ENSCO DS-7 Contracted to Noble Energy in the Mediterranean Sea
Diverse Rig Fleet, Operational Excellence and Global Footprint Make
Ensco the Offshore Driller of Choice
LONDON--(BUSINESS WIRE)--
Ensco plc (NYSE: ESV) announced today that ultra-deepwater drillship
ENSCO DS-7 has been awarded a contract by Noble Energy to drill two
wells and complete four production wells at the Leviathan field
development in the Mediterranean Sea. This contract is expected to
commence in March 2018 and be completed in December 2018. The contract
also includes four one-well priced customer options that if fully
exercised would extend the contract into 2020.
Chief Executive Officer and President Carl Trowell said, “We are pleased
to announce another significant contract award for one of our
high-specification assets – our fourth drillship contract awarded during
the third quarter. This award and our other recent contract wins
validate our strategy, increase contracted revenue backlog and advance
our efforts to drive growth and value creation for all Ensco
shareholders.”
Mr. Trowell concluded, “As contracting activity continues to increase,
customers are demonstrating a clear preference for established offshore
drillers such as Ensco with operational track records, financial
strength, superior technology and broad geographic reach. Our recent
contract awards underscore that there is strong customer demand for the
type of high-specification assets that will be added to Ensco’s fleet
through our pending acquisition of Atwood, which will create a leading
global offshore drilling company and better position us as the market
recovery cycle unfolds.”
ENSCO DS-7 will be upgraded with a second blowout preventer. This
upgrade, combined with the rig’s dual derricks and other technical
specifications, will make it one of the most capable assets in the
global fleet. As previously announced, this upgrade is expected to cost
less than $10 million since it will utilize a blowout preventer
currently in inventory. Following its upgrade, ENSCO DS-7 will mobilize
to the Mediterranean Sea to begin its contract with Noble Energy.
Ensco uses its website to disclose material and non-material information
to investors, customers, employees and others interested in the Company.
To receive regular updates on Ensco news or SEC filings, please sign-up
for Email
Alerts on the Company’s website.
Ensco plc (NYSE: ESV) brings energy to the world as a global provider of
offshore drilling services to the petroleum industry. For 30 years, the
Company has focused on operating safely and going beyond customer
expectations. Ensco is ranked first in total customer satisfaction in
the latest independent survey by EnergyPoint Research — the seventh
consecutive year that Ensco has earned this distinction. Operating one
of the newest ultra-deepwater rig fleets and a leading premium jackup
fleet, Ensco has a major presence in the most strategic offshore basins
across six continents. Ensco plc is an English limited company (England
No. 7023598) with its corporate headquarters located at 6 Chesterfield
Gardens, London W1J 5BQ. To learn more, visit our website at www.enscoplc.com.
Forward-Looking Statements
Statements contained in this press release that are not historical
facts are forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements include words or phrases such as
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,”
“project,” “could,” “may,” “might,” “should,” “will” and similar words
and specifically include statements involving expected financial
performance; effective tax rate, day rates and backlog; estimated rig
availability; rig commitments and contracts; contract duration, status,
terms and other contract commitments; letters of intent; scheduled
delivery dates for rigs; the timing of delivery, mobilization, contract
commencement, relocation or other movement of rigs; our intent to sell
or scrap rigs; and general market, business and industry conditions,
trends and outlook. In addition, statements included in this press
release regarding the proposed acquisition of Atwood and the anticipated
benefits, opportunities, timing and effects of the transaction are
forward-looking statements. The forward-looking statements contained in
this press release are subject to numerous risks, uncertainties and
assumptions that may cause actual results to vary materially from those
indicated, including actions by regulatory authorities, rating agencies
or other third parties; actions by our security holders and the security
holders of Atwood; costs and difficulties related to the integration of
Atwood; delays, costs and difficulties related to the acquisition of
Atwood; Ensco’s financial results and performance following the
completion of the Atwood transaction; satisfaction of closing conditions
related to the Atwood transaction; our ability to repay debt and the
timing thereof; availability and terms of any financing; commodity price
fluctuations, customer demand, new rig supply, downtime and other risks
associated with offshore rig operations, relocations, severe weather or
hurricanes; changes in worldwide rig supply and demand, competition and
technology; future levels of offshore drilling activity; governmental
action, civil unrest and political and economic uncertainties;
terrorism, piracy and military action; risks inherent to shipyard rig
construction, repair, maintenance or enhancement; possible cancellation,
suspension or termination of drilling contracts as a result of
mechanical difficulties, performance, customer finances, the decline or
the perceived risk of a further decline in oil and/or natural gas
prices, or other reasons, including terminations for convenience
(without cause); the cancellation of letters of intent or any failure to
execute definitive contracts following announcements of letters of
intent; the outcome of litigation, legal proceedings, investigations or
other claims or contract disputes; governmental regulatory, legislative
and permitting requirements affecting drilling operations; our ability
to attract and retain skilled personnel on commercially reasonable
terms; environmental or other liabilities, risks or losses; debt
restrictions that may limit our liquidity and flexibility; and
cybersecurity risks and threats. In addition to the numerous factors
described above, you should also carefully read and consider “Item 1A.
Risk Factors” in Part I and “Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in Part II of
our most recent annual report on Form 10-K, as updated in our subsequent
quarterly reports on Form 10-Q, which are available on the SEC’s website
at www.sec.gov
or on the Investor Relations section of our website at www.enscoplc.com.
Each forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly update
or revise any forward-looking statements, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170821005885/en/
Source: Ensco plc