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Ensco Plc Reports On Connector Bolts Identified In Vendor Notice

Stocks in this article: ESV

Ensco plc (NYSE: ESV) reported that a vendor, GE Oil & Gas, recently communicated that certain batches of bolts used in offshore drilling should be inspected for possible replacement. GE Oil & Gas issued notices regarding these bolts after a competitor’s rig experienced operational problems in connection with the bolts. Ensco’s rigs have not experienced any operational problems related to the bolts, used in H4 connectors, which connect a lower marine riser package to a wellhead.

Immediately upon receipt of the notice from GE Oil & Gas, Ensco began an evaluation of its fleet to determine which rigs have H4 connectors with bolts identified in the notice. Ensco’s jackup fleet and seven ENSCO 8500 Series ® floater rigs are not affected by the GE Oil & Gas notices. For certain other floaters in the Company’s fleet, the relevant bolts have already been replaced. On the remaining floaters, the relevant bolts are scheduled for evaluation, and, where appropriate, will be replaced. The Company will provide an update on this issue in its regularly scheduled monthly fleet status report to be issued in mid-February.

The U.S. Bureau of Safety and Environmental Enforcement (BSEE) issued instructions to operators requiring drilling contractors to inspect the relevant bolts for possible replacement. Ensco is working through this process, and in all cases, spare bolts are on hand or can be re-qualified from the Company’s available stock to replace the relevant bolts. Ensco has also secured new bolts to augment inventory.

Ensco plc (NYSE: ESV) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. With a fleet of ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco serves customers with high-quality equipment, a well-trained workforce and a strong record of safety and reliability. To learn more about Ensco, please visit our website at www.enscoplc.com. Ensco plc is registered in England No. 7023598 with offices located at 6 Chesterfield Gardens, London, W1J 5BQ.

Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including downtime and other risks associated with offshore rig operations; governmental action and political and economic uncertainties; and governmental regulatory, legislative and permitting requirements affecting drilling operations, including additional safety and certification requirements that may subject us to increased costs and/or delay the recommencing of operations for the affected rigs. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website at www.enscoplc.com . Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.

Copyright Business Wire 2010

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