ENSCO reports that the jackup which was severely damaged by Hurricane Ivan in September 2004, ENSCO 64, has
been declared a constructive total loss for insurance purposes. The Company
expects to receive the $65 million insurance proceeds within the next two
weeks, and plans to recognize an after tax gain of approximately $8 million
related to this insurance settlement during the second quarter of 2005.
A final determination as to the extent of loss and related insurance
recovery on ENSCO 25, the Company's platform rig that also was damaged by
Hurricane Ivan, is expected to be concluded during the second quarter of 2005.
The recovery, net of deductible, is anticipated to be approximately
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