Ensco - Rigbetreiber - 500 Beiträge pro Seite

[R-BgO]

Bin durch den Bieterkampf um Scorpion auf Ensco aufmerksam geworden; 16,5% EK-Rendite, nur sehr wenig leverage.

Denke, dass wegen der Transocean-Sache viele abgestraft wurden, der Sektor aber auf Dauer erheblich zulegen wird.

[aj86]

Antwort auf Beitrag Nr.: 39.609.335 von R-BgO am 31.05.10 15:54:28

Hi,

da stimm ich dir voll und ganz zu, die meisten neu gefundenen Ölfelder sind im Meer (ca. 2/3).
Schau die mal Diamond Offshore an, die halte ich persönlich auch noch für sehr interessant.

lg aj

[R-BgO]

Ensco Acquires High-Specification Jackup Rig

Thursday, July 08, 2010

Ensco plc announces that a subsidiary of the Company has purchased Diamond Offshore's Ocean Shield jackup drilling rig, a KFELS Super B Class design, delivered in 2008. The rig will be renamed ENSCO 109.

The unique design includes two million pound hoisting capacity, a 15,000 psi high-pressure BOP and nearly 5,000 bbls of liquid mud capacity that make ENSCO 109 ideally suited to drill deep gas wells - a high growth area in the premium jackup market. The design also permits drilling in water depths up to 350' to a total depth of 35,000'. Industry-wide, all of the KFELS Super B Class jackups are contracted.

Chairman, President and CEO Dan Rabun stated, "The Middle East and Southeast Asia, in particular, are regions where we believe customers will require more high-spec, deep-gas jackup rigs. ENSCO 109 will address this growing need and is expected to command higher day rates than standard duty jackups.'

Mr. Rabun added, 'Purchasing ENSCO 109 is part of our long-established strategy of high-grading our fleet by investing in newer equipment. We will continue to look for opportunities to acquire premium offshore rigs that can generate favourable returns for our shareholders.'

ENSCO 109 was purchased with available cash for approximately $186 million. The Company will assume the current drilling contract for the rig with Apache Corp. in Australia that extends through May 2011.

The rig was built in Keppel FELS shipyard in Singapore where Ensco's four remaining ENSCO 8500 Series® ultra-deepwater semisubmersible drilling rigs are being constructed.

[R-BgO]

Ensco: Attractive, For the Patient
8 comments | by: Devon Shire July 02, 2010 | about: BP / DO / ESV / HAWK / NBL / RIG


I've been attracted to the carnage in the offshore oil industry brought on by the BP disaster and the recent stock market decline.

I'm interested in Ensco (ESV) and have initiated a small position.

I'll run the numbers quickly to show why I'm interested and then follow up later with more detail.

Current market cap is $5.6 bil (this is at $40 per share).

Average cash flow from ops over the past 3 years is $1.2bil (this actually won't decrease going forward as new high rate ultra deepwater rigs have been added to the fleet and aren't picked up in much of this number).

Maintenance capex is $200mil (vast majority of recent capex has related to building out ultra deepwater fleet).

Free cash flow is therefore $1.2bil - $200mil = $1bil.

$1bil of free cash flow / $5.6bil mkt cap = 17.85% free cash flow yield

However this ignores the fact that Ensco has $1bil of net cash on it's balance sheet.

So enterprise value is actually $5.6bil - $1bil = $4.6bil

Free cash flow yield on enterprice value is $1bil / $4.6bil = 21% plus.

Some other considerations:

1) Drilling Moratorium

Ensco fleet is

8 jackups in the GOM (these service less than 500 feet so not subject to moratorium issues)
3 Deepwater semis (these could be impacted by moratorium)
5 Mexico jackups
8 Europe jackups
2 Mediterrean jackups
8 Middle East and India jackups
8 Asia Pacific jackups
1 Asia Pacific Deepwater Semi
1 Asia Pacific Barge Rig
4 Deepwater semis under construction

So the 3 deepwater semis could have issues once their contracts expire, but can be moved elsewhere in the world.

Be sure to note that there are 4 additional deepwater rigs coming on in the next few years. These will have the most modern safety measures, will attract very high rates, and will add to the cash flow figure I've used in this analysis.

2) Shareholder friendly

Current dividend yield of 3.5%

Repurchaser of shares

3) Recently moved to the UK

Will lower effective tax rate to 17% which is not modelled in my cash flow figures

I started in at $35 and was hoping for continued selling. I think it is still a very attractive buy and will add to my position if it sells down again. I'm determined to be patient.

[R-BgO]

High-Grading Premium Jackup Fleet

Major Dividend Increase During Quarter

Doubled Revolving Credit Facility With a Four-Year Term

Ensco plc (NYSE: ESV) reported diluted earnings per share from continuing operations of $0.82 for second quarter 2010, compared to $1.55 per share in second quarter 2009. Earnings from discontinued operations were $0.07 per share in the second quarter, compared to a loss of $0.14 per share a year ago. Discontinued operations in second quarter 2010 included an $18 million pre-tax gain from the sale of jackup rig ENSCO 57 and $6 million of pre-tax income related to ENSCO 69, which was previously reclassified as discontinued operations. Discontinued operations for prior periods reflect these and other jackup rigs that are no longer in the fleet. Diluted earnings per share were $0.89 in second quarter 2010, compared to $1.41 per share in second quarter 2009.

Second quarter 2010 results included a $12 million impairment of the ENSCO I barge rig reflected in contract drilling expense and $11 million of other income from a break-up fee, net of expenses, related to Ensco's partial tender offer for Scorpion Offshore Ltd. that was terminated.

Chairman, President and Chief Executive Officer Dan Rabun stated, "We are working closely with our customers in the U.S. Gulf of Mexico to address new regulatory requirements prompted by the BP Macondo well incident, while ensuring the highest levels of safety for our employees, customers and the environment. Most of our rigs in the U.S. Gulf of Mexico are currently working at approved sites. We will continue to explore alternatives, such as non-drilling assignments and work outside the region, to keep our rigs currently in the U.S. Gulf of Mexico operating for our customers."

Mr. Rabun added, "I am extremely proud of our employees in the U.S. Gulf who have worked tirelessly for our customers during this challenging period. In addition, I am proud of our employees around the globe for remaining focused on serving our customers' drilling needs with a strong safety record."

Chief Operating Officer Bill Chadwick commented, "Given our positive long-term outlook for offshore drilling, we have continued to high-grade our fleet by investing in new equipment and divesting selected assets. For example, this month we acquired an ultra-high specification jackup rig, ENSCO 109, that is ideally suited for deep-gas drilling, and during the second quarter we sold one of our older jackup rigs at an attractive price."

Revenues in second quarter 2010 declined to $406 million from $497 million a year ago. Revenues from the jackup segments decreased $144 million and were partially offset by a $53 million increase in deepwater segment revenues.

Total operating expenses in second quarter 2010 increased to $282 million from $233 million last year. Contract drilling and depreciation expense rose by 21% and 15%, respectively, mostly driven by growth in the deepwater segment. Additionally, a $12 million impairment of ENSCO I was included in contract drilling expense in second quarter 2010. General and administrative expense increased to $22 million, from $16 million in second quarter 2009, as a result of increases in professional fees incurred in connection with the redomestication, share-based compensation expense and costs related to the Company's new London headquarters.

The Company's effective tax rate improved to 14% in second quarter 2010 from 18% a year ago primarily due to tax efficiencies achieved in connection with the reorganization of Ensco's worldwide operations subsequent to the redomestication to the U.K. in December 2009.

Segment Highlights

Deepwater

Deepwater segment revenues grew to $121 million in second quarter 2010 from $68 million a year ago. Two new ENSCO 8500 Series® rigs commenced operations in 2009: ENSCO 8500 in June and ENSCO 8501 in October.

In second quarter 2010, the average day rate was $403,000 and utilization was 91%, compared to $491,000 and 96%, respectively, a year ago.

Contract drilling expense was $47 million in second quarter 2010, up from $24 million in second quarter 2009. The increase was primarily due to the commencement of ENSCO 8500 and ENSCO 8501 operations.

Total Jackup Segments

Revenues from the jackup fleet totaled $285 million in second quarter 2010, down from $430 million a year ago. The decline primarily was due to a $53,000 decline in average day rates to $105,000, and a two percentage point decrease in utilization to 73%. Contract drilling expense increased to $161 million from $148 million, mostly due to a $12 million impairment of ENSCO I.

[R-BgO]

NEW YORK, Oct 20 (Reuters) - Ensco Plc, the world's fifth-largest offshore drilling contractor, on Wednesday posted a 8.9 percent drop in third quarter profit, after a dispute with a customer.

Third-quarter net profit from continuing operations slipped to $128.7 million, or 92 cents per share, compared to $147.8 million, or $1.01 per share in the same quarter a year earlier.

Revenue rose 4.6 percent to $428 million in the third quarter, compared to $409 million in the same quarter a year earlier, the company said.

Analysts polled by Thomson Reuters I/B/E/S had been expecting a profit of 90 cents per share, on average.

The company said that its third-quarter results were hurt by a dispute with a customer over a drilling rig. It also said it plans to sell its inactive ENSCO 60 rig in the Gulf of Mexico, in the fourth quarter for $26 million.

Earlier on Wednesday, larger rival Noble Corp posted a quarterly profit that fell just short of expectations.

[R-BgO]

Matt Daily

NEW YORK, Feb 7 (Reuters) - Ensco Plc will buy rival Pride International Inc for about $7.3 billion in a deal that will create the world's second-largest offshore oil and gas driller.

The deal, announced by the companies on Monday, sets the purchase price for Pride's shares at $41.60 apiece, a premium of 21 percent to Friday's closing price, and will give Ensco new access to lucrative deepwater markets off Brazil and west Africa.

'Pride and Ensco combined are going to be in all the major oil-producing regions now,' said Kurt Hallead, co-head of global energy research at RBC Capital Markets in Austin, Texas.

Offshore drillers were hurt by last year's moratorium on deepwater drilling in the Gulf of Mexico and more stringent regulation on shallow water operations following the BP Plc well blowout, which led to the nation's worst-ever maritime oil spill.

But major energy companies, such as Chevron Corp and Exxon Mobil, are expected to continue spending billions of dollars on new offshore fields, encouraged by the strong oil prices.

With a total of 74 rigs, the deal would lift the combined company past Noble Corp to be the global No. 2 offshore driller behind Transocean Ltd, which owns 136 rigs.

Ensco's fleet is deployed in the Gulf, Europe, the Middle East and Asia, and the deal will add Pride's nine rigs in Brazil and five rigs off the west coast of Africa.

The new company would have 21 deepwater drilling rigs, equal to Noble's fleet and behind Transocean's 44, but would still have a strong position in the most lucrative segment of the offshore market, which often pays rig owners more than $500,000 per day.

Ensco said it has six rigs under construction, which will absorb much of the new company's cash flow over the next few years. It has taken delivery of 12 new vessels over the past few years.

The industry is expected to see aggressive merger and acquisition activity in the coming months and years as companies scramble to increase their size and market share and challenge Transocean, which itself bought GlobalSanteFe in 2007 for about $15 billion.

SAVINGS EXPECTED

The combined company, which would be headquartered in Britain, would likely realize annual cost savings of $50 million from 2012. The deal is expected to add to Ensco's earnings per share in 2011 and 2012.

Houston-based Pride, which is 9.5 percent owned by Norwegian Seadrill Ltd, has been searching for a buyer since last year, according to reports.

Pride stockholders will receive 0.4778 newly issued Ensco shares plus $15.60 cash for each share of Pride common stock.

The deal will be financed through a combination of existing cash on the balance sheet and newly issued Ensco shares and debt. Total cash paid to Pride shareholders will be about $2.8 billion.

London-based Ensco has received commitments from Deutsche Bank Securities Inc and Citibank to finance the incremental debt required for the transaction.

Ensco's lead adviser for the transaction was Deutsche Bank Securities Inc, and Citi also served as financial adviser, while Baker&McKenzie LLP acted as its legal adviser.

Pride was advised by Goldman, Sachs&Co and its legal advisers are Baker Botts LLP and Wachtell, Lipton, Rosen&Katz.

Pride's shares were up 15.7 percent, or $5.40, at $39.79 at mid-day, while Ensco's shares were down 4.8 percent, or $2.59 to $51.80.

[R-BgO]

Sie scheinen die Akquisition inzwischen ganz gut verdaut zu haben: http://www.enscoplc.com/Theme/Ensco/files/presentations/0322…

[DJHLS]

Nix los in dem Thread. Dabei finde ich die Aktie durchaus spannend. ESV liegt anders als SDRL deutlich unter dem Höchstkurs. ESV ist hinsichtlich KBV und KGV günstiger als SDRL, dabei ist ESV nicht schlecht positioniert.

Ok, ESV hat zwar sehr gute moderne Tiefsee-Floater, aber eben auch noch einige alte Standard-Jackups. Diese sind aus Sicht der Analysten wohl das Problem.

RIG hat diese Standard-JU mit Verlust verkauft und NE wird diese wohl demnächst abspalten. ESV sollte sich da auch eine Lösung überlegen.

[DJHLS]

hier mal eine aktuelle Bewertung der Ensco-Aktie nach einer durchaus interessanten Bewertungsmethode:
http://m.seekingalpha.com/article/1966471-moderngraham-valua…

So ganz nachvollziehbar finde ich die Bewetung nicht, bzw. die Methodik ist nicht so wirklich transparent.

ESV hat momentan zusammen mit den anderen Offshore Drillern ein ganz anderes Problem: die sell side Analysten reden die Branche runter und das zeigt durchaus Wirkung.

[DJHLS]

An sich mag ich Ensco. Die Verschuldung ist deutlich niedriger als bei SDRL, die Dividende zwar auch, aber dafür ist die Payout Ratio auch niedriger.

Ensco gilt in der Branche als ein qualitativ sehr guter Anbieter und Sicherheit ist bei Ensco Bestandteil der Unterbehmenskultur. Gerade nach der Macondo-Katastrophe ein wichtiges Kriterium. Was mir weniger gefällt, ist die hohe Anzahl in 2014 auslaufender Verträge. Da wird damit zu rechnen sein, dass die modernen Rigs Abschläge bei den Dayrates hinnehmen müssen und einige der älteren vorübergehend stillgelegt werden müssen. EPS werden dadurch ab Q3 sinken. Nicht dramatisch, aber auch nicht schön.

[DJHLS]

Der Tiefpunkt der Branche scheint durchschritten zu sein. Auch Ensco steigt wieder und über die quartärliche Dividende kann man sich auch freuen.

[DJHLS]

Ensco ist immer noch ein sehr gutes Unternehmen und mit dem Kurs wohlschmeckend unterbewertet. Aber es gibt mittlerweile m. E. bessere Aktien bei den Offshore Contract Drillern. Rowan, Seadrill, Ocean Rig und Odfjell und sogar Transocean haben in den letzten Wochen den Order Backlog durch neue Verträge gesteigert. Von Ensco kam nichts.

[R-BgO]

sind wir jetzt am Tiefpunkt?

oder geht es erst richtig los?

[R-BgO]

Antwort auf Beitrag Nr.: 48.077.251 von R-BgO am 19.10.14 13:21:49

Q2-Pressemeldung

95% Operational Utilization and Excellent Safety Performance

ENSCO DS-8 Contracted with Total in Angola for Five-Year Term

ENSCO 121 Commenced Initial Contract with Wintershall in North Sea

ENSCO 122 Delivered Ahead of Schedule and On Budget

High-Grading Continues: Ordered Two ENSCO 140 Series Rigs, Sold One Jackup and Will Sell Five Floaters Now Held For Sale

$1.5 Billion Non-Cash Impairment Charge Taken for Eight Floaters: Four Held For Sale in Discontinued Operations and Four in Continuing Operations



LONDON--(BUSINESS WIRE)-- Ensco plc (NYSE: ESV) today reported a loss of $5.07 per diluted share in second quarter 2014 compared to earnings of $1.55 per diluted share in second quarter 2013. The loss from discontinued operations for second quarter 2014, which includes a $546 million pre-tax loss on impairment for four floaters that are now held for sale, was $2.38 per share compared to a gain of $0.07 per share in second quarter 2013. The loss from continuing operations in second quarter 2014 was $2.69 per share, compared to earnings from continuing operations of $1.48 per share in second quarter 2013. Excluding a loss on impairment for four floaters in continuing operations totaling $992 million, or $4.27 per share, second quarter earnings from continuing operations were $1.58 per share, compared to $1.48 per share in second quarter 2013.

Chief Executive Officer and President Carl Trowell said, “Our focus on operational excellence and safety has yielded very good results with 95% operational utilization for the quarter and a total recordable incident rate year to date that is even better than our record safety performance in 2013. We ended the quarter with near-record revenue backlog for our jackup fleet given positive contracting across several regions, however, market conditions for floating rigs have become more challenging. We believe the fundamental drivers of long-term demand for newer, more technologically-advanced floaters are still favorable and our recent contracts for ENSCO DS-8 and ENSCO DS-9 are great examples. Regardless of what the market brings, Ensco’s strategy of offering differentiated rig designs and drilling services, coupled with our strong financial position, give us a competitive advantage.”

Mr. Trowell continued, “Our capital projects team successfully managed the delivery of ENSCO 122 ahead of schedule and ENSCO 121 has commenced its initial contract for Wintershall in the North Sea. Given our positive outlook for key shallow water markets where Ensco has the number one position, we ordered two ENSCO 140 Series jackups. These rigs have enhanced operational capabilities as well as our patented Canti-Leverage AdvantageSM technology that will translate into significant logistical efficiencies and cost savings for customers.”

“Fleet high-grading during the quarter also included our decision to sell five floaters with an average age of 32 years,” added Mr. Trowell. “This decision followed an in-depth review of our fleet given more challenging floater market conditions, particularly for older midwater rigs. These actions will allow us to more quickly reduce expenses and focus on our go-forward fleet of floaters that has an average age of just nine years. As part of our fleet review, we recorded a $1.5 billion non-cash impairment charge during the quarter for eight floaters.”

[R-BgO]

hier geht's weiter...

Thread: Ensco plc Announces Additional Cost Saving Measures