UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
     Washington, D.C. 20549     
FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported):  February 23, 2005	

ENSCO International Incorporated	
(Exact name of registrant as specified in its charter) 	
	
   Delaware	          1-8097	    76-0232579	
(State or other jurisdiction of
incorporation	 	 	(Commission File Number)	 	 	(I.R.S. Employer
Identification No.)	 	 	
	
 	500 North Akard Street
Suite 4300
Dallas, Texas 75201-3331	 	
 	 	 	(Address of Principal Executive Offices and Zip Code)	 	 	 	 	 	

Registrant's telephone number, including area code: (214) 397-3000	
	
 	Not Applicable	 	
 	 	 	(Former name or former address, if changed since last report)	 	 	 	 	 	

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:	
 	
¨	 	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 	
¨	 	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 	
¨	 	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 	
¨	 	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

	
	
TABLE OF CONTENTS	
 	
INFORMATION TO BE INCLUDED IN THE REPORT	
         Item 8.01 Other Events	
         Item 9.01 Financial Statements and Exhibits	
SIGNATURES	
EXHIBIT INDEX	
Press release issued by ENSCO International Incorporated dated February 23, 2005	

	

 INFORMATION TO BE INCLUDED IN THE REPORT	
 	
 Item 8.01  Other Events	
 	
        Attached hereto as Exhibit 99.1 is a copy of the press release dated February 23, 2005 of ENSCO International Incorporated.	
 	
 Item 9.01  Financial Statements and Exhibits	
 	
        (c)  Exhibits	
 	
        Exhibit No.	 	Description                                                                                     	
 		
       99.1	 	Press release issued by ENSCO International Incorporated dated February 23, 2005	

	

 	
 SIGNATURES	
 	
       Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.	
 	
 	 	     ENSCO International Incorporated

 	 	 	
 	 	 	
Date:  February 23, 2005	 	      /s/ H. E. MALONE, JR.          
     H. E. Malone, Jr.
     Vice President	

 		
 		
 	 	      /s/ DAVID A. ARMOUR          
     David A. Armour
     Controller	

	
	
EXHIBIT INDEX	

        Exhibit No.	 	Description                                                                                             	
 		
       99.1	 	Press release issued by ENSCO International Incorporated dated February 23, 2005.	

	

 
Exhibit 99.1	
 	
NEWS RELEASE	
ENSCO INTERNATIONAL INCORPORATED	
	
500 North Akard • Suite 4300 • Dallas, Texas 75201-3331
Tel: (214) 397-3000 • Fax: (214) 397-3370 • Web Site: www.enscous.com	

ENSCO REPORTS FOURTH QUARTER AND FULL YEAR 2004 RESULTS	
 	
      Dallas, Texas, February 23, 2005 ... ENSCO International Incorporated (NYSE: ESV) reported net income of $38.5 million ($0.26 per diluted share) on revenues of $209.2 million for the three months ended December 31, 2004, compared to net income of $26.5 million ($0.18 per diluted share) on revenues of $196.7 million for the three months ended December 31, 2003.	
 	
      ENSCO's net income was $102.8 million ($0.68 per diluted share) on revenues of $768.0 million for the year ended December 31, 2004, compared to net income of $108.3 million ($0.72 per diluted share) on revenues of $781.2 million for the year ended December 31, 2003.	
 	
      The average day rate for ENSCO's jackup rig fleet was $57,500 for the fourth quarter of 2004, compared to $49,400 in the prior year quarter. Utilization for the Company's jackup fleet increased slightly to 84% in the most recent quarter, up from 83% in the fourth quarter of 2003. Excluding rigs in a shipyard for contract preparation, regulatory inspection, repair and enhancement, ENSCO's jackup utilization was 94% in the most recent quarter, compared to 90% in the prior year quarter.	
 	
      Carl Thorne, Chairman and Chief Executive Officer of ENSCO, commented on the Company's outlook and markets: "As we begin 2005, we see continuing strength in the offshore drilling market. We are experiencing improvement in rate structure, and increased contract backlog on a global basis. Our Asia and Pacific Rim market is showing particular strength. Two of our jackup rigs recently secured long-term commitments in Saudi Arabia, at rates significantly improved over prior commitments.	
 	
      "Rate structures are improving in Europe & Africa, with recent fixtures for standard North Sea jackup work in the range of $70,000 to $75,000 per day. As anticipated, several of our jackup rigs in the region will experience downtime during the first half of 2005 as they undergo regulatory inspection, upgrade and repair, and/or await commencement of new commitments. This could result in approximately 100 idle rig days in the first quarter. We currently expect all of our Europe & Africa rigs to be in service by the middle of the second quarter, with most of the rigs committed well into the second half of 2005.	
 	
      "Rate structures for our Gulf of Mexico fleet continue to show improvement. Three of our 250' water depth capable jackup rigs are now committed at approximately $50,000 per day, and leading edge day rates for higher specification jackups are approximately $70,000. We have continuing commitments for our deepwater semisubmersible rig, ENSCO 7500, with rates increasing to approximately $160,000 per day in the second quarter, and approximately $185,000 by the third quarter, when the rig will commence a two-year contract.	
 	
      "We continue to make good progress with our fleet renewal program, and anticipate substantial completion by the end of 2005. We have one major enhancement project, ENSCO 67, now underway in Singapore, with re-delivery of the rig currently expected in June 2005, whereupon the rig is contractually committed. Two of our Gulf of Mexico jackups, ENSCO 84 and ENSCO 99, are currently in a shipyard for life extension and enhancement, with estimated work completion in late February and late April, respectively. Only one major upgrade (ENSCO 87 commencing in March) and two minor projects (ENSCO 89 commencing in April and ENSCO 86 commencing in July) remain relative to our Gulf of Mexico fleet in 2005. ENSCO 64, which was severely damaged during Hurricane Ivan last September, remains in a shipyard pending completion of damage assessment, which will determine whether the rig will be declared a constructive total loss. One of our platform rigs, ENSCO 25, which also sustained damage during the hurricane, is currently expected to return to service by the end of this month.	
 	
      "We are pleased with developments as we close 2004 and enter 2005, and are positive regarding our prospects for the remainder of this year."	
 	
Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations, anticipations or predictions of the future are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include references to any trends in day rates or utilization, future rig utilization, deployment and contract commitments, the period of time and number of rigs that will be in a shipyard, and market trends, outlook, or conditions. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. The factors that could cause actual results to differ materially from those in the forward-looking statements include the following: (i) industry conditions and competition, (ii) cyclical nature of the industry, (iii) worldwide expenditures for oil and gas drilling, (iv) operational risks, (v) risks associated with operating in foreign jurisdictions, (vi) delay of commencement, renegotiation, nullification, or breach of contracts with customers or other parties, (vii) environmental or other liabilities that may arise in the future which are not covered by insurance or indemnity, (viii) the impact of current and future laws and government regulation, as well as repeal or modification of same, affecting the oil and gas industry in general and the Company's operations in particular, (ix) changes in the dates the Company's rigs undergoing shipyard work or enhancement will enter a shipyard or return to service, (x) the determination whether the ENSCO 64 will be repaired or declared a constructive total loss, (xi) availability of transport vessels to relocate rigs, (xii) political and economic uncertainty, and (xiii) other risks described from time to time in the Company's SEC filings. Copies of such filings may be obtained at no charge by contacting the Company's investor relations department at 214-397-3045 or by referring to the investor relations section of the Company's website at http://www.enscous.com .	
 	
      All information in this press release is as of February 23, 2005. The Company undertakes no duty to update any forward-looking statement, to conform the statement to actual results, or reflect changes in the Company's expectations.	
 	
      ENSCO, headquartered in Dallas, Texas, owns and operates a modern fleet of offshore drilling rigs servicing the petroleum industry on a global basis.	

Contact: Richard LeBlanc
              214-397-3011	
 	
-------------------------------------------	
 	
      ENSCO will conduct a conference call at 10:00 a.m. Central Time on Wednesday, February 23, 2005, to discuss its fourth quarter and full year 2004 results. The call will be broadcast live over the Internet at www.enscous.com . Interested parties also may listen to the call by dialing 913.981.5543. We recommend that participants call five to ten minutes before the scheduled start time.	
 	
      A replay of the conference call will be available on ENSCO's web site www.enscous.com , or by phone for 24 hours after the call by dialing 719.457.0820 (access number 3695814).	

	
ENSCO INTERNATIONAL INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(In millions, except per share data)	
 	
 	Three Months Ended     	     Twelve Months Ended 	
 	     December 31,             	            December 31,      	
 	 2004          	 2003        	    2004 	      2003 	
 		
OPERATING REVENUES	 	$209.2	 	$196.7	 	$768.0	 	$781.2	 	
 		
OPERATING EXPENSES	 		
    Contract drilling	 	105.7	 	113.9	 	425.5	 	445.2	 	
    Depreciation and amortization	 	36.5	 	33.2	 	144.1	 	130.2	 	
    General and administrative	 	6.4	 	6.1	 	26.3	 	22.0	 	
	
 	 	148.6	 	153.2	 	595.9	 	597.4	 	

OPERATING INCOME	 	60.6	 	43.5	 	172.1	 	183.8	 	
 		
OTHER INCOME (EXPENSE)	 	 	 	 	 	 	 	 	 	
    Interest income	 	1.2	 	0.9	 	3.7	 	3.4	 	
    Interest expense, net	 	(8.2	)	(9.5	)	(36.6	)	(36.7	)	
    Other, net	 	--	 	2.1	 	0.3	 	1.7	 	
	
    	 	(7.0	)	(6.5	)	(32.6	)	(31.6	)	

INCOME FROM CONTINUING
     OPERATIONS BEFORE INCOME TAXES	 	53.6	 	37.0	 	139.5	 	152.2	 	
 		
PROVISION FOR INCOME TAXES	 	15.1	 	10.2	 	36.0	 	43.1	 	

INCOME FROM CONTINUING OPERATIONS	 	38.5	 	26.8	 	103.5	 	109.1	 	
 		
DISCONTINUED OPERATIONS	 	--	 	(0.3	)	(0.7	)	(0.8	)	

NET INCOME	 	$  38.5	 	$  26.5	 	$102.8	 	$108.3	 	

EARNINGS (LOSS) PER SHARE - BASIC	 	 	 	 	 	 	 	 	 	
    Continuing operations	 	$  0.26	 	$  0.18	 	$  0.69	 	$  0.73	 	
    Discontinued operations	 	--	 	(0.00	)	(0.01	)	(0.01	)	
	
 	 	$  0.26	 	$  0.18	 	$  0.68	 	$  0.72	 	

EARNINGS (LOSS) PER SHARE - DILUTED	 	 	 	 	 	 	 	 	 	
    Continuing operations	 	$  0.26	 	$  0.18	 	$  0.69	 	$  0.73	 	
    Discontinued operations	 	--	 	(0.00	)	(0.01	)	(0.01	)	
	
 	 	$  0.26	 	$  0.18	 	$  0.68	 	$  0.72	 	

AVERAGE COMMON SHARES OUTSTANDING	 	 	 	 	 	 	 	 	 	
    Basic	 	150.6	 	150.0	 	150.5	 	149.6	 	
    Diluted	 	150.9	 	150.3	 	150.6	 	150.1	 	
	
ENSCO INTERNATIONAL INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions)	
 	
 	December 31,	December 31,	
 	       2004        	       2003        	
 		
                                                   ASSETS	 		
 		
CURRENT ASSETS	 		 		 	
     Cash and cash equivalents	 	$	267.0 	$	354.0 	
     Accounts receivable, net	 	 	183.0 	 	149.4 	
     Prepaid expenses and other	 	 	43.7 	 	39.9 	
	
        Total current assets	 	 	493.7 	 	543.3 	
 		
PROPERTY AND EQUIPMENT, NET	 	 	2,431.3 	 	2.217.2 	
 		
GOODWILL	 	 	341.0 	 	342.7 	
 		
OTHER ASSETS	 	 	56.0 	 	79.8 	

 	 	$	3,322.0 	$	3,183.0 	

                         LIABILITIES AND STOCKHOLDERS' EQUITY	 		
 		
CURRENT LIABILITIES	 		
     Accounts payable and accrued liabilities	 	$	192.8 	$	164.4 	
     Current maturities of long-term debt	 	 	23.0 	 	23.0 	
	
        Total current liabilities	 	 	215.8 	 	187.4 	
 		
LONG-TERM DEBT	 	 	527.1 	 	549.9 	
 		
DEFERRED INCOME TAXES	 	 	375.3 	 	345.9 	
 		
OTHER LIABILITIES	 	 	21.9 	 	18.7 	
 		
STOCKHOLDERS' EQUITY	 	 	2,181.9 	 	2,081.1 	

 	 	$	3,322.0 	$	3,183.0 	

ENSCO INTERNATIONAL INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)	
 	
	   Twelve Months Ended	
	          December 31,      	
	    2004 	    2003 	
OPERATING ACTIVITIES	 	 	 		 	 		 	
     Net income	 	 	$	102.8	 	$	108.3	 	
     Adjustments to reconcile net income to net cash provided	 	 		
       by operating activities of continuing operations:	 	 		
        Depreciation and amortization	 	 	 	144.1	 	 	130.2	 	
        Changes in working capital and other	 	 	 	11.5	 	 	52.1	 	
	
            Net cash provided by operating activities of continuing	 	 		
               operations	 	 	 	258.4	 	 	290.6	 	

INVESTING ACTIVITIES	 	 		
        Additions to property and equipment	 	 	 	(304.6	)	 	(186.1	)	
        Net proceeds from sale of discontinued operations	 	 	 	-- 	 	 	78.8	 	
        Other	 	 	 	(8.2	)	 	30.1	 	
	
            Net cash used in investing activities of continuing operations	 	 	 	(312.8	)	 	(77.2	)	

FINANCING ACTIVITIES	 	 		
        Proceeds from long-term borrowings	 	 	 	-- 	 	 	26.7	 	
        Reduction of long-term borrowings	 	 	 	(23.0	)	 	(23.0	)	
        Cash dividends paid	 	 	 	(15.1	)	 	(15.0	)	
        Other	 	 	 	7.4	 	 	5.9	 	
	
            Net cash used in financing activities of	 	 		
               continuing operations	 	 	 	(30.7	)	 	(5.4	)	

EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH	 	 		
     AND CASH EQUIVALENTS	 	 	 	(2.0	)	 	0.9	 	

NET CASH PROVIDED BY (USED IN) DISCONTINUED	 	 		
     OPERATIONS	 	 	 	0.1	 	 	(2.0	)	

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	 	 	 	(87.0	)	 	206.9	 	
 		
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	 	 	 	354.0	 	 	147.1	 	

CASH AND CASH EQUIVALENTS, END OF PERIOD	 	 	$	267.0	 	$	354.0	 	

ENSCO INTERNATIONAL INCORPORATED
OPERATING STATISTICS	
 	
 	 	 	Third	
 	       Fourth Quarter        	Quarter	
 	  2004  	  2003  	  2004  	
 		
Contract drilling	 		 		 		 	
Average day rates	 		
     Jackup rigs	 		
        North America	 	$  48,352	 	$  38,114	 	$  43,001	 	
        Europe/Africa	 	61,779	 	56,107	 	62,767	 	
        Asia Pacific	 	63,875	 	63,812	 	63,355	 	
        South America/Caribbean	 	82,062	 	89,228	 	88,791	 	
	
           Total jackup rigs	 	57,501	 	49,368	 	54,751	 	
     Semisubmersible rig - N. America	 	97,727	 	187,197	 	86,605	 	
     Barge rigs	 		
        Asia Pacific	 	51,758	 	41,788	 	51,777	 	
        South America/Caribbean	 	34,351	 	38,396	 	na	 	
	
           Total barge rigs	 	43,608	 	39,601	 	51,777	 	
     Platform rigs - North America	 	na	 	25,957	 	30,384	 	
	
           Total	 	$  57,879	 	$  51,039	 	$  54,414	 	

Utilization	 		
     Jackup rigs	 		
        North America	 	81%	 	88%	 	83%	 	
        Europe/Africa	 	93%	 	94%	 	77%	 	
        Asia Pacific	 	83%	 	68%	 	83%	 	
        South America/Caribbean	 	100%	 	100%	 	100%	 	
	
           Total jackup rigs	 	84%	 	83%	 	82%	 	
     Semisubmersible rig - N. America	 	100%	 	92%	 	36%	 	
     Barge rigs	 		
        Asia Pacific	 	100%	 	100%	 	100%	 	
        South America/Caribbean	 	15%	 	30%	 	0%	 	
	
           Total barge rigs	 	27%	 	40%	 	14%	 	
     Platform rigs - North America	 	62%	 	53%	 	33%	 	
	
           Total	 	76%	 	76%	 	70%