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TheStreet Open House

Ensco Plc Sells Two Jackup Rigs For $33 Million

Stocks in this article: ESV

Ensco plc (NYSE: ESV) has sold its two remaining cold-stacked jackup rigs for $33 million. The net book value of the two rigs, ENSCO 69 and Wisconsin, both built in 1976, was approximately $9 million. The pre-tax gain on the sale is approximately $24 million, which will be included in first quarter 2014 operating results.

Executive Vice President and Chief Financial Officer Jay Swent said, “This sale is part of Ensco’s ongoing strategy of high-grading our fleet by divesting older, less-capable assets and reinvesting in advanced-technology rigs. We believe our orderly process of selling rigs has generated superior value for shareholders over time, and that this strategy keeps us at the forefront of industry technology with one of the newest and most capable fleets in the world.”

During the past four years, Ensco has sold 13 rigs and proceeds have been reinvested in the fleet. Over the same period, Ensco has taken delivery of 12 high-performance rigs, including five Samsung DP3 ultra-deepwater drillships, five ENSCO 8500 Series ® ultra-deepwater semisubmersibles and two ENSCO 120 Series ultra-premium harsh environment jackups. In addition, Ensco has six rigs under construction – three ultra-deepwater drillships and three premium jackups – that reinforce the Company’s commitment to standardization.

Ensco plc (NYSE: ESV) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. For more than 25 years, the company has focused on operating safely and going beyond customer expectations. Ensco is ranked first in total customer satisfaction with top honors in 10 of 16 categories in the latest annual survey by EnergyPoint Research. Operating one of the newest ultra-deepwater rig fleets and the largest premium jackup fleet, Ensco has a major presence in the most strategic offshore basins across six continents. In terms of dividend yield, Ensco is among the top dividend payers of S&P 500 companies. Ensco plc is an English limited company (England No. 7023598) with its registered office and corporate headquarters located at 6 Chesterfield Gardens, London W1J 5BQ. To learn more, visit our website at www.enscoplc.com.

Copyright Business Wire 2010

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