Ensco International Inc. has provided an update on its third quarter earnings outlook. As previously reported in the Company's rig status SEC Form 8-K filing, two of its Asia Pacific jackup rigs, ENSCO 56 and ENSCO
Accounting rules require that revenue earned during this waiting period be deferred and recognized over the term of the new contracts. Also as previously reported, ENSCO 7500 is expected to complete its current contract in the Gulf of Mexico and then commence mobilization to Australia under a new contract late in the third quarter.
Although the rig will continue to earn a day rate during the mobilization period, revenue will be deferred and recognized over the term of the new contract. The revenue deferral for the two Asia Pacific jackups and the ENSCO 7500 is expected to reduce third quarter earnings by approximately $0.11 per share.
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