DALLAS, Sept. 16 /PRNewswire-FirstCall/ -- ENSCO International
Incorporated (NYSE: ESV) announced today that one of the Company's jackup
drilling rigs, ENSCO 64, was directly in the path of Hurricane Ivan and has
sustained damage. The rig is now afloat in the U.S. Gulf of Mexico
approximately 80 miles southeast of Venice, Louisiana. The rig was operating
in Main Pass Block #280 for Dominion Exploration and Production Incorporated,
and all personnel had been safely evacuated ahead of the storm. Appropriate
regulatory agencies have been notified.
A report of visual inspection from a fixed-wing aircraft has indicated
ENSCO 64 is floating approximately 40 miles south of its drilling location.
Company personnel will be deployed to assess the extent of damage and
determine appropriate remedial action to secure the rig as soon as
practicable. The rig is insured for $65 million. Unless the rig is declared
a total loss, ENSCO anticipates the cost of repairs will be recoverable in
excess of policy deductibles which are limited to $5.5 million.
The Company also has received a preliminary report from a third-party of
damage to the helideck on one of the Company's platform rigs, ENSCO 25, which
was adjacent to the path of the storm. The Company has commenced inspection
and re-boarding operations of its Gulf of Mexico rig fleet and is unaware of
any further damage at this time.
Statements contained in this press release that state Company or
management intentions, anticipations, hopes, beliefs, expectations or
predictions of future events are forward-looking statements. Such forward-
looking statements include references to anticipated insurance recovery for
rig damage or loss. 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) the
condition and recoverability of the ENSCO 64, ENSCO 25 and other Company rigs
in the Gulf of Mexico (ii) the actual applicability of anticipated insurance
coverage, (iii) actual costs associated with rig recovery and repairs, (iv)
force majeure events, including Hurricane Jeanne, (v) operational and damaged
rig relocation events, and (vi) 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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