Ensco plc (ESV) Tops Q2 EPS by 1c

Ensco plc (NYSE: ESV) reported Q2 EPS of ($0.30), $0.01 better than the analyst estimate of ($0.31).

Chief Executive Officer and President Carl Trowell said, “We continue to deliver strong operational and safety performance to our customers with year-to-date operational utilization of 99% and a total recordable incident rate that is significantly better than the industry average. Our track record of providing safe and efficient operations, coupled with our high-quality fleet of floaters and jackups, continues to be a differentiating factor when bidding for new work as evidenced by our recent contracting success across water depths and geographies."

Mr. Trowell added, "We have now substantially completed integration activities for the Atwood acquisition and finalized synergies totaling $85 million on an annual run rate basis beginning in 2019. The Atwood acquisition added several modern, high-specification assets to our rig fleet and helps to better position Ensco to meet higher levels of customer demand for the most technically-capable rigs in both shallow- and deep-water.”

Mr. Trowell concluded, “While we continue to expect a protracted recovery and competitive near-term market conditions for the offshore drilling sector, sustained higher commodity prices are helping customers generate excess cash that can be deployed toward investments in future production. Along with lower offshore project costs, this has led to an increasing number of tenders and inquiries from customers that we expect will provide a pipeline of future work in the years to come.”

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

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