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):  April 24, 2007	

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 April 24, 2007	

	

 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 April 24, 2007 of ENSCO International Incorporated.	

 Item 9.01  Financial Statements and Exhibits	
 	
        (d)  Exhibits	
 	
        Exhibit No.	 	Description                                                                                     	
 		
       99.1	 	Press release issued by ENSCO International Incorporated dated April 24, 2007	

	

 	
 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:  April 24, 2007	 	      /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 April 24, 2007	

	

 
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 INTERNATIONAL REPORTS RECORD FIRST QUARTER 2007 RESULTS	
 	
      Dallas, Texas, April 24, 2007 ... ENSCO International Incorporated (NYSE: ESV) reported net income increased by 55% in the quarter ended March 31, 2007, to $232.3 million ($1.54 per diluted share) on revenues of $514.1 million, as compared to net income of $149.8 million ($0.97 per diluted share) on revenues of $381.6 million for the quarter ended March 31, 2006.	
 	
      The average day rate for ENSCO's jackup rig fleet for the quarter ended March 31, 2007, increased by 29% to $133,200, as compared to $103,400 in the prior year quarter. Utilization of the Company's jackup fleet increased to 93% in the most recent quarter, as compared to 91% in the quarter ended March 31, 2006.	
 	
      The Company repurchased 2.5 million shares of its common stock during the first quarter of 2007 at a total cost of $127.6 million, or an average price of $51.05 per share, as part of a $500 million share repurchase authorization. Under the program that commenced late in the first quarter of 2006, ENSCO has repurchased 6.0 million common shares at a total cost of $287.6 million, or an average price of $48.25 per share, through the first quarter of 2007.	
 	
      Dan Rabun, President and Chief Executive Officer of ENSCO, commented on the Company's current results and outlook: "We are pleased to report another record quarter. Jackup day rates increased in all major markets, which contributed to the sequential and year-over-year improvement in our first quarter results. During the quarter, we completed construction of ENSCO 108, our tenth new ultra-high specification jackup added to our rig fleet since 1999. The rig will soon mobilize to Indonesia under a term commitment.	
 	
      "Our three ongoing new rig construction projects are on schedule and within budget. Deliveries of ENSCO 8500 and ENSCO 8501, two ultra-deepwater semisubmersible rigs, are expected in the second quarter of 2008 and first quarter of 2009, respectively. Both rigs are being built against firm multi-customer long-term drilling contracts. ENSCO 8502, our third 8500 Series™ rig, is scheduled for delivery in late 2009.	
 	
      "We expect to complete enhancement and international outfitting work on ENSCO 83 next month, and have elected to proceed with a similar project on another of our 250' Gulf of Mexico jackup rigs, ENSCO 93. The rig is expected to enter a shipyard in early June 2007 for approximately seven months of work. With the addition of the ENSCO 93 project, we estimate that we will incur approximately 350 shipyard days in 2007.	

 	

	
 	
      "We remain positive on our markets, and expect increasing international activity to continue to require additional rigs. ENSCO 105 is currently en route from the Gulf of Mexico to Tunisia to commence its 18-month contract, and we continue to evaluate other international opportunities.	
 	
      "In the Gulf of Mexico, rates appear to have stabilized, although the dynamics of the market have not changed and visibility remains limited. With regard to the North Sea, we recently committed two jackup rigs at or close to leading edge day rates in continuation of programs that mature this summer. In the Asia Pacific market, we also committed two rigs in direct continuation of their current contracts at substantially higher rates.	
 	
      "We expect 2007 will be another record year for ENSCO. Higher average day rates and an increase in rig operating days with the addition of ENSCO 108 should contribute to significant earnings improvement in 2007."	
 	
      The Company's Board of Directors has set the time and date for the ENSCO 2007 Annual Meeting of Stockholders at 10:00 a.m. C.D.T., on May 22, 2007, at Hotel Crescent Court, Four Hundred Crescent Court, Dallas, TX 75201. Holders of record as of the close of business on March 26, 2007, will be entitled to vote at the meeting.	
 	
       Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations, anticipations, projections 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 future earnings expectations, trends in day rates, utilization or rig relocations, future rig rates or utilization, rig enhancement, shipyard work completion, and contract commitments, the period of time and number of rigs that will be in a shipyard, scheduled delivery dates for new rigs, market trends, expectations, outlook or conditions for 2007 and beyond. It is important to note that our 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, including changes in rig supply and demand or new technology, (ii) cyclical nature of the industry, (iii) worldwide expenditures for oil and gas drilling, (iv) operational risks, including hazards created by severe storms and hurricanes, (v) risks associated with offshore rig operations or, rig relocations in general, and in foreign jurisdictions in particular, (vi) renegotiation, nullification, or breach of contracts with customers or other parties, (vii) changes in the dates our rigs undergoing shipyard construction work, repairs or enhancement will enter a shipyard, return to or enter service, (viii) risks inherent to domestic and foreign shipyard rig construction, rig repair or rig enhancement, (ix) unavailability of transport vessels to relocate rigs, (x) environmental or other liabilities, risks, or losses including hurricane related equipment damage, loss or wreckage or debris removal in the U.S. Gulf of Mexico, that may arise in the future which are not covered by insurance or indemnity in whole or in part, (xi) the impact of current and future laws and government regulation affecting the oil and gas industry in general including taxation, our operations in particular, as well as repeal or modification of same, (xii) political and economic uncertainty, (xiii) limited availability of economic insurance coverage for certain perils such as hurricanes in the Gulf of Mexico or removal of wreckage or debris, (xiv) self-imposed or regulatory limitations on jackup rig drilling locations in the Gulf of Mexico during hurricane season, (xv) our availability to attract and retain skilled or other personnel, (xvi) excess rig availability or supply resulting from delivery of new drilling units, (xvii) heavy concentration of our rig fleet in premium jackups, (xviii) terrorism or military action impacting our operations or financial performance, and (xix) other risks described from time to time as Risk Factors and otherwise in the Company's SEC filings. Copies of such SEC filings may be obtained at no charge by contacting our investor relations department at 214-397-3045 or by referring to the investor relations section of our website at http://www.enscous.com .	

2	

	
 	
       All information in this press release is as of April 24, 2007. 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, provides contract drilling services to the global petroleum industry.	

Contact: Richard LeBlanc
              214-397-3011	
 	
-------------------------------------------	
 	
      ENSCO will conduct a conference call at 10:00 a.m. Central Time on Tuesday, April 24, 2007, to discuss its first quarter 2007 results. The call will be broadcast live over the Internet at www.enscous.com . Interested parties also may listen to the call by dialing (719) 457-2727. We recommend that participants call five to ten minutes before the scheduled start time.	
 	
      A replay of the conference call will be available by phone for 24 hours after the call by dialing (719) 457-0820 (access code 5598444). A transcript of the call and access to a replay or MP3 download can be found on-line on the ENSCO web site www.enscous.com in the Investors Section.	

 	
3	

	
ENSCO INTERNATIONAL INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(In millions, except per share data)
(Unaudited)	
 	 	      Three Months Ended	
 	   	                   March 31,          	
 	 	 	  2007  	         2006  	
 		
OPERATING REVENUES	 	 	 	 	 	$514.1	 	$381.6	 	
 		
OPERATING EXPENSES	 		
    Contract drilling	 	 	 	 	 	162.8	 	127.9	 	
    Depreciation and amortization	 	 	 	 	 	45.1	 	42.0	 	
    General and administrative	 	 	 	 	 	16.0	 	10.4	 	
	
 	 	 	 	 	 	223.9	 	180.3	 	

OPERATING INCOME	 	 	 	 	 	290.2	 	201.3	 	
 		
OTHER INCOME (EXPENSE)	 	 	 	 	 	 	 	 	 	
    Interest income	 	 	 	 	 	6.2	 	2.3	 	
    Interest expense, net	 	 	 	 	 	(1.1	)	(4.2	)	
    Other, net	 	 	 	 	 	4.5	 	(1.7	)	
	
    	 	 	 	 	 	9.6	 	(3.6	)	

INCOME FROM CONTINUING OPERATIONS
     BEFORE INCOME TAXES	 	 	 	 	 	299.8	 	197.7	 	
 		
PROVISION FOR INCOME TAXES	 	 	 	 	 	67.5	 	53.5	 	

INCOME FROM CONTINUING OPERATIONS	 	 	 	 	 	232.3	 	144.2	 	
 		
DISCONTINUED OPERATIONS, NET	 	 	 	 	 	--	 	5.0	 	
 		
CUMULATIVE EFFECT OF ACCOUNTING
     CHANGE, NET	 	 	 	 	 	--	 	0.6	 	
	
NET INCOME	 	 	 	 	 	$232.3	 	$149.8	 	
	
EARNINGS PER SHARE - BASIC	 	 	 	 	 	 	 	 	 	
    Continuing operations	 	 	 	 	 	$  1.55	 	$  0.94	 	
    Discontinued operations	 	 	 	 	 	--	 	0.03	 	
    Cumulative effect of accounting change	 	 	 	 	 	--	 	--	 	
	
    	 	 	 	 	 	$  1.55	 	$  0.98	 	
	
EARNINGS PER SHARE - DILUTED	 	 	 	 	 	 	 	 	 	
    Continuing operations	 	 	 	 	 	$  1.54	 	$  0.94	 	
    Discontinued operations	 	 	 	 	 	--	 	0.03	 	
    Cumulative effect of accounting change	 	 	 	 	 	--	 	--	 	
	
    	 	 	 	 	 	$  1.54	 	$  0.97	 	
	
AVERAGE COMMON SHARES OUTSTANDING	 	 	 	 	 	 	 	 	 	
    Basic	 	 	 	 	 	149.9	 	152.9	 	
    Diluted	 	 	 	 	 	150.7	 	153.7	 	
- 1 - 	

ENSCO INTERNATIONAL INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions)	
 	
 	March 31,	December 31,	
 	       2007        	       2006        	
 	(Unaudited)	 	
 		
                                                   ASSETS	 		
 		
CURRENT ASSETS	 		 		 	
     Cash and cash equivalents	 	$    620.4	 	$    565.8	 	
     Accounts receivable, net	 	385.5	 	338.8	 	
     Other	 	80.6	 	82.6	 	
	
        Total current assets	 	1,086.5	 	987.2	 	
 		
PROPERTY AND EQUIPMENT, NET	 	3,035.5	 	2,960.4	 	
 		
GOODWILL	 	336.2	 	336.2	 	
 		
OTHER ASSETS, NET	 	51.8	 	50.6	 	

 	 	$4,510.0	 	$4,334.4	 	

                         LIABILITIES AND STOCKHOLDERS' EQUITY	 		
 		
CURRENT LIABILITIES	 		
     Accounts payable and accrued liabilities	 	$    258.3	  	$    217.8	 	
     Current maturities of long-term debt	 	167.1	 	167.1	 	
	
        Total current liabilities	 	425.4	 	384.9	 	
 		
LONG-TERM DEBT	 	308.5	 	308.5	 	
 		
DEFERRED INCOME TAXES	 	349.5	 	356.5	 	
 		
OTHER LIABILITIES	 	82.2	 	68.5	 	
 		
STOCKHOLDERS' EQUITY	 	3,344.4	 	3,216.0	 	

 	 	$4,510.0	 	$4,334.4	 	

- 2 - 	

 ENSCO INTERNATIONAL INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 (In millions)
(Unaudited)	
 	Three Months Ended	
 	        March 31,             	
 	   2007     	      2006  	
 		
OPERATING ACTIVITIES	 	 	 	 	 	
    Net income	 	$232.3	 	$149.8	 	
    Adjustments to reconcile net income to net cash provided	 		
      by operating activities of continuing operations:	 		
           Depreciation and amortization	 	45.1	 	42.0	 	
           Changes in working capital and other	 	2.3	 	25.3	 	
	
                  Net cash provided by operating activities of continuing operations	 	279.7	 	217.1	 	

INVESTING ACTIVITIES	 		
    Additions to property and equipment	 	(106.0	)	(245.4	)	
    Other	 	1.6	 	11.2	 	
	
                  Net cash used in investing activities	 	(104.4	)	(234.2	)	

FINANCING ACTIVITIES	 		
    Repurchase of common stock	 	(127.6	)	(11.7	)	
    Cash dividends paid	 	(3.8	)	(3.9	)	
    Proceeds from exercise of stock options	 	9.8	 	12.9	 	
    Other	 	0.9	 	0.8	 	
	
                  Net cash used in financing activities	 	(120.7	)	(1.9	)	

Effect of exchange rate fluctuations on cash and cash equivalents	 	--	 	0.7	 	
Net cash provided by operating activities of discontinued operations	 	--	 	0.9	 	

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	 	54.6	 	(17.4	)	
 		
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	 	565.8	 	268.5	 	

CASH AND CASH EQUIVALENTS, END OF PERIOD	 	$620.4	 	$251.1	 	

- 3 - 	

 	
 	
ENSCO INTERNATIONAL INCORPORATED
OPERATING STATISTICS
(Unaudited)	
 	
 	 	 	Fourth	
 	       First Quarter        	Quarter	
 	  2007  	  2006  	  2006  	
 		
Contract drilling	 		 		 		 	
Average day rates	 		
     Jackup rigs	 		
        Asia Pacific	 	$120,728	 	$  80,383	 	$  96,503	 	
        Europe/Africa	 	182,536	 	134,061	 	158,551	 	
        North and South America	 	117,858	 	115,960	 	114,132	 	
	
           Total jackup rigs	 	133,238	 	103,379	 	116,358	 	
     Semisubmersible rig - N. America	 	195,740	 	189,191	 	195,292	 	
     Barge rig - Asia Pacific	 	56,509	 	55,870	 	57,500	 	
	
           Total	 	$132,843	 	$104,913	 	$116,780	 	

Utilization	 		
     Jackup rigs	 		
        Asia Pacific	 	99%	 	96%	 	99%	 	
        Europe/Africa	 	95%	 	100%	 	100%	 	
        North and South America	 	85%	 	81%	 	90%	 	
	
           Total jackup rigs	 	93%	 	91%	 	96%	 	
     Semisubmersible rig - N. America	 	97%	 	59%	 	96%	 	
     Barge rig - Asia Pacific	 	100%	 	100%	 	98%	 	
	
           Total	 	93%	 	90%	 	96%	 	

 		

- 4 -