DALLAS, Feb. 20 /PRNewswire-FirstCall/ -- ENSCO International Incorporated
(NYSE: ESV) announced the signing of a definitive agreement to sell all of the
oilfield support vessels owned by the Company's subsidiary, ENSCO Marine
Company, to Tidewater Inc. (NYSE: TDW) for $79 million in cash. The
transaction, which is expected to result in a pre-tax gain of approximately
$5 million to ENSCO, ($0.02 per diluted share after taxes), is subject to
various regulatory consents. It is anticipated that the transaction will
close early in the second quarter of 2003.
Carl F. Thorne, ENSCO's Chairman and Chief Executive Officer, explained
the strategic reasons for the transaction. "Although ENSCO Marine has
performed well for us over the years, further renewal and growth of our boat
fleet would require significant new investment. Given our focus on expanding
the size and capability of our offshore rig fleet, we determined that this
capital would best be deployed in that arena where we have a stronger presence
and greater investment return opportunities."
Statements contained in this press release that state company or
management intentions, hopes, beliefs, expectations, anticipations,
projections, or predictions of the future are forward-looking statements.
Such forward-looking statements include references to the anticipated
transaction closing and the related current and future financial impact. It
is important to note that actual events could differ materially from those
projected in such forward-looking statements. The factors that could cause
actual results to differ materially from those in the forward-looking
statements include the following: (i) the results of the review of the
proposed transaction by antitrust regulatory authorities, (ii) failure to
receive required consents from the United States Maritime Administration,
Department of Transportation, (iii) industry conditions and competition,
(iv) operational risks and insurance, (v) the impact of current and future
laws and government regulation, as well as repeal or modification of same,
affecting the service vessel industry in general and the Company's vessels and
operations in particular, (vi) force majeure events, (vii) non-compliance with
certain representations, guarantees and covenants, and (viii) the risks
described from time to time in the Company's SEC filings. Copies of such
filings may be obtained by contacting the Company or the SEC.
The Company disclaims any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statements to reflect any change
in Company or management expectations or any change in events, conditions or
circumstances on which any such statements are based.
ENSCO, headquartered in Dallas, Texas, provides contract drilling and
marine transportation services to the international petroleum industry.
SOURCE ENSCO International Incorporated
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Related links:
http://www.enscous.com
CONTACT:
Richard LeBlanc of ENSCO International
Incorporated, +1-214-397-3011
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