Revenues grew 23% to $1.124 billion in third quarter 2012 from $916 million a year ago. A growing active fleet, as well as improved utilization and average day rates across the deepwater and jackup segments, contributed to this increase.Contract drilling expense was $523 million, up from $478 million in third quarter 2011. More rigs in the active fleet and significantly higher utilization in the deepwater and jackup segments drove this increase along with a rise in unit labor costs. Warranty claim settlements of $31 million related to lost revenues and costs incurred in prior periods reduced third quarter 2012 contract drilling expense, while an $11 million insurance claim settlement for ENSCO 69 reduced third quarter 2011 contract drilling expense. Adjusted for these items as well as the previously noted loss and impairments totaling $12 million in third quarter 2012, and acquisition-related costs equaling $3 million in third quarter 2011, contract drilling expense increased 12%.
Ensco Plc Reports Third Quarter 2012 Results
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