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

To: RealMuLan who wrote (4134)	12/2/1997 11:02:00 AM
From: RealMuLan	Respond to of 95453

Some good news for ESV: Tuesday December 2, 9:55 am Eastern Time Company Press Release SOURCE: ENSCO International Incorporated ENSCO Signs Agreement for Three New Barge Drilling Rigs for Venezuela DALLAS, Dec. 2 /PRNewswire/ -- ENSCO International Incorporated (NYSE: ESV - news) announced that an affiliate, ENSCO Drilling (Caribbean), Inc., signed a letter of intent with an affiliate of Chevron Corporation (NYSE: CHV - news) for drilling contracts on three new barge rigs for Lake Maracaibo, Venezuela. The three rigs, which will be significantly larger than ENSCO's existing barge rigs, will be constructed in the U.S. at a total cost of roughly $105 million and are expected to be delivered within 14 months. Revenues to be earned by ENSCO Drilling (Caribbean), Inc. under the contracts for the three new rigs during the five year contract term total approximately $190 million. ENSCO International Incorporated has an 85 percent interest in ENSCO Drilling (Caribbean), Inc. Carl Thorne, Chairman and Chief Executive Officer of ENSCO, commented, ''With the success of the recent licensing round for international oil companies, Venezuela is becoming an increasingly active offshore drilling market. The three additional barge drilling rigs will bring ENSCO's Venezuelan rig fleet to 13 rigs, further enhancing our leadership position in this market. This new class of rigs will be the largest and most capable type of barge rigs in Venezuela. We are also pleased to expand our relationship with Chevron, one of our major customers in the Gulf of Mexico.'' ENSCO, headquartered in Dallas, Texas, provides offshore contract drilling and marine transportation services to the international petroleum industry. SOURCE: ENSCO International Incorporated