Ensco profit spikes, revenues benefit from rig terminations

Ensco 8503

UK-based drilling contractor Ensco on Wednesday saw its profit for the second quarter of 2016 rise when compared to the year-ago quarter and revenues benefit from rig deal terminations.

The drilling contractor’s net income for the quarter jumped to $590.6 million, compared to $260.3 million in the same period last year.

Revenues were $910 million in second quarter 2016 compared to $1.059 billion a year ago primarily due to a decline in reported utilization to 61% from 76% in second quarter 2015.

Revenues benefited from $205 million of early contract termination settlements in second quarter 2016, including $185 million for the Ensco DS-9 effective May 2016, and $20 million for Ensco 8503 effective June 2016, which was under a contract with Stone Energy.

The average day rate for the fleet declined to $195,000 in second quarter 2016 from $237,000 a year ago.

Contract drilling expense declined 30% to $350 million from $503 million last year due to fewer rig operating days and disciplined expense management.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on July 28, 2016 with tags , .

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply