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|52 Week Range||416.50 - 474.00|
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Moody's Investors Service ("Moody's") placed Ensco plc's (Ensco) ratings under review for downgrade following its announcement to acquire Rowan Companies, Inc. (Rowan, B3 developing) in an all-stock transaction on October 8, 2018. Ensco's ratings under review include its B2 Corporate Family Rating (CFR), B2-PD Probability of Default Rating (PDR), B3 senior unsecured notes rating and NP commercial paper rating.
Ensco’s (ESV) drilling expenses were $344 million in the second quarter—up from $291 million in the second quarter of 2017. The company’s drilling expenses rose mainly due to $47 million in costs associated with 11 Atwood Oceanics (ATW) rigs, the addition of ENSCO DS-10 into the active fleet, and $5 million in integration-related costs. Ensco expects its drilling expenses to decrease in the third quarter to $330 million.
Heavy exposure to a handful of borrowers has endangered the banking sector in regional financial hub Ivory Coast and reducing that risk will be a slow process despite reforms, a senior analyst with rating agency Moody's said on Thursday. Ivory Coast, one of Africa's fastest growing economies, accounts for around 30 percent of total banking assets in the West African Economic and Monetary Union, whose members share a common CFA-franc currency pegged to the euro.
Ensco’s (ESV) drilling expenses were $325 million in the first quarter—up from $278 million in the first quarter of 2017. The drilling costs are lower from $334 million in the previous quarter due to lower scheduled repairs and reactivation costs. Excluding integration-related costs, the total contract drilling expense was better than the guidance of ~$320 million.