On Tuesday, Shares of ENSCO PLC (NYSE:ESV), gained 4.07% to $16.36.
Ensco declared that it has taken additional proactive steps to improve efficiencies and reduce expenses:
- streamline global operations reporting structure from five to three business units
- reduce onshore support positions by an additional 14% to achieve an incremental $30 million of annualized savings (full run rate to start fourth quarter 2015); total annualized run-rate savings from onshore rightsizing improvements to $57 million given formerly declared savings of $27 million annually stated in February 2015
- improvement offshore unit labor cost savings to 15% (full run rate to start first quarter 2016) from previous estimate of nine percent stated in February 2015
- Further reduce average warm-stack costs per day for marketed rigs: $40,000 for drillships, $32,000 for semisubmersibles and $20,000 for jackups.
Based on these actions, the expense outlook has improved. Not Taking Into Account severance costs and related expenses of about $5 million, third quarter 2015 contract drilling expense is estimated to be $450 million - $455 million.
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 Ascent Solar Technologies, Inc. (NASDAQ:ASTI), inclined 27.83% to $0.249, during its last trading session.
Ascent Solar Technologies, declared a contract to redeem the entire outstanding principal amount of its senior secured convertible notes of $21.2M from the note holder.
As formerly declared in our 8-K report of November 18, 2014, Ascent had raised a total of $35 million from the note holder. At closing, the Company received gross proceeds of about $4.5M and the remaining $30.5 million of gross proceeds from the financing were deposited into a restricted control account. The proceeds in the control account have been released to the Company in increments for working capital needs. The Company has made payments to the note holder in the form of Common Stock issued at a discount to the then prevailing stock price. The note holder has also used its option to convert the notes into Common Stock at a discount to the then prevailing stock price. As of September 1, 2015, about $18.8M remained in the restricted control account and about $21.2M of the notes remained outstanding.
Ascent Solar Technologies, Inc., a development stage company, designs and manufactures photovoltaic integrated consumer electronics; and portable power applications for commercial and military users.
Finally, Honeywell International Inc. (NYSE:HON), ended its last trade with 3.30% gain, and closed at $99.78.
Honeywell International Inc., declared a new multi-year agreement to provide comprehensive services and support for Lundin Norway, Norway’s fastest-growing upstream oil and gas company.
Honeywell’s new Assurance 360 program will assist Lundin achieve continual and optimal performance of its automation system at the Edvard Grieg field in the Utsira High area of the central North Sea.
Under the program, HPS will provide all necessary technology, processes and support for the system over the next four years, counting hardware refresh, software updates, and upgrades, and remote support. Key performance indicators in the contract will allow Lundin’s administration to monitor delivery of the service, while dedicated program administration provides a single point of accountability for performance.
Honeywell International Inc. operates as a diversified technology and manufacturing company worldwide. Its Aerospace segment provides aircraft engines, integrated avionics, systems and service solutions, and related products and services for aircraft manufacturers and operators, airlines, military services, and defense and space contractors; and spare parts, and repair and maintenance services for the aftermarket.
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