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Ensco Plc Reports Third Quarter 2012 Results

Ensco plc (NYSE: ESV) diluted earnings per share increased 68% to $1.48 in third quarter 2012 from $0.88 a year ago. Earnings rose 68% to $344 million and operating income grew 59% to $415 million on record revenues of $1.124 billion in third quarter 2012. These increases were driven by a $22,000 increase in the average day rate and a seven percentage point increase in fleet-wide utilization, plus an 11% increase in deepwater segment rig days as new rigs were added to the active fleet.

Chairman, President and Chief Executive Officer Dan Rabun stated, “During the quarter, we delivered ENSCO 8506, the final rig in the ENSCO 8500 Series ®. The rig will commence its initial term contract in the U.S. Gulf of Mexico in January 2013 with Anadarko, a repeat customer that has contracted three of our ENSCO 8500 Series semisubmersibles. We and our customers are benefiting greatly from the advantages of standardization across our fleet, especially our 8500 Series rigs.”

Mr. Rabun added, “During the quarter, we celebrated Ensco’s twenty-fifth anniversary. Our growth over the past quarter century has been remarkable and we now operate across six continents. Investments in our people and our fleet have been the key to our success. Ensco’s growth will continue as we complete the construction of six additional rigs that will be delivered through the end of 2014.”

Certain items influenced the year-to-year earnings per share comparisons. A loss of $8 million on the sale of ENSCO I and $4 million of impairments on certain property and equipment totaled $12 million, $0.05 per share, in third quarter 2012. Professional fees, severance payments and other acquisition-related costs in third quarter 2011 general and administrative expense totaled approximately $7 million, $0.03 per share. In addition, third quarter 2011 contract drilling expense included approximately $3 million, $0.01 per share, of severance and relocation costs related to the acquisition. Adjusted for these items, earnings per share increased approximately 66% year to year to $1.53 from $0.92.

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