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Ensco plc Message Board

  • sollid_companiess_only sollid_companiess_only Oct 24, 2013 8:48 AM Flag

    ESV Beats Profit Estimates

    I believe ESV shareholders will receive another divvy increase next year but probably no dramatic increase in the pps, day rate increased dramatically, but utilization fell:

    4:16AM Ensco beats by $0.06, misses on revs (ESV) 55.30 : Reports Q3 (Sep) earnings of $1.69 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $1.63; revenues rose 9.1% year/year to $1.23 bln vs the $1.28 bln consensus.

    Backlog
    Co reports $11 bln of Contracted Revenue Backlog

    Segment Highlights
    Floaters
    Floater revenues grew 9% to $788 million in third quarter 2013 from $723 million a year ago, primarily due to the commencement of ENSCO 8506 and ENSCO DS-6. As noted above, the Company did not recognize revenue for ENSCO 5002 and ENSCO 5004 contracted to OGX in Brazil during third quarter 2013. The average day rate increased 15% to $416,000 from $362,000 in third quarter 2012.
    Utilization was 79% compared to 90% a year ago. This decline was mostly due to a shipyard upgrade project for ENSCO 5005, an inspection for ENSCO DS-2, mobilizations for two rigs and no revenues being recognized for ENSCO 5002 and ENSCO 5004 that are contracted to OGX. Adjusted for non-operational items, utilization increased to 93% from 92% in third quarter 2012.
    Jackups
    Jackup revenues grew 21% to $460 million, up from $381 million a year ago. The increase was mostly due to a $16,000 increase in the average day rate to $125,000, driven by strong customer demand around the world. Utilization was 90% compared to 87% a year ago. Adjusted for non-operational items including planned upgrade projects, inspections and cold stacked rigs, utilization was 99% compared to 97% in third quarter 2012.

 
ESV
16.94-1.02(-5.63%)Sep 1 4:02 PMEDT