Doug, just a reminder - mostly for new members of the thread - that
Ensco is building a new rig. GM
10:04 AM ET 01/16/98
ENSCO Announces Shipyard Contract to Build New Jackup
DALLAS, Jan. 16 /PRNewswire/ -- ENSCO International Incorporated
(NYSE: ESV) announced that it has entered into a contract with Keppel Fels
Shipyard to build a new international class harsh environment jackup drilling
rig. The rig, an enhanced KFELS MOD V, is expected to be delivered by January
2000 at a total cost of approximately $130 million (excluding capitalized
interest). The cost of the new rig will be financed out of general corporate
funds, including proceeds from ENSCO's recent $300 million public debt
offering. The Company also has an option with Keppel Fels to build an
identical jackup rig for the same price.
Carl Thorne, Chairman and Chief Executive Officer of ENSCO, commented:
"We continue to position ENSCO for growth through acquisitions, enhancements,
new construction, and market improvement. As with our rig enhancement
program, the new jackup rig is targeted at the higher end of the market. Both
the previously announced acquisition of the West Omikron (now renamed the
ENSCO 100), a North Sea class jackup rig, and the construction of this new
jackup rig (to be named the ENSCO 101), address the move to larger, more
capable rigs for deeper water and deeper drilling in the international arena.
Given the limited supply of rigs of this capability, constrained shipyard
capacity, and the continuing escalation of shipyard and equipment costs, we
believe the timing is right to lock in current construction cost and shipyard
availability. This asset addition will further strengthen ENSCO's leadership
position in its core business, the premium jackup market."
Statements contained in this press release that state the Company's or
management's intentions, hopes, beliefs, expectations or predictions of the
future are forward-looking statements. It is important to note that the
Company's actual results could differ materially from those projected in such
forward-looking statements. Additional information concerning factors that
could cause actual results to differ materially from those in the forward-
looking statements is contained from time to time in the Company's SEC
filings, including but not limited to the Company's report on Form 10-K for
the year ended December 31, 1996; the Company's reports on Form 10-Q for the
quarters ended March 31, 1997, June 30, 1997, and September 30, 1997. Copies
of these filings may be obtained by contacting the Company or the SEC.
ENSCO, based in Dallas, Texas, provides offshore contract drilling and
marine transportation services to the international petroleum industry.
SOURCE ENSCO International Incorporated
CONTACT: Richard LeBlanc of ENSCO International Incorporated,
214-922-1550/(ESV) |
