LONDON--(BUSINESS WIRE)--
Ensco plc (NYSE: ESV) announced today that a subsidiary of the Company
has entered into a drilling contract for ENSCO 8504 with TOTAL E&P Deep
Offshore Borneo B.V. Delivery from the shipyard in Singapore is planned
for the end of July 2011 and the contract commencement will follow sea
trials and mobilization to Brunei.
Chairman, President and Chief Executive Officer
Dan Rabun
commented, "We
are very pleased that TOTAL has chosen ENSCO 8504 for its drilling
program. Our ENSCO 108 jackup drilling rig currently is working for
TOTAL in Brunei and we appreciate the opportunity to expand our
relationship with our latest 8500 Series rig. Brunei is an emerging
deepwater basin and we look forward to entering this market with one of
our deepwater rigs for the first time.”
The initial contract term is for drilling three exploration wells for a
minimum of 180 days with a base day rate of $423,500. TOTAL may extend
the term by exercising up to four options. The first two options may be
exercised to complete up to three additional wells at the same day rate.
The third and fourth options may be exercised to complete up to six
additional wells at an escalated day rate. The fee for rig mobilization
from Singapore to Brunei is $3.5 million.
When ENSCO 8504 commences operations later this year, it will become the
sixth ultra-deepwater rig in the active fleet. Ensco’s other deepwater
rigs are contracted in Brazil, the U.S. Gulf of Mexico and French
Guiana. Two additional ENSCO 8500 Series® rigs are under
construction with deliveries scheduled in the first and second half of
next year.
Ensco plc (NYSE: ESV) brings energy to the world as a global provider of
offshore drilling services to the petroleum industry. With a fleet of
ultra-deepwater semisubmersible and premium jackup drilling rigs, Ensco
serves customers with high-quality equipment, a well-trained workforce
and a strong record of safety and reliability. Ensco recently earned the
top rating for overall customer satisfaction in the leading independent
survey conducted by EnergyPoint Research with #1 rankings in eleven
separate categories. To learn more about Ensco, please visit our website
at www.enscoplc.com.
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.
Ensco uses its website to disclose material and non-material information
to investors, customers, employees and others interested in Ensco. To
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Alerts on the website.
Statements contained in this news release that state Company or
management intentions, hopes, beliefs, anticipations, expectations or
predictions of future events are forward-looking statements. Such
forward-looking statements include references to the expected delivery
dates of ENSCO 8504, ENSCO 8505 and ENSCO 8506, mobilization, revenue,
commencement and term of the ENSCO 8504 contract with TOTAL.
It is important to note that the Company's actual results could
differ materially from those projected in such forward-looking
statements. The factors that could cause actual results to differ
materially from those in the forward-looking statements include the
following: (i) changes or delays in the anticipated rig construction,
sea trials, mobilization and commencement, (ii) changes in the actual
drilling contract revenues or term, (iii) renegotiation, cancellation,
or breach of contracts, (iv) shipyard risks, (v) force majeure events,
and (vi) the operational and other risks described from time to time in
the Company's SEC filings. Copies of such SEC filings may be obtained at
no charge by contacting our Investor Relations Department at
214-397-3045 or by referring to the Investor Relations section of our
website at www.enscoplc.com.
The Company disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements to reflect
any change in Company or management expectations or any change in
events, conditions or circumstances on which any such statements are
based.
Source: Ensco plc