Ensco plc (NYSE: ESV) announced today that its Board of Directors has declared a regular quarterly cash dividend of US$0.50 per Class A ordinary share payable on 22 March 2013 to holders of Ensco’s shares as of the 11 March 2013 record date. The prior quarterly dividend was $0.375 per share.
Chairman, President and Chief Executive Officer Dan Rabun stated, “Our strong financial position and positive outlook for future earnings growth supports this increase to our quarterly cash dividend. Contracted revenue backlog is now a record $11 billion. Our active fleet has grown with the commencement of two additional ultra-deepwater rigs this quarter alone. And our fleet will continue to expand as we deliver six new rigs through the end of next year, which we expect will earn favorable day rates and multi-year terms. We continue to have a very bullish outlook in terms of customer demand for both deep- and shallow-water offshore markets. These factors give us significant visibility into future cash flows.”
Mr. Rabun added, “Management and the Board believe the new dividend payout is prudent and sustainable. We expect that we will continue to have adequate liquidity to meet capital commitments for our rigs under construction, as well as sufficient flexibility to make new investments and return capital to shareholders.”
Ensco plc (NYSE: ESV) brings energy to the world as a global provider of offshore drilling services to the petroleum industry. For more than 25 years, the company has focused on operating safely and exceeding customer expectations. Ensco is ranked #1 for total customer satisfaction with top honors in 10 of 16 categories in the most recent annual survey by EnergyPoint Research. Operating the world’s newest ultra-deepwater fleet and largest fleet of active premium jackups, Ensco has a major presence in the most strategic offshore basins across six continents. Ensco plc is an English limited company (England No. 7023598) with its registered office and corporate headquarters located at 6 Chesterfield Gardens, London W1J 5BQ. To learn more, visit our website at www.enscoplc.com.
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements regarding expected financial performance, day rates and backlog; and general market, business and industry conditions, trends and outlook. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including downtime and other risks associated with offshore rig operations; and possible cancellation or suspension of drilling contracts as a result of mechanical difficulties, performance or other reasons. In addition to the factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, which is available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website at www.enscoplc.com.Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.