Ensco Lowers 3Q Outlook Due To Rig Downtime

DALLAS (AP) — Contract oil driller Ensco International Inc. said Friday that unexpected downtime and repairs on two drilling rigs will lower its third-quarter earnings by a range of about 14 cents to 18 cents per share.

The company said its earlier projections for the third quarter and 2009 will be hurt by downtime for its Ensco 7500 and Ensco 8500 ultra-deepwater semi-submersibles.

Ensco said a revenue and contract drilling expense outlook given in a July 23 conference call should be disregarded.

Its forecast for 2010 deepwater segment revenue remains unchanged at about $600 million.

Shares of Ensco rose 80 cents, or 2.2 percent, to close at $37.29 in the regular session. After hours, when the outlook was released, the stock slid 68 cents to $36.61.