Ensco plc (NYSE: ESV) released its third trimester income report today, where it said its reduced earnings from share for the period had risen by 9% to $1.62 the period compared to $1.48 in the same period last time. Ceased work mainly on rigs and other property which are no longer reflected on the balance sheet of the company had reduced its earnings last year $0.07 per share. Reduced income per share from ongoing work was $1.62 for the third trimester this year which in the same period last year was $1.55.
Some matters were responsible for the better third trimester report, such as a positive accord with the Mexican tax department of $31 million, $0.10 per share, which helped other revenue. The companies ENSCO 5002 and ENSCO 5004 given out to OGX in Brazil had a damaging impact on its results. A sum of $27 million, $0.12 per share, of agreed payment was not taken into account as income.
Dan Rabun who is the Chairman, President and Chief Executive Officer of the company said, “During the third trimester, we agreed to deliver two more rigs that will start with a many year contracts in the coming months. These newly built rigs and six more that are being built will help the company grow its income in the years to come.”
He went on to say, “I want to congratulate our capital projects teams in South Korea and Singapore for their hard work in making sure that the four rigs were handed over on time in the past year.”
The company’s total income rose by $35 million to $379 million. Its returns rose by 13% to $1.266 billion in the third trimester from $1.124 billion in the same period a year ago.
