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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Elmer Flugum who wrote (2504)	10/26/1997 10:13:00 AM
From: Bob (Hijacked)	Respond to of 95453

ENSCO Reports Improved Day Rates Updated: 10/21/97. c1997 Oil On Line Dallas-based drilling contractor Ensco International Inc. reports that average day rates for the company's 35 jackups were approximately $56,000 in the third quarter of 1997, an 80 percent increase from the $31,000 average day rate achieved in the third quarter of 1996. Average utilization for the company's jackup fleet increased slightly to 95 percent in the third quarter from 94 percent in the same quarter last year. Ensco Chairman and Chief Executive Officer Carl Thorne said that although the company achieved record results (net income of $67.8 million on revenues of $223.3 million) in the third quarter, the company's work is far from complete. "Average rates structures, although dramatically improved, still represent only about 70 percent of presently estimated replacement cost pricing," Thorne said. He said Ensco's asset enhancement program is well into its fourth year, but five additinal rigs are still to be addressed before the end of 1998. Thorne said Ensco continues to pursue opportunities to expand its presence in core international markets: South America, Asia Pacific and Europe. In Ensco's marine transportation segment, average day rates of the company's 37 oilfield support vessels increased approximtely 52 percent to $7,900 in the most recent quarter compared to $5,200 in the third quarter of 1996. Average utilization of the company's marine fleet was 88 percent for the third quarter of 1997, a slight reduction from the 91 percent utilization rate achieved in the third quarter of 1996, due to an increase in scheduled drydockings during the 1997 period.