Ensco sees profits fall by 66pc

Offshore driller Ensco reported a 66 per cent fall in first-quarter profit yesterday as it said day rates for its rigs fell.

London-based Ensco, poised to become the world's second-largest offshore driller following its $7bn (£4.3bn) takeover of Pride International, said it was also affected by a seven per cent decline in usage of the rigs. Net profit fell to $64.6m from $189.8m a year before, while revenue fell 19.4 per cent to $362m. The results came exactly a year after BP’s Gulf of Mexico blow-out.