Ensco sells two jackups for $33 million

Posted on 05 February 2014

Ensco has sold its two remaining cold-stacked jackups for $33 million. The net book value of the two rigs, ENSCO 69 and Wisconsin, both built in 1976, was approximately $9 million. The pre-tax gain on the sale is approximately $24 million, which will be included in Q1 2014 operating results.

“This sale is part of Ensco’s ongoing strategy of high-grading our fleet by divesting older, less-capable assets and reinvesting in advanced-technology rigs,” Jay Swent, executive VP and CFO of Ensco, said. “We believe our orderly process of selling rigs has generated superior value for shareholders over time and that this strategy keeps us at the forefront of industry technology with one of the newest and most capable fleets in the world.”

During the past four years, Ensco has sold 13 rigs and proceeds have been reinvested in the fleet. Over the same period, Ensco has taken delivery of 12 high-performance rigs, including five Samsung DP3 ultra-deepwater drillships, five ENSCO 8500 series ultra-deepwater semisubmersibles and two ENSCO 120 series ultra-premium, harsh-environment jackups. In addition, Ensco has six rigs under construction – three ultra-deepwater drillships and three premium jackups.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 17 April 2014

    Shell makes deepwater gas discovery offshore Malaysia

    Shell has made an exploration discovery offshore Malaysia in the Rosmari-1 well located 135 km offshore Malaysia in Block SK318. The well was drilled to a total depth of 2,123...

  • 16 April 2014

    Maersk Drilling takes delivery of ultra-deepwater drillship

    Maersk Drilling has taken the delivery of its second drillship, Maersk Valiant from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea. Maersk Valiant has begun its voyage toward the...

  • 16 April 2014

    Ensco orders new jackups from Lamprell

    Ensco has ordered two high-specification jackups, ENSCO 140 and ENSCO 141, for delivery in mid-2016 from Lamprell’s shipyard in the United Arab Emirates. The rigs will also...

  • 16 April 2014

    MPD/UBD successfully drills sidetrack after 6 failed conventional drilling attempts

    In the Brookeland Field in East Texas, conventional drilling methods failed in six attempts to drill a “straightforward” horizontal wellbore. The original well had surface casing installed...

  • 16 April 2014

    Chevron’s DGD training program serves array of learners across generations

    Since 2008, more than 400 people – from operators, drilling contractors, service companies and regulators – have completed Chevron’s dual-gradient drilling (DGD) training...

  • Read more news