ENSCO PLC (NYSE:ESV) posted a loss of $0.49 a share for Q4 2017 versus earnings of $0.13 a share in the same period, a year earlier. Results from discontinued operations came at zero cents per share in Q4 2017 versus EPS of $0.03 in Q4 2016.
Ensco reported that revenue came at $454 million in Q4 2017 versus revenue of $505 million a year earlier. Revenues dropped 10% versus the year-ago period mainly due to a drop in the average day rate for its fleet. The addition of revenue from Atwood, contract intangible asset amortization, partly offset declining average day rates of the fleet.
Carl Trowell, the Chief Executive Officer and President of Ensco, expressed that during Q4 2017, they successfully closed the Atwood acquisition, which considerably improved the technical capabilities of their rig fleet and enhanced their ability to meet growing consumer demand for high-specification assets. Trowell added that integration continues to advance as planned and they remain on track to record targeted synergies.
They took additional measures to enhance their financial position by extending their revolving credit facility and refinancing their nearest-term debt maturities via a debt tender and senior notes offering earlier this year. These measures provide them with the financial flexibility to persist positioning Ensco as a major offshore service provider.
The CEO of Ensco said that their onshore employees and offshore crews recorded remarkable results despite tough market conditions in last year. Operational uptime stood at 99% for the second successive year and they established a new firm record for safety performance by reducing their total recordable incident rate to 0.15, considerably surpassing the industry average that surged year over year. This robust safety and operational performance was recognized by their customers, who rated company first in total satisfaction in the EnergyPoint survey.