Ensco posts 2Q loss as rig utilization drops

Ensco, one of the world’s largest drilling contractors, posted a $45.6 million net loss for the second quarter 2017, a steep drop compared to the $590.6 million profit in the same quarter a year ago.

Revenues in the second quarter of 2017 were $458 million, compared to $910 million a year ago.

Excluding $205 million of early contract termination settlements received during second quarter 2016, revenues declined 35% compared to the year-ago period.

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