSCO International Incorporated |
