As previously reported, the ENSCO 7500, the Company's deepwater semisubmersible rig, which had been evacuated before the onset of the hurricane, has been re-boarded, power restored and is holding position. The rig initially was listing four degrees, has now been trimmed and inspection is underway.
Initial observations of ENSCO 29, one of the Company's three Gulf of Mexico platform rigs, indicate that the rig apparently sustained significant damage as a result of Hurricane Katrina. ENSCO 29 is insured for $15 million (subject to applicable deductibles) and has a net book value of approximately $7.6 million. ENSCO's maximum insurance deductible for all rig damage resulting from the hurricane is $5.5 million.
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