DALLAS, June 18 /PRNewswire-FirstCall/ -- ENSCO International Incorporated
(NYSE: ESV) announced today that the scheduled relocation of the ENSCO 93 and
ENSCO 95 jackup rigs from the U.S. Gulf of Mexico to the Middle East has been
delayed. This resulted from an inability to meet the contractual loading date
for the transport vessel due to a delay in completion of a drilling contract
for the ENSCO 93 and other operational considerations. The rigs were slated
to undergo enhancement work in a Middle East shipyard upon arrival, and were
not subject to drilling contract commitments.
ENSCO intends to proceed with rig relocations as soon as alternative
transportation can be finalized. To mitigate the delay in availability for
work in the Middle East, the Company will commence some of the enhancement
work prior to departure.
As a result of these events, ENSCO expects to incur expenses associated
with the transportation contract termination, assisting tugs, and ancillary
activities relating to the delayed relocation of the rigs during the second
quarter of 2004 of approximately $3 million to $4 million ($0.01 to $0.02
after tax per diluted share).
Statements contained in this press release that state Company or
management intentions, hopes, beliefs, expectations or predictions of future
events are forward-looking statements. Such forward-looking statements
include references to planned relocation and enhancement of rigs. It is
important to note that the Company's actual results 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) delays in the anticipated
relocation of rigs, (ii) actual costs associated with the delayed and planned
relocation of rigs, (iii) changes in plans regarding rig relocation,
deployment and utilization, (iv) availability of rig transport vessels, (v)
the ability to obtain contracts, (vi) force majeure events, and (vii) 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 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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