Ensco to sell fleet to Tidewater

Feb. 20, 2003
Ensco International Inc. has signed a definitive agreement to sell all of the oilfield support vessels owned by the company's subsidiary, Ensco Marine Co., to Tidewater Inc. for $79 million in cash. The transaction, which is expected to result in a pre-tax gain of $5 million to Ensco, is subject to regulatory consents. It is anticipated that the transaction will close in 2Q 2003.

Ensco International Inc. has signed a definitive agreement to sell all of the oilfield support vessels owned by the company's subsidiary, Ensco Marine Co., to Tidewater Inc. for $79 million in cash. The transaction, which is expected to result in a pre-tax gain of $5 million to Ensco, is subject to regulatory consents. It is anticipated that the transaction will close in 2Q 2003.

"Although Ensco Marine has performed well for us over the years, further renewal and growth of our boat fleet would require significant new investment," said Carl F. Thorne, Ensco's chairman and CEO. "Given our focus on expanding the size and capability of our offshore rig fleet, we determined that this capital would best be deployed in that arena where we have a stronger presence and greater investment return opportunities."

02/20/03