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>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 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

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Beijing International Offshore Oil & Gas Exhibition (ciooe) 2019

Beijing International Offshore Oil & Gas Exhibition (ciooe), is a regular gathering in oil & gas industry…

read more >

Lebanon International Oil & Gas Summit 2019

LIOG 2019 will delve further into the opportunities that are present in Lebanon’s energy sector…

read more >

Atyrau Oil & Gas 2019

The event program is dedicated to the most topical issues of search, exploration, development of hydrocarbons…

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

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