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ENSCO REPORTS LOSS FOR THIRD QUARTER

 ENSCO REPORTS LOSS FOR THIRD QUARTER
 DALLAS, Nov. 11 /PRNewswire/ -- Energy Service Company, Inc. (ENSCO)


(AMEX: ESV) today reported for the quarter ended Sept. 30, 1992, a net loss of $8.7 million on revenues of $39.0 million, equal to a net loss after preferred stock dividends of $0.08 per share. In the third quarter of 1991, ENSCO had a net loss of $1.8 million on revenues of $49.4 million, equal to a loss of $0.03 per share after preferred dividends.
 For the first nine months of 1992, ENSCO had a net loss of $25.8 million on revenues of $119.5 million, equal to a loss after preferred dividends of $0.24 per share. This compares with net income of $433,000 on revenues of $155.3 million, equal to a loss after preferred dividends of $0.03 per share for the first nine months of 1991.
 The active rig count in the United States remained at very low levels during the third quarter, averaging 683 working rigs compared to 815 for the same quarter in 1991. Within the past 60 days, however, the rig count has increased to over 800 active rigs in response to higher domestic natural gas prices. In the Gulf of Mexico, where ENSCO operates two jackup rigs and 28 offshore supply vessels, and ENSCO's affiliate, Penrod Holding Corporation (Penrod), operates 11 jackup rigs, the 1992 third quarter active rig count for the industry averaged 70 rigs compared to 116 in the prior year period. Recently, the rig count in the Gulf of Mexico has increased to 100 active rigs. The recent improvement in industry activity began late in the third quarter and as a result, ENSCO's revenues and operating results for the third quarter were not positively impacted.
 The ENSCO Drilling division had revenues of $11.3 million for the third quarter of 1992 which was a decline of 14 percent from the 1991 period reflecting lower rig utilization and day rates. ENSCO Marine's revenues were $4.2 million, a decrease of 24 percent from the 1991 third quarter as the 38 vessel fleet experienced lower day rates and utilization. The year to year decline in domestic drilling activity, especially gas drilling in the Gulf of Mexico, contributed to ENSCO Tool and Supply's 48 percent decline in revenues to $12.8 million, ENSCO Technology's revenues of $3.6 million in the quarter reflected a 41 percent decline from the prior year period as a result of lower domestic horizontal drilling activity.
 Equity in affiliates, which is included in other income (expense), for the third quarter of 1992 was a loss of $0.8 million compared to a profit of $0.3 million last year. The current quarter loss reflects ENSCO's 36.3 percent interest in the net loss experienced by Penrod, a Dallas-based offshore contract drilling company offset by ENSCO's share of net income of ENSCO Tool and Supply affiliates. Penrod reported a net loss of $2.4 million vs. a profit of $38,000 in the 1991 third quarter.
 ENSCO, headquartered in Dallas, is engaged in providing contract drilling and related energy services to the international petroleum industry. ENSCO's common stock and preferred stock trade on the American Stock Exchange (ESV).
 ENERGY SERVICE COMPANY, INC.
 (In thousands, except per share)
 Three months ended Sept. 30 1992 1991
 Revenues $ 38,848 $ 49,403
 Operating expenses 44,984 51,609
 Operating income (loss) (6,136) (2,206)
 Other income (expense) (1,770) (206)
 Income (loss) before taxes (7,906) (2,412)
 Provision for taxes 843 (644)
 Net income (loss) (8,749) (1,768)
 Preferred dividend requirement 1,065 1,065
 Loss to common stock $ (9,814) $ (2,833)
 Loss per share $ (0.08) $ (0.03)
 Average shares outstanding 121,409 96,423
 Nine months ended Sept. 30 1992 1991
 Revenues $119,520 $155,276
 Operating expenses 137,165(A) 155,613
 Operating income (loss) (17,645) (337)
 Other income (expense) (6,317) 1,355
 Income (loss) before taxes (23,962) 1,018
 Provision for taxes 1,808 585
 Net income (loss) (25,770) 433
 Preferred dividend requirement 3,195 3,195
 Loss to common stock $(28,965) $ (2,762)
 Loss per share $ (0.24) $ (0.03)
 Average shares outstanding 119,558 95,976
 (A) -- Includes a restructuring charge of $3,900,000.
 -0- 11/11/92
 /CONTACT: G. Allen Brooks of Energy Service Company, Inc., 214-922-1535/
 (ESV) CO: Energy Service Company, Inc. ST: Texas IN: OIL SU: ERN


TS -- NY020 -- 9663 11/11/92 10:36 EST
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