Driller Ensco Plc took a writedown of $3.9 billion in Q4 and stacked seven rigs. The company also said it planned to reduce its workforce, sell rigs, and cut its dividend. Ensco reported a net loss of $3.45 billion in Q4 2014, compared to net income of $361.4 million YoY.
Petrobras, which accounts for around 10% of global offshore investments, was recently downgraded to junk by Moody’s. A DNB Markets analysis cited oilfield service and drilling players most exposed to Brazil as Subsea 7, Akastor, Aker Solutions, Technip, DOF, Deep Sea Supply, BW Offshore, Seadrill, Diamond Offshore, Ocean Rig and Ensco.
Rig owner Ensco has agreed to sell two cold-stacked jackups both built in 1976 for a total of US $33m.
via E&P
Ensco has taken delivery of ENSCO 121, the second of four ultra-premium harsh environment jackup rigs in its ENSCO 120 Series. The rig is contracted to work in the North Sea beginning in 2Q2014 at $230,000/day.
via Pennenergy
Ensco is extending its Ensco 120 Series of ultra-premium harsh environment jackup rigs with the order of Ensco 123 at Keppel FELS for delivery in 2Q 2016.
via E&P
Ensco plc has announced that chairman, president and CEO Dan Rabun has decided to retire after nearly eight years of service. Rabun will remain chairman through at least the 2014 Annual General Meeting.
via World Oil
PTTEP will take delivery imminently of the jack-up Ensco 109 for use off north-west Australia, where the company plans to drill a variety of wells, including a fourth production well at the Montara oilfield, and the Dillon South-1 exploration well in Block AC-P4, both in the southern Timor Sea.
via Upstreamonline
Ensco has taken delivery of the DS-7 ulstra-deepwater drillship which is contracted to Total for three year drilling off Angola at $610,000 per day.
via Upstreamonline
Singapore’s Keppel Offshore & Marine has lined up upgrade and repair contracts worth $78.83 million from Ensco, Saipem and Rowan Drilling.
via Upstreamonline
Ensco’s less-than-stellar contract has analysts wondering if deep-water drillers are about to see a collapse in dayrates as the market prepares for a flood of newbuilds in coming years. The drillship DS-2 secured a one-year extension with Total for work off Angola at a day rate of $430,000. This is lower than the previous five-year day rate of $480,000, as well as Barclay’s estimate of $600,000 per day.
via Upstreamonline
Offshore Bulletin 