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RIG - Ensco: Looking At Q4 Results Ahead Of Merger With Rowan
Transocean Ltd
Yesterday, we have discussed Rowan’s (RDC) fourth quarter report, and now it’s time to discuss the other company in the upcoming merger, Ensco (ESV).
Ensco reported revenues of $399 million and net loss of $203 million. The company’s loss originated from high depreciation expense (plenty of rigs in the fleet), impairment of $40 million and roughly $70 million of interest expense.
The company provided liquidity and backlog numbers both for standalone Ensco and for combined Ensco-Rowan. At the end of 2018, standalone Ensco had $2.2 billion backlog, $0.6 billion of