Ensco 7500 Will Experience Downtime During 1Q 2002
Ensco International Incorporated announced that the Ensco 7500, an ultra-deepwater semisubmersible rig owned and operated by a wholly owned subsidiary, will incur approximately 30 days downtime during the first quarter of 2002 for steel repair work on the hull. The Ensco 7500 will mobilize to a Gulf Coast shipyard where the repairs will be completed, whereupon the rig is expected to return to work for TotalFinaElf under an assignment of a long-term drilling contract with Burlington Resources.
It is projected that the rig downtime and the estimated cost of the repairs will reduce earnings per share for the first quarter of 2002 by approximately $.03. The Company still expects first quarter earnings per share to be in the range of $.05 to $.10, in line with previous guidance.