Type
|
Public limited company |
---|---|
Traded as | NYSE: ESV S&P 400 component |
Industry | Petroleum industry |
Founded | 1975 (1975) |
Headquarters | London, United Kingdom (incorporation) San Felipe Plaza Houston, Texas, USA (operational) |
Key people
|
Paul E. Rowsey III, Chairman Carl G. Trowell, CEO Jonathan H. Baksht, CFO |
Services | Offshore drilling Well drilling |
Revenue | $2.776 billion (2016) |
Operating income
|
$0.929 billion (2016) |
Net income
|
$0.897 billion (2016) |
Total assets | $14.374 billion (2016) |
Total equity | $8.250 billion (2016) |
Number of employees
|
4,900 (2016) |
Website | www |
Ensco plc is an offshore drilling contractor headquartered in London, United Kingdom.
Ensco is the world's second-largest offshore drilling and well drilling company, and owns 41 offshore jack-ups, 8 drillships, and 12 semi-submersible drilling rigs.
In 2016, 13% of its revenues came from BP and 12% of its revenues came from Total S.A..
The company provides quarterly updates on the status of each rig in its fleet on its website.
ENSCO's predecessor company, Blocker Energy Corporation, was incorporated in 1975 by longtime oilman John R. Blocker.
After graduating from Texas A&M in 1948, Blocker worked on a Gulf of Mexico oil rig for several years. In 1954, he established a South Texas drilling company with his father. When an oversupply of oil on the market crippled the contract drilling business, the company was dissolved. In 1958 Blocker went to work for Dresser Industries as operations manager for the oil equipment division in Argentina and Venezuela, a natural fit because he had grown up in South America, learning Spanish before English. In 1965, he moved to Dresser's Houston office and ultimately rose to the level of a senior vice-president.
In 1975, after the 1973 oil crisis, John Blocker bought Choya Energy, a six-rig contract drilling company based in Alice, Texas, and renamed the company Blocker Energy.
Blocker took advantage of his South American experience to position the company in the international market, believing it was less risky than the United States market, which had 800 to 900 competitors. Blocker Energy took on $44 million in debt to expand rapidly. To fund expansion and pay down debt, the company became a public company via an initial public offering.
By 1980, the company had 1,700 employees worldwide, including 211 at its Texas headquarters. In the early 1980s, Blocker, along with many other oil-related companies, thought the price of oil could only go higher. In 1981 and early 1982, the company borrowed heavily to expand its rig fleet to 54 rigs. However, in late 1982, the price of oil plunged and, to avoid bankruptcy, Blocker Energy restructured, giving 64% of the company to its banks in exchange for $240 million in debt forgiveness. By 1983, the company was only operating 6 rigs, although that number increased to 24 in 1984. By 1985, the worldwide employee count of the company was down to 500.
Blocker Energy lost nearly $3 million in 1985 and needed capital. Richard Rainwater's BEC Ventures made an investment in the company in 1986 and chose Carl F. Thorne to run the company, which he did until his retirement 20 years later.
In 1988, the company acquired Golden Gulf Offshore Inc. and its ten boats that supplied offshore oil rigs and another four vessels that moved the rigs' massive anchors for $64 million in cash and stock.
In 1990, the company bought Penrod Holding Corporation out of bankruptcy and adding 19 rigs to its fleet. Penrod was owned by the Hunt family. The deal was orchestrated by Richard Rainwater who owned 21% of Ensco at that time.
In 2011, Ensco acquired Pride International for $7.3 billion. The acquisition provided Ensco access to the Brazil and West African markets, and diversified its asset base from being largely jack-up rigs to include drillship and semi-submersible rigs. As a result of the acquisition, Ensco closed its Dallas office and consolidated into its Houston office.
In 2010, Ensco moved its headquarters to London and become a UK-registered company.
In 2013, the company was added to the S&P 500 index but it was removed from the index in 2016.
In 2015, Petrobras alleged bribery in the negotiations of the DS-5 rig contract with Pride International in 2008 before its acquisition by Ensco. In 2016, Petrobras terminated the contract for the rig.
In 2017, Ensco acquired Atwood Oceanics.
In 2009, a Spanish government authority initiated proceedings seeking $3 million in damages for an alleged environmental spill originating from the ENSCO 5006 rig. Ensco expects to be indemnified from any damages by the customer of the rig.
2016-07-07 | Upgrade | Wood & Company | Strong-Buy | |
2016-06-13 | Downgrade | Johnson Rice | Buy to Hold | |
2016-05-31 | Upgrade | KLR Group | Accumulate to Buy | $16.00 |
2016-05-19 | Reiterated Rating | Citigroup Inc. | Hold | |
2016-05-16 | Boost Price Target | Citigroup Inc. | Neutral | $10.00 to $11.00 |
2016-05-10 | Reiterated Rating | Simmons | Overweight | $18.00 to $19.00 |
2016-05-09 | Boost Price Target | RBC Capital | Sector Perform | $10.00 to $12.00 |
2016-05-09 | Downgrade | Jefferies Group | Buy to Hold | $9.00 to $12.00 |
2016-05-09 | Boost Price Target | Royal Bank Of Canada | Sector Perform | $10.00 to $12.00 |
2016-04-27 | Downgrade | Clarkson Capital | Neutral to Sell | |
2016-04-12 | Boost Price Target | Susquehanna | $6.00 to $9.00 | |
2016-03-28 | Downgrade | Barclays | Equal Weight to Underweight | $7.00 to $6.00 |
2016-03-28 | Downgrade | Barclays PLC | Equal Weight to Underweight | $7.00 to $6.00 |
2016-03-22 | Lower Price Target | RBC Capital | Sector Perform | $10.00 to $7.75 |
2016-03-21 | Lower Price Target | Cowen and Company | $10.00 to $8.00 | |
2016-03-16 | Reiterated Rating | Citigroup Inc. | Neutral | $7.00 to $10.00 |
2016-03-14 | Boost Price Target | Seaport Global Securities | Reduce | $5.00 to $7.00 |
2016-03-12 | Reiterated Rating | Deutsche Bank | Hold | |
2016-03-12 | Reiterated Rating | Deutsche Bank AG | Hold | |
2016-03-11 | Downgrade | Goldman Sachs | Neutral to Sell | $5.75 to $5.00 |
2016-03-11 | Downgrade | Goldman Sachs Group Inc. | Neutral to Sell | $5.75 to $5.00 |
2016-02-29 | Initiated Coverage | Citigroup Inc. | Neutral | $7.00 |
2016-02-19 | Lower Price Target | Zephirin Group | Hold | $9.00 to $5.00 |
2016-02-08 | Reiterated Rating | Scotiabank | Sector Perform | $18.00 to $11.00 |
2016-02-06 | Reiterated Rating | Jefferies Group | Buy | |
2016-02-05 | Reiterated Rating | Macquarie | Neutral | $11.00 to $7.00 |
2016-02-04 | Lower Price Target | Susquehanna | Neutral | $8.00 to $6.00 |
2016-02-04 | Lower Price Target | Goldman Sachs | $11.00 to $9.50 | |
2016-02-04 | Lower Price Target | Evercore ISI | Hold | $9.00 to $5.00 |
2016-02-04 | Lower Price Target | BMO Capital Markets | Market Perform | $10.00 to $7.00 |
2016-02-04 | Lower Price Target | Deutsche Bank | Hold | $37.00 to $10.00 |
2016-02-04 | Lower Price Target | Howard Weil | Sector Perform | $18.00 to $11.00 |
2016-02-04 | Boost Price Target | Iberia Capital | Outperform | $8.50 to $12.00 |
2016-02-04 | Boost Price Target | RBC Capital | Sector Perform | $6.00 to $12.00 |
2016-02-04 | Upgrade | KLR Group | Hold to Accumulate | $6.50 to $6.75 |
2016-02-02 | Lower Price Target | Barclays | Equal Weight | $18.00 to $17.00 |
2016-01-29 | Lower Price Target | Jefferies Group | Buy | $19.00 to $9.00 |
2016-01-27 | Reiterated Rating | Clarkson Capital | Neutral | |
2016-01-21 | Lower Price Target | Stephens | $14.00 to $9.50 | |
2016-01-21 | Lower Price Target | Seaport Global Securities | $6.50 to $5.00 | |
2016-01-19 | Lower Price Target | Deutsche Bank | Hold | $40.00 to $37.00 |
2016-01-14 | Lower Price Target | Susquehanna | $10.00 to $8.00 | |
2016-01-14 | Lower Price Target | Iberia Capital | Outperform | $20.00 to $12.00 |
2016-01-13 | Downgrade | Seaport Global Securities | Neutral to Reduce | $10.00 to $6.50 |
2016-01-13 | Downgrade | Wood & Company | Neutral to Reduce | |
2016-01-11 | Downgrade | Cowen and Company | Outperform to Market Perform | $18.00 to $10.00 |
2016-01-05 | Lower Price Target | KLR Group | Hold | $12.50 to $10.00 |
2015-12-27 | Downgrade | Evercore ISI | Hold | |
2015-12-21 | Lower Price Target | Seaport Global Securities | Neutral | $10.00 |
2015-12-21 | Downgrade | Evercore ISI | Buy to Hold | $15.00 to $10.00 |
2015-12-18 | Lower Price Target | RBC Capital | Sector Perform | $19.00 to $14.00 |
2015-12-15 | Reiterated Rating | Scotiabank | Sector Perform | |
2015-12-14 | Downgrade | Howard Weil | Sector Outperform to Sector Perform | |
2015-12-14 | Initiated Coverage | KLR Group | Hold | $12.50 |
2015-12-04 | Upgrade | Barclays | Underweight to Equal Weight | $18.00 to $18.00 |
2015-11-30 | Upgrade | Guggenheim | Neutral to Buy | |
2015-11-16 | Lower Price Target | Evercore ISI | Buy | $20.00 to $16.00 |
2015-11-11 | Boost Price Target | RBC Capital | Sector Perform | $17.00 to $19.00 |
2015-10-21 | Downgrade | Clarkson Capital | Buy to Neutral | |
2015-10-21 | Downgrade | Wood & Company | Buy to Neutral | |
2015-10-20 | Reiterated Rating | Jefferies Group | Buy | $22.00 to $21.00 |
2015-10-20 | Initiated Coverage | RBC Capital | Sector Perform | $17.00 |
2015-10-20 | Reiterated Rating | Jennings Capital | Buy | $21.00 |
2015-10-19 | Lower Price Target | Susquehanna | Neutral | $24.00 to $19.00 |
2015-10-02 | Reiterated Rating | Macquarie | Hold | $17.00 to $16.00 |
2015-10-02 | Lower Price Target | Jefferies Group | Buy | $22.00 |
2015-09-28 | Reiterated Rating | Deutsche Bank | Hold | $38.00 to $39.00 |
2015-09-09 | Downgrade | Tudor Pickering | Accumulate to Hold | |
2015-09-09 | Reiterated Rating | Macquarie | Hold | $24.00 to $17.00 |
2015-09-04 | Reiterated Rating | Credit Suisse | Neutral | $24.00 to $18.00 |
2015-09-04 | Reiterated Rating | Credit Suisse Group AG | Neutral | $24.00 to $18.00 |
2015-08-21 | Downgrade | Global Hunter Securities | Accumulate to Neutral | $28.00 to $18.00 |
2015-08-21 | Downgrade | Seaport Global Securities | Accumulate to Neutral | $28.00 to $18.00 |
2015-08-13 | Downgrade | Barclays | Equal Weight to Underweight | $27.00 to $18.00 |
2015-08-03 | Reiterated Rating | Macquarie | Neutral | $24.00 |
2015-08-03 | Reiterated Rating | Scotiabank | Sector Perform | $36.00 to $30.00 |
2015-07-31 | Lower Price Target | Barclays | Equal Weight | $28.00 to $27.00 |
2015-07-31 | Lower Price Target | Howard Weil | Sector Outperform | $36.00 to $30.00 |
2015-07-07 | Lower Price Target | Susquehanna | Neutral | $32.00 to $29.00 |
2015-07-07 | Lower Price Target | Global Hunter Securities | Accumulate | $36.00 to $30.00 |
2015-07-07 | Lower Price Target | Seaport Global Securities | Accumulate | $36.00 to $30.00 |
2015-06-26 | Lower Price Target | Jefferies Group | Buy | $38.00 to $33.00 |
2015-06-11 | Initiated Coverage | Barclays | Equal Weight | $28.00 |
2015-06-08 | Reiterated Rating | Susquehanna | Neutral | $32.00 |
2015-05-26 | Lower Price Target | Jefferies Group | Buy | $39.00 to $38.00 |
2015-05-18 | Downgrade | Goldman Sachs | Buy to Neutral | $34.00 to $27.00 |
2015-04-23 | Lower Price Target | Deutsche Bank | Hold | $42.00 to $39.00 |
2015-04-19 | Upgrade | Zephirin Group | Buy | |
2015-04-01 | Lower Price Target | Cowen and Company | Outperform | $38.00 to $35.00 |
2015-03-23 | Initiated Coverage | Susquehanna | Neutral | $32.00 |
2015-03-02 | Reiterated Rating | Guggenheim | Buy to Neutral | |
2015-02-18 | Initiated Coverage | BMO Capital Markets | Market Perform | $36.00 |
2015-02-06 | Upgrade | Stephens | Equal Weight to Overweight | $43.00 to $41.00 |
2015-02-06 | Upgrade | Raymond James | Market Perform to Outperform | |
2015-02-06 | Upgrade | Raymond James Financial Inc. | Market Perform to Outperform | |
2015-02-04 | Downgrade | Nordea Equity Research | Hold to Sell | $33.00 to $28.00 |
2015-02-02 | Lower Price Target | Jefferies Group | Buy | $40.00 to $36.00 |
2015-01-08 | Lower Price Target | Jefferies Group | Buy | $42.00 to $40.00 |
2014-12-23 | Upgrade | Global Hunter Securities | Neutral to Accumulate | $38.00 to $33.00 |
2014-12-23 | Upgrade | Seaport Global Securities | Neutral to Accumulate | $38.00 to $33.00 |
2014-12-03 | Initiated Coverage | Jefferies Group | Buy | $42.00 |
2014-11-13 | Reiterated | Cowen | Outperform | $50 to $45 |
2014-11-13 | Lower Price Target | Cowen and Company | Outperform | $50.00 to $45.00 |
2014-10-15 | Initiated Coverage | Evercore ISI | Buy | |
2014-09-26 | Downgrade | RS Platou | Neutral | |
2014-09-23 | Initiated Coverage | Wells Fargo & Co. | Market Perform | |
2014-09-23 | Initiated Coverage | Wells Fargo | Market Perform | |
2014-08-04 | Reiterated Rating | Deutsche Bank | Hold | $52.00 to $50.00 |
2014-08-01 | Upgrade | Fearnley Fonds | Reduce to Accumulate | $47.00 to $53.00 |
2014-07-16 | Downgrade | Global Hunter Securities | Buy to Neutral | $55.00 to $51.00 |
2014-07-16 | Downgrade | Seaport Global Securities | Buy to Neutral | $55.00 to $51.00 |
2014-07-15 | Upgrade | BMO Capital Markets | Underperform to Market Perform | $45.00 to $50.00 |
2014-06-19 | Boost Price Target | Cowen and Company | $56.00 to $60.00 | |
2014-06-12 | Initiated Coverage | Deutsche Bank | Buy to Hold | $52.00 |
2014-06-04 | Initiated Coverage | Macquarie | Neutral | $56.00 |
2014-05-19 | Reiterated Rating | Jefferies Group | Buy | $57.00 to $56.00 |
2014-05-05 | Reiterated | MLV & Co | Buy | $61 to $56 |
2014-05-05 | Lower Price Target | Cowen and Company | Outperform | $61.00 to $56.00 |
2014-05-05 | Lower Price Target | MLV & Co. | Buy | $61.00 to $56.00 |
2014-04-08 | Lower Price Target | Barclays | Overweight | $75.00 to $69.00 |
2014-04-08 | Downgrade | Stephens | Overweight to Equal Weight | $60.00 to $56.00 |
2014-03-21 | Lower Price Target | Jefferies Group | $57.00 | |
2014-03-17 | Downgrade | Goldman Sachs | Conviction-Buy to Buy | |
2014-02-07 | Reiterated | Cowen | Outperform | $70 to $62 |
2014-02-07 | Lower Price Target | Cowen and Company | Outperform | $70.00 to $62.00 |
2014-02-03 | Downgrade | Raymond James | Outperform to Market Perform | |
2014-01-17 | Downgrade | Credit Suisse | Outperform to Neutral | |
2013-12-17 | Lower Price Target | Barclays | $79.00 to $78.00 | |
2013-12-16 | Upgrade | Goldman Sachs | Buy to Conviction-Buy | |
2013-12-09 | Upgrade | Stephens | Equal Weight to Overweight | |
2013-11-11 | Reiterated | Cowen | Outperform | $65 to $70 |
2013-11-11 | Boost Price Target | Cowen and Company | Outperform | $65.00 to $70.00 |
2013-10-16 | Downgrade | BMO Capital Markets | Market Perform to Underperform | |
2013-10-11 | Initiated Coverage | Iberia Capital | Outperform | |
2013-09-04 | Initiated | Wunderlich | Hold | $63 |
2013-02-01 | Reiterated | Howard Weil | Sector Outperform | $55 to $64 |
2013-01-24 | Initiated | Barclays | Overweight | $68 |
2012-11-19 | Upgrade | Global Hunter Securities | Accumulate to Buy | $54 to $56 |
2012-09-17 | Downgrade | Global Hunter Securities | Buy to Accumulate | |
2012-03-01 | Upgrade | Dahlman Rose | Hold to Buy | $58 |
2012-02-03 | Upgrade | Global Hunter Securities | Accumulate to Buy | $47 to $56 |
2012-01-05 | Downgrade | Global Hunter Securities | Buy to Accumulate | $54 to $47 |
2011-12-07 | Upgrade | Morgan Keegan | Mkt Perform to Outperform | |
2011-04-29 | Initiated | Canaccord Genuity | Buy | $57 |
2011-04-15 | Upgrade | Howard Weil | Market Perform to Market Outperform | $40 to $56 |
2011-03-08 | Initiated | Dahlman Rose | Hold | |
2011-02-16 | Initiated | Morgan Keegan | Mkt Perform | $46 |
2011-01-24 | Downgrade | Dahlman Rose | Buy to Hold | |
2010-12-20 | Downgrade | Howard Weil | Market Outperform to Market Perform | $38 to $40 |
2016-07-07 | Upgrade | Wood & Company | Strong-Buy | |
2016-06-13 | Downgrade | Johnson Rice | Buy to Hold | |
2016-05-31 | Upgrade | KLR Group | Accumulate to Buy | $16.00 |
2016-05-19 | Reiterated Rating | Citigroup Inc. | Hold | |
2016-05-16 | Boost Price Target | Citigroup Inc. | Neutral | $10.00 to $11.00 |
There is presents forecasts of rating agencies and recommendations for investors about this ticker
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