On Wednesday, Shares of ENSCO PLC (NYSE:ESV), gained 2.24% to $18.00.
Ensco, stated earnings of $1.11 per share for second quarter 2015 contrast to a loss of $5.07 per share a year ago. The loss from suspended operations was $0.04 per share contrast to a loss of $3.54 per share in second quarter 2014. Earnings from ongoing operations were $1.15 per share in second quarter 2015 contrast to a loss of $1.53 per share a year ago.
Several items influenced these comparisons:
- Non-cash impairments of $1.5 billion or $6.47 per share in second quarter 2014:
- $704 million or $3.02 per share in ongoing operations
- $797 million or $3.45 per share in suspended operations
- A loss of $7 million or $0.03 per share comprised of in second quarter 2015 other expense related to a formerly declared debt retirement
- A non-cash impairment in suspended operations of $7 million or $0.03 per share in second quarter 2015
- Gains in suspended operations on rig sales of $3 million or $0.01 per share in second quarter 2015 and $2 million or $0.01 per share in second quarter 2014
Ensco plc provides offshore contract drilling services to the oil and gas industry worldwide. The company operates through three segments: Floaters, Jackups, and Other. The company owns and operates offshore drilling rig fleet of 70 rigs, counting 10 drillships, 13 semisubmersible rigs, 5 moored semisubmersible rigs, and 42 jackup rigs located in North and South America, the Middle East and Africa, the Asia Pacific rim, Europe and the Mediterranean, and Brazil.
Shares of American International Group Inc (NYSE:AIG), inclined 1.38% to $ 64.54, during its last trading session.
American International Group, has launched a sweeping initiative to expand access to life insurance for Chinese-American consumers in the United States. As part of AIG’s blueprint for building further on the transformative growth strategy declared in 2014 for its product distribution network, the carrier has begun recruiting several hundred additional life insurance agents to address the needs of Chinese-Americans and is implementing an array of other measures to augment its service to them.
“The expansion of our presence in the Chinese-American market in the U.S. encompasses a broad range of initiatives,” said John Deremo, Executive Vice President and Chief Distribution Officer, Life Insurance, AIG Financial Distributors. “We’re focused not only on recruiting agents from within the target market and exploring business opportunities with premier Chinese-American financial services professionals, but also on steps such as enhancing our in-language case administration and underwriting capabilities, ongoing to foster a culturally sensitive work environment, and creating a concierge-level customer support center for policy holders and clients that’s staffed with employees fluent in Mandarin, Cantonese or both.”
American International Group, Inc. provides insurance products and services for commercial, institutional, and individual customers in the United States, the Asia Pacific, and internationally.
Finally, Golar LNG Limited (USA) (NASDAQ:GLNG), ended its last trade with -0.46% loss, and closed at $43.04.
Golar LNG Limited, declared that it has executed agreements for conversion of the 126,000 m3 LNG carrier Gandria to a Golar floating liquefaction facility (“GoFLNG”). As with the GoFLNG Hilli and Gimi conversions, the primary contract for the GoFLNG Gandria was reached with Singapore’s Keppel Shipyard Limited (“Keppel”). The Gandria conversion contract marks the exercise of the second of two options that formed part of the initial 2014 Hilli conversion contract. Black & Veatch will provide its licensed PRICO(R) technology, perform detailed engineering and process design, specify and procure topside equipment, and provide commissioning support for the GoFLNG topsides and liquefaction process.
The decision to go ahead with the third conversion project was taken following a thorough review of the growing portfolio of business development opportunities for GoFLNG. This has shown potential demand from several possible customers for delivery of floating liquefaction facilities as early as 2018. In order to respond to this potential, the Gandria conversion will now be dedicated to satisfy the commitments to Ophir in Equatorial Guinea, covered by the agreement declared in May this year, requiring delivery of GoFLNG facilities in 2019. In parallel with this decision to commit Gandria to the Ophir project, Keppel and Black & Veatch will now update their FEED study, accommodating the deep water operation in Equatorial Guinea on the basis of Gandria. This move will release the Gimi to cover the potential emerging demand for a 2018 GoFLNG project. Provisions in the Gimi and Gandria contracts provide Golar the flexibility to adjust project timing and to limit expenditure to front-end engineering activities and long-lead equipment cancellation charges should timing and scope of predictable or potential projects change.
Golar LNG Limited, a midstream liquefied natural gas (LNG) company, engages in the transportation, regasification, liquefaction, and trading of LNG. The company operates in three segments: Vessel Operations, LNG Trading, and FLNG.
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