Ensco International, Inc (ESV) Higher utilization forecasted. And construction of ENSCO 7500 going well:
"Carl Thorne, Chairman and Chief Executive Officer of ENSCO, commented on the Company's current outlook, "Although our first quarter financial results do not compare favorably to the year earlier period,
the results do represent the second quarter of sequential improvement, and we believe the rate of improvement is accelerating. Drilling activity in the Gulf of Mexico is strong, and the recovery in activity levels is spreading internationally. The average day rate on our 22 Gulf of Mexico rigs improved by more than 30% from the fourth quarter of 1999 to the first quarter of 2000. We expect to put eight of ENSCO's international jackup rigs to work during the second quarter of 2000, including our new harsh environment jackup, the ENSCO 101. Construction of the ENSCO 7500, our first semisubmersible rig, is proceeding as
planned, with delivery scheduled for the fourth quarter of this year. We expect continued improvement in our results over the course of 2000 as our international jackup rigs return to service, as rate structures continue to improve, and as two new rigs commence contracts."
biz.yahoo.com
Comment: The ENSCO 7500, ESV's first semisubmersible, is being constructed by Friede Goldman Halter, Inc. |
