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TheStreet Open House

Ensco Plc Reports Fourth Quarter And Full-Year 2013 Results

Stocks in this article: ESV

Ensco plc (NYSE: ESV) reported today that diluted earnings per share were $1.54 in fourth quarter 2013 compared to $0.94 in fourth quarter 2012. Discontinued operations primarily related to rigs and other assets no longer on the Company’s balance sheet reduced earnings by $0.02 per share in fourth quarter 2013 and $0.10 per share in fourth quarter 2012. Diluted earnings per share from continuing operations increased to $1.56 in fourth quarter 2013 from $1.04 a year ago.

Certain items influenced earnings per share from continuing operations comparisons year to year. Provision for income taxes in fourth quarter 2012 included $75 million, $0.33 per share, in discrete tax items including $51 million related to restructuring certain subsidiaries from the 2011 acquisition and $24 million of additional discrete tax items primarily related to adjustments of certain prior year tax positions. Adjusted for these items, fourth quarter earnings per share from continuing operations increased 14% to $1.56 from $1.37 a year ago.

Full-year 2013 diluted earnings per share were $6.07 compared to $5.04 in 2012. Discontinued operations resulted in a loss of $0.02 per share in 2013 and $0.19 per share in 2012. Diluted earnings per share from continuing operations increased 16% to $6.09 in 2013 from $5.23 per share in 2012. In 2013, revenues grew 14% to a record $4.920 billion and net income increased 21% to a record $1.418 billion.

Chairman, President and Chief Executive Officer Dan Rabun stated, “The past year has been a period of remarkable growth for Ensco. We achieved record revenues and earnings as we added three new ultra-deepwater rigs to our active fleet. Each of these rigs commenced work on multi-year contracts for repeat customers, reinforcing the advantages of fleet standardization.”

“We also accepted delivery of our first two ultra-premium, harsh environment ENSCO 120 Series jackups,” Mr. Rabun added. “Both rigs were contracted well in advance of their delivery dates through direct negotiations with customers for multi-year programs. The patented cantilever system on these rigs provides significant drilling efficiencies.”

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