DOW JONES NEWSWIRES
Ensco International Inc. (ESV) said Friday its fiscal
third-quarter and fiscal-year earnings would be lower than
projected because of non-routine downtime for two ultra-deepwater
semisubmersibles.
The offshore driller said it expects third-quarter per-share
earnings to be 14 cents to 18 cents a share less than previously
thought because of the unanticipated downtime and repairs required
on the two rigs.
It didn't change its outlook for 2010 deepwater segment revenue,
which is forecast at about $600 million.
Ensco operates mainly in the jackup rig market, which has seen
lower demand and increasing supply. Jackup rigs are used for
offshore operations in waters about 300 feet deep.
In July, Ensco said its second-quarter profit fell 33% and
revenue slid 16%.
Ensco's shares fell 1.8% to $36.61 in after-hours trading
Friday. The stock has lost more than a third of its value in the
past year.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com