ENSCO International Incorporated reported a net income increased by 17% in the quarter ended June 30, 2008, to a record $296.7 million on revenues of $637.1 million, as compared to net income of $254.4 million on revenues of $548.6 million for the quarter ended June 30, 2007.
For the six months ended June 30, 2008, net income increased to $568.7 million on revenues of $1,217.4 million, as compared to net income of $486.7 million on revenues of $1,062.7 million for the six months ended June 30, 2007.
The average day rate for ENSCO's 44-rig jackup fleet for the quarter ended June 30, 2008, increased to $148,200, as compared to $142,900 in the prior year quarter. Utilization of the Company's jackup fleet was 95% in the second quarter of 2008 compared to 93% in the second quarter of 2007. The average day rate for the Company's deepwater rig, ENSCO 7500, increased by 83% in the second quarter of 2008, to $365,500, and utilization of the rig increased slightly to 98% from 97% in the prior year quarter.
Dan Rabun, Chairman, President and Chief Executive Officer, commented on the Company's results, strategic deepwater initiative and outlook: "Increases in average day rates in all regions and asset classes contributed to the sequential improvement in our second quarter results, and to another record quarter.
"We continue to make good progress on our strategic objective of expanding our deepwater fleet with the announcement of construction of two additional ultra-deepwater semisubmersible rigs, to be named ENSCO 8504 and ENSCO 8505. The first of our six ENSCO 8500 Series semis now under construction, ENSCO 8500, is scheduled to depart from the shipyard in Singapore during late September and to commence operations in the Gulf of Mexico by mid-first quarter 2009 following completion of rig commissioning, mobilization and final outfitting. The other five 8500 Series rigs are currently scheduled for delivery in 2009, 2010, 2011, and 2012. The first four rigs are committed for multi-year operations in the Gulf of Mexico. Although we only recently announced construction of the ENSCO 8504 and ENSCO 8505, we are pleased with the level of customer interest for these two rigs.
"Looking forward to the remainder of the year, we are seeing improvement in backlog and day rates for our U.S. Gulf of Mexico and North Sea jackup fleets, and expect a balanced market for our Asia Pacific rigs. As a result, we anticipate that 2008 will be another record year for ENSCO. With the planned expansion of our active deepwater rig fleet commencing in 2009, and the expected continued strength in markets for our premium jackups, we believe that we are well positioned for continued growth."
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