ENSCO Says Jackup Fleet Does Not Appear to Have Sustained Damage

ENSCO says based on aerial and other initial inspections of its Gulf of Mexico rig fleet impacted by Hurricane Katrina, none of the Company's jackup rigs appear to have sustained any significant damage from the storm. The Company has already re-manned some rigs and this process is underway on the remainder of the fleet.

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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