Ensco has reported that it is in possession of 'Ensco 69', a jackup drilling rig that was reclassified as discontinued in the second quarter of 2009.
Ensco terminated its contract for the rig with Petrosucre (a subsidiary of the Venezuela national oil company PDVSA) for non-payment in June 2009. Petrosucre advised that it would continue to operate the rig without Ensco's consent.
Ensco personnel recently were granted access to 'Ensco 69' and the rig has been moved to Trinidad from Venezuela.
Ensco continues to pursue related insurance claims, which the insurers have disputed. No 'Ensco 69' related insurance receivables were recorded on the company's balance sheet as of June 30, 2010.
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