* Shares up 7 percent
* Merger savings to double in 2012
HOUSTON Aug 9 Shares of Ensco Plc (ESV.N)
outperformed rivals on Tuesday, a day after the owner of the
world's second-largest offshore drilling fleet reported
second-quarter results that exceeded Wall Street expectations.
Shares of the company, which has purchased rival Pride
International, rose 7 percent in early afternoon trading.
Ensco also said its savings next year from the Pride merger
would be double its earlier estimate of $50 million, a forecast
that adds to earnings, analysts noted.
Merger integration is going well and the company's new
organizational structure is already in place, Ensco Chief
Executive officer Dan Rabun told analysts on a conference
Excluding acquisition and severance charges, Ensco had a
second-quarter profit of 71 cents per share, above the Wall
Street consensus of 67 cents per share, according to estimates
from Thomson Reuters I/B/E/S.
Ensco beat out a number of suitors to snap up Pride, in a
deal that closed at the end of May and extended the
London-based company's reach into the lucrative deepwater
fields off Brazil and West Africa. [ID:nN07200008]
Revenue in 2011 is expected to be $3 billion, in line with
analysts' forecast for revenue of $2.9 billion, according to
data from Thomson Reuters I/B/E/S.
Shares of Ensco rose $2.88, or 7 percent, to $43.30 on the
New York Stock Exchange. The stock outperformed a 5 percent
gain in the Philadelphia Stock Exchange index of oilfield
(Reporting by Anna Driver in Houston, editing by Dave