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Ensco Plc Reports Second Quarter 2012 Results

Ensco plc (NYSE: ESV) diluted earnings per share increased to $1.47 in second quarter 2012 from $0.59 in second quarter 2011. Professional fees, severance payments and other transaction-related costs to complete the 31 May 2011 acquisition were $25 million pre-tax, $0.14 per share, in second quarter 2011. Gains from the disposal of cold stacked jackup rigs were $13 million pre-tax, $0.06 per share, in second quarter 2012 and $13 million pre-tax, $0.02 per share, in second quarter 2011. Adjusted for these items, earnings per share approximately doubled to $1.41 in second quarter 2012.

Three months of operations from the 31 May 2011 acquisition are included in Ensco’s second quarter 2012 results, compared to just one month in second quarter 2011.

Chairman, President and Chief Executive Officer Dan Rabun stated, “Our senior management team has done an excellent job over the past several years transforming Ensco to become the leading global offshore driller. Recently, we promoted several of our executives as part of Ensco’s disciplined succession planning process. These promotions acknowledge their many achievements, including the successful integration of our acquisition, and we anticipate significant contributions from them in the future as we continue to grow our company.”

Mr. Rabun added, “During the quarter, ENSCO 8505 commenced its initial two-year contract and we held the naming ceremony for ENSCO 8506 that will commence its initial term contract in the U.S. Gulf of Mexico later this year. In light of continued growth in customer demand, we ordered two additional drillships that will extend the substantial earnings growth we achieved this quarter well into the future.”

Revenues in second quarter 2012 were $1.072 billion, compared to $564 million a year ago. Excluding the effect of the acquisition, revenues grew $182 million, or 44%. A growing active fleet and increasing utilization and average day rates across the deepwater and jackup segments contributed to this increase.

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