Friday, Ensco International Inc. (ESV), an offshore drilling services provider, said its third quarter earnings are likely to be negatively impacted due to unanticipated incremental downtime and repairs required for two of its offshore rigs. Ensco therefore revised its earnings for both the third quarter and full year.
Ensco third-quarter earnings are now projected to be reduced by approximately $0.14 to $0.18 per share. The company indicated that its outlook provided on July 23, 2009 for third-quarter and full year 2009 will be negatively influenced by non-routine downtime for the Ensco 7500 and Ensco 8500 ultra-deepwater semisubmersibles.
The outlook for 2010 deepwater segment revenue, however, remains unchanged. The company projects 2010 deepwater segment revenue to be approximately $600 million.
The company also withdrew its revenue and contract drilling expense outlook provided for third quarter and full year 2009 as a result.
Ensco stock dropped $0.40 or 1.07%, trading at $36.89, in after hours. ESV closed Friday's regular trading at $37.29, up $0.80 or 2.19%, on a volume of 1.459 million shares on the NYSE.
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