Ensco (VAL) is the fourth major offshore driller to release third quarter earnings and, once again, we saw that the market for jackup rigs continues to strengthen. Ensco saw this segment increase by 15%, with a nice spike in dayrates, averaging $109,000 per day, in addition to a boost in utilization rates. The real money starts flowing in the deepwater segment, which produced a bold 43% jump in revenues this past quarter compared to 2011 as dayrates inched over $400,000 per day, and 90% utilization rates.
Looking forward, the industry dynamics are strong through 2013, and with $9 billion in backlog, Ensco is nicely positioned to take advantage of refitting its fleet and lock in lucrative contracts. Check out the video below to see how Ensco compares to its competitors in the ultra-competitive offshore drilling market.
