Ensco Terminates Rig Contract With Petrosucre
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HOUSTON (AP) Ensco International Inc. said Monday its subsidiary terminated a rig contract with Petrosucre, a subsidiary of Petroleos de Venezuela SA, or PDVSA, Venezuela's national oil company.
As a result, the Dallas-based contract driller said it expects second-quarter earnings to be reduced by 15 cents per share. The company did not provide estimates, but analysts polled by Thomson Reuters forecast an average profit of $1.49 per share.
In January, Ensco suspended operations on an oil rig off Venezuela's Caribbean coast because the South American country owed it $35 million, prompting Petrosucre, PDVSA's joint venture with Italy's Eni SpA, to take over operations of its ENSCO 69 jackup drilling rig. ...
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