LONDON--(BUSINESS WIRE)--
Ensco plc (NYSE: ESV) today announced its Continuous Tripping
Technology™, a new proprietary solution that provides more efficient
and safer pipe tripping and helps to lower customers’ offshore project
costs. The patented Continuous Tripping Technology, in concert
with other key equipment, sensors and process controls, fully automates
the movement of the drill string into or out of the well at a constant
controlled speed. When deployed during offshore activities, Continuous
Tripping Technology enables pipe-tripping speeds of up to 9,000 feet
per hour – up to three times faster than tripping times achieved by
current conventional stand-by-stand methods.
Continuous Tripping Technology can be retrofitted to both
floaters and jackups, and is particularly well-suited for
ultra-deepwater drillships and larger modern jackups.Ensco
recently completed the installation of Continuous Tripping Technology
on ENSCO 123 and commissioning of this system is currently underway.
Upon completion of the system’s commissioning and the rig’s acceptance
testing, ENSCO 123 is expected to be delivered in March 2019.
President and CEO Carl Trowell said, “Continuous Tripping Technology
is a step-change efficiency improvement that uses automation and
innovative technology to address a repetitive, time-consuming process
that is ubiquitous in offshore projects today. Tripping pipe is on the
critical path for all drilling and workover activities and, as a result,
meaningful time is spent performing this process over the life cycle of
every offshore well. Continuous Tripping Technology significantly
reduces the amount of time spent tripping pipe, and the faster tripping
time that this technology offers is expected to lead to cost savings for
customers regardless of water depth or well type.”
In addition to increased efficiencies, Continuous Tripping Technology
makes the pipe-tripping process safer by using automation to eliminate
human error and personnel exposure associated with the conventional
stand-by-stand method. Furthermore, the constant speed that Continuous
Tripping Technology delivers has the added benefit of minimizing
surge and swab pressure on the wellbore by eliminating intermittent
stopping and starting as well as excessive peak speeds that typically
occur when using current industry practices. To learn more about Continuous
Tripping Technology, visit the Innovation & Technology page of our
website at www.enscoplc.com.
Mr. Trowell concluded, “Continuous Tripping Technology is another
example of our ongoing investments in innovation that are focused on
developing systems, processes and technologies to make the drilling
process more efficient and lower offshore project costs for customers.
We continue to see better utilization for rigs that deliver the greatest
efficiencies for customers’ offshore well programs and, given the
proprietary nature of Continuous Tripping Technology, we expect
that it will help to further differentiate Ensco’s assets from the
competition and position us well for future contracting opportunities.”
Ensco plc (NYSE: ESV) brings energy to the world as a global provider of
offshore drilling services to the petroleum industry. For more than 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 eighth 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, expected expense savings, day rates and
backlog, estimated rig availability; rig commitments and contracts;
contract duration, status, terms and other contract commitments;
estimated capital expenditures; letters of intent or letters of award;
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. Such statements are subject to numerous
risks, uncertainties and assumptions that may cause actual results to
vary materially from those indicated, including 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 letters of
award or any failure to execute definitive contracts following
announcements of letters of intent, letters of award or other expected
work commitments; 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; tax matters including our effective tax rate; 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.
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Investor & Media Contacts:
Nick Georgas – 713-430-4607
Director
– Investor Relations and Communications
Tim Richardson – 713-430-4490
Manager – Investor Relations
Source: Ensco plc