ENSCO 74 Contract Suspended

As reported in a news release earlier this week, ENSCO 74 was not located following Hurricane Ike and is now presumed to have sunk in the Gulf of Mexico. The customer contract for ENSCO 74 has been suspended and is subject to automatic termination if the rig is a total loss. Assuming the rig is declared an actual or constructive total loss for insurance purposes, the loss of this rig net of insurance proceeds and related loss of revenue are expected to reduce third quarter earnings by approximately $0.18 per share.

The rig had been working for Mariner Energy at South Marsh Island 149.

Read more on the aftermath of Hurricane Ike in Rigzone's Special Coverage After the Storm.

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