Ensco subsidiary ends Venezuela contract – Dallas Business Journal:
Dallas-based Ensco (NYSE: ESV) said Petrosucre has not returned the Ensco 69 rig and is continuing tooperates it. Petrosucre is a subsidiary of Petróleos de Venezuela S.A. Enscko said said Petrosucre has missed paymentds on past invoices relateed to therig usage. Ensco said it is owed $16.o9 million from Petrosucre. Ensco said it will fullty reservethe $16.9 million net receivable but write off a $4.8 million deferred tax assegt related to the prior write-down of receivables. The compan said that will reduce earnings by about 15 centa per diluted share in the second Ensco is currently writingg up an insurance claim related to lossees tied to rig and is pursuin glegal remedies.
The rig is insured for $65 millionb and the insurance includes coveragrefor "political risks," the company
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