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Ensco Extends Exchange Offer for 8.00% Senior Notes Due '24

Ensco plc ESV declared that it has extended the expiration date for its earlier announced offer to exchange any and all of its $332,048,000 outstanding principal amount of 8.00% Senior Notes due 2024. The notes will be exchanged for an equivalent amount of new 8.00% Senior Notes due 2024 that have been registered under the Securities Act of 1933, as revised.

Initially, this registered exchange offer, which was slated to expire at 5:00 p.m., New York City time, on Mar 14, 2017, has been stretched until 5:00 p.m., New York City time, on Mar 21, 2017. All other terms of the exchange offer, as defined in the prospectus dated Feb 13, 2017, remain unchanged. As of Mar 14, holders of 98.14% of the outstanding principal amount of the 8.00% Senior Notes has submitted their notes for exchange.

The terms of the new notes issued in the exchange will be same in all material respects to the terms of the outstanding notes. However, the transfer limitations applicable to the outstanding notes will not apply. Holders that do not exchange their outstanding notes will continue to be subject to the existing limitations on transfer and will not be allowed to offer or sell the outstanding notes except under an exemption from applicable securities laws.

Ensco is a leading supplier of offshore contract drilling services to the oil and gas industry. The company has an offshore drilling fleet of 64 rigs consisting of 10 drillships, 13 semisubmersible rigs, three moored semisubmersible rigs and 38 jackup rigs – excluding four rigs under construction.

The company caters to a varied range of customers. The company’s clientele includes many of the leading national and international oil companies as well as many independent operators. Ensco is among the most geographically diverse offshore drilling companies, with current operations and drilling contracts spanning approximately 15 countries on six continents in nearly every major offshore basin around the world. The markets in which the company operates include the U.S. Gulf of Mexico (GoM), Mexico, Brazil, the Mediterranean, the North Sea, the Middle East, West Africa, Australia and Southeast Asia.

Shares of the company have outperformed the Zacks categorized Oil & Gas-International Integrated industry in the last three months. During the period, Ensco’s shares lost 11.8% while the broader industry registered a decline of 18.6%.



Ensco carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Pioneer Natural Resources Company PXD, Crescent Point Energy Corp. CPG and Cenovus Energy Inc CVE. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Pioneer Natural Resources posted a positive earnings surprise of 63.33% in the preceding quarter. It had an average positive earnings surprise of 21.86% in the four trailing quarters.

Crescent Point Energy posted a positive earnings surprise of 244.44% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 127.16%.

Cenovus Energy posted a positive earnings surprise of 583.33% in the preceding quarter. It beat estimates in two of the four trailing quarters with an average positive earnings surprise of 74.89%.

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Cenovus Energy Inc (CVE): Free Stock Analysis Report
 
ENSCO PLC (ESV): Free Stock Analysis Report
 
Pioneer Natural Resources Company (PXD): Free Stock Analysis Report
 
Crescent Point Energy Corporation (CPG): Free Stock Analysis Report
 
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