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