ENSCO Declares Damaged Rig a Total Loss
Dallas-based ENSCO International Inc. announced that the company’s jackup drilling rig which was severely damaged by Hurricane Ivan in September 2004, ENSCO 64, has been declared a constructive total loss for insurance purposes.
The company reportedly expects to receive the $65 million insurance proceeds within the next two weeks, and plans to recognize an after tax gain of approximately $8 million related to this insurance settlement during the second quarter of 2005.
A final determination as to the extent of loss and related insurance
recovery on ENSCO 25, the company’s platform rig that also was damaged by Hurricane Ivan, is expected to be concluded during the second quarter of 2005.
The recovery, net of deductible, is anticipated to be approximately $1.3 million.
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