The ENSCO Board also declared a regular quarterly cash dividend of $0.025 per share of ENSCO common stock. The cash dividend will be paid on September 21, 2007, to stockholders of record on September 10, 2007.
Additionally, the Company expects third quarter 2007 revenue to be flat as compared to second quarter. This is a reduction from the 3% sequential increase in third quarter revenue expected at the time of the Company's second quarter earnings conference call held in July 2007. This revenue reduction primarily is due to continuing softness in the Gulf of Mexico jackup market, resulting in lower utilization and day rates for the Company's Gulf of Mexico jackup fleet. Revenue also is being negatively impacted by delays in mobilization and commencement of new contracts by two of the Company's international jackup rigs, ENSCO 100 and ENSCO 107, due to scheduling changes necessitated by late arrival of transport vessels. ENSCO 100, which is mobilizing from West Africa, is expected to incur approximately 75 idle days before commencing a contract in the North Sea in early November 2007. It is anticipated that ENSCO 107 will commence a contract in New Zealand by early October 2007 following relocation from Singapore. Although ENSCO 107 will receive a standby or mobilization rate during an estimated 80-day period that commenced mid-July, accounting rules require that this revenue be deferred and recognized over the 240-day term of the contract in New Zealand.
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