Ensco plc (ESV) Tops Q3 EPS by 26c

Ensco plc (NYSE: ESV) reported Q3 EPS of $1.87, $0.26 better than the analyst estimate of $1.61. Revenue for the quarter came in at $1.26 billion versus the consensus estimate of $1.23 billion.

Chief Executive Officer and President Carl Trowell said, “We achieved record revenues due to strong operational performance and new rigs joining our fleet. Future revenues will benefit from more than $1 billion of backlog that we added recently when we signed several multi-year contracts with repeat customers. As a result, total revenue backlog is $11 billion including record jackup backlog of more than $3 billion.”

Mr. Trowell added, “Strong operational performance by our offshore crews and onshore personnel is the primary driver of our contracting success with customers. While market conditions for floating rigs have become more challenging, we believe the fundamental drivers of long-term demand for newer, more technologically-advanced floaters remain favorable.”

Mr. Trowell concluded, “With the sale of four jackup rigs at a significant gain in the third quarter, we have continued our strategy of high-grading our fleet. Year to date, we have sold seven jackups and since the beginning of 2010, we have sold a total of 18 rigs. Five more rigs are currently held for sale.”

For earnings history and earnings-related data on Ensco plc (ESV) click here.

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