ENSCO 8500 nears completion; additional rig authorized

Offshore staff

DALLAS -- ENSCO International is nearing completion of its first ENSCO 8500 Series ultra deepwater semisubmersible rig.

TheENSCO 8500 is expected to be delivered late in 3Q 2008 and the company anticipates drilling to begin in the Gulf of Mexico in 1Q 2009 following completion of rig commissioning, mobilization, and final outfitting.

The other 8500 Series rigs are scheduled for delivery in Singapore in 1Q 2009 for the (ENSCO 8501, 4Q 2009 for the ENSCO 8502, and 3Q 2010 for the ENSCO 8503. With the announcement of a letter of intent for ENSCO 8503 at $510,000/day with a primary term of two years, all four rigs are committed for multi-year operations in the Gulf of Mexico.

ENSCO also says it will construct another 8500 rig at a cost of $515 million with a delivery date in the second half of 2011.

04/24/2008