Offhsore driller Ensco posts quarterly loss

www.forbes.com Reuters, 01.29.03, 9:03 AM ET

DALLAS, Jan 29 (Reuters) - Offshore oil and gas driller Ensco International Inc. (nyse: ESV - news - people) on Wednesday reported a quarterly loss after a charge for the impairment of its business in politically torn Venezuela.

Ensco also warned of lower-than-expected profit in the 2003 first quarter.

The company, based in Dallas, reported a fourth-quarter loss of $10.7 million, or 7 cents per diluted share, compared with net income of $29.9 million, or 22 cents per diluted share, a year earlier.

Fourth-quarter revenue rose to $206.8 million from $179.1 million. The 2002 fourth quarter results include a $46.1 million non-cash after-tax charge for impairment of business in Venezuela. Excluding special charges, the company earned $35.4 million, or 24 cents per diluted share, in the quarter, in line with analysts' average estimate as compiled by Thomson First Call.

The company said soft drilling demand in the Gulf of Mexico, and possibly in the North Sea, along with scheduled shipyard downtime, would likely result in first-quarter earnings per share of 16 cents to 21 cents. Analysts polled by First Call on average expected 26 cents a share.