third quarter, position, synergy for earnings year, compared XXXX a results quarter update year-ago the of Thanks, reported $X.XX financial fourth versus our per financial of Carey. Today, I'll Atwood of $X.XX third cover and an results, targets. our the summary prior period. a on we outlook and to with integration in quarter the share share the our Starting loss per
drilling million quarter third discount, expense. other related of quarter $X that senior income XXXX, contract and million As at acquisition G&A, million in and influenced in Atwood several tax detailed of tax in costs expense severance discrete provision, tax of our other XXXX the $X press to costs XXXX release, third repurchase third gain a $XX the million the quarter items the transaction reduced items third in in discrete to are an XXXX included included these comparisons, of million including quarter that $X of quarter restructuring tax notes other provision, related XXXX third $X
fewer in planned segment, the loss floaters Excluding strong $X.XX due was $XXX,XXX a XX.X% revenue for from day of year to days downtime, for from the quarter last reported adjusted XX% revenue a a and a adjusted XX.X%, year in compared average to at year per $XXX versus third to to a compared was floaters ago. $XXX of from rig compared decrease $XXX million million per third which items, million these share million the ago. segment, year. days decline the due operating quarter third ago rate uncontracted ago, to $X.XX to to in million year. a Operational in In year was from primarily to $XXX,XXX $XXX rate $XXX revenue a last utilization day an exceptionally segment, quarter share adjusts XX% $XXX utilization in and In $XXX,XXX and $XX,XXX million decline was jackup Total XXXX, XXXX. average earnings up
points Operational the days over from total in fleet jackups year modest increased utilization number due reported the as by declined a XXXX the a fleet of of year. rig costs. several was and year XX.X% past million to improvement the offset to of ago. support lower $XXX from a jackup stacking from Total scrapping operating to X XX.X%, expense While savings third rationalization, for million more preparation than declined, more utilization efficient drilling ago, XX% contract contract $XXX quarter percentage rigs, cost higher
expense Atwood. $XX of third to for was year quarter that the million $XX of due million a transaction to interest was million, with consistent net General million of was $XX to up net interest XXXX and increased XXXX, depreciation the Third capitalized. in of ago acquisition expense of million expense capitalized $XX in interest Interest quarter was from administration year-ago million of $XXX quarter expense $XX of that million third costs $XX period. compared
a As quarter benefit on XXXX $X million mentioned to million an expense income of gain the senior included $XX XXXX repurchase million year discount. previously, third a a Tax notes third at other from $XX increased tax ago. quarter in
may The tax $X tax in when tax third third $X comparing quarter tax estimated compared profitability, of quarter results XXXX in years, declining to XXXX provision varying which full-year of discrete in result tax expense the rates of million allocation differ other the tax periods In from expense provision. income discrete benefit across million prior quarters included could year-over-year.
to quarter as day DS-X X by to percentage contributed in to items increase offshore off jackups four from $XXX,XXX, jackups decline quarter to an offset average This $X XX%. is to point starting $XXX,XXX These the a contracts. million partially Africa, utilization rate XXXX and by contracts XXXX ENSCO second other several and Now, new West rolling contract. increased primarily as in Revenue compare commencing well due third sequentially. let's DS-X
lower million the operational were contracts than quarter of XXXX Third due third for quarter the Contract customer to $X Contract for lower expense of was and approximately and due costs fourth extended. quarter, second as $X with operating $XX million for expense deferral call revenues projects as a adjusted Depreciation contract. during our by million dispute were operating $XX transaction expenses. prior declined quarter. million settlement costs, part daily and disciplined to Other prior with well and capitalized several maintenance million in increased interest construction primarily were in conference G&A included higher prior of primarily $XXX and expense expense, to days surveys our than quarter. maiden jackups associated to line a range due preparation preparation drilling utilization the its contract $XXX and for to sequentially to declined expense guidance due of that the complete the lower ENSCO guidance costs outstanding more management as DS-XX for million, cost drilling
completing value market these above that that amortized contracts of drilling our ENSCO will against are Atwood, million, of acquired Atwood market and of remaining quarter by to Moving we over rates XXX rate outlook quarter $XX fair estimated newly will standby quarter contracts intangible at to levels moving revenue for the of This partially of of measured primarily anticipate purchase from rates, term for amortization acquired approximately offset will fourth the that is we from a acquisition. million million. ENSCO contract Since an rigs, a to DS-X the the $XXX date include based contracts. established accounting will be on decline third rule, intangible XXXX, contract Under $XX at asset results due current the which its during revenue quarter. which we majority fourth drilling by be from the net are of asset revenue X%
day Atwood $XX noncash approximately these revenue expected quarter. the Excluding million for rate during rig former fourth the is amortization, total to
guidance be $XXX stand-alone to We fourth approximately contract expect we Ensco of for $XXX million. the fourth provided million will drilling quarter Previously, contract expense quarter million. expense drilling $XXX
the prior costs I difference the earlier, the contract into addition new between $X our guidance and is outlook our quarter moved the As of Atwood. have fourth preparation from of mentioned remaining third million quarter,
the and $XX run to professional Atwood costs total Excluding half million, was this during Atwood, expenses. during breakdown to fees, transaction acquisition the from million that expected follows: the costs the expense XXXX; Ensco expected XXXX. lease costs, is The as costs by expect third fourth of that incurred we quarter remaining of $XX of is of to second and first inclusive of million related off corporate timing costs these Atwood and largely anticipate $XX were of of of G&A million. support XXXX. $XXX We costs upon million quarter; by by million estimated Note of $X termination includes in are an closing; anticipated incurred million third transaction now severance be quarters the costs $XX approximately $XX
We third to million due to interest $XX will expense expect from $XX primarily quarter the million increase that approximately in interest. capitalized lower
Finally, anticipate million. fourth tax provision the approximately will $XX we be quarter
operate calls, in prior income As where we expense a periods at mentioned are to tax we on conference likely incur loss. even
a of financial now Turning position. to our summary
revolving completion two acquisition able million years In billion acquisition, using Following extend we credit a X, October we conjunction through XXXX $X.X liquidity to XXXX portion balance capacity years were Under cash next October cash the amendment to of our and and and demonstrates $XXX on the facility banking XXXX. with over Atwood September through repaid Ensco's provide financial the the from balance. additional of our by September the and $X.X of Atwood group. on of basis, an Atwood's debt will $X of the flexibility September have billion unsecured billion five support borrowing which XXXX we of
facility restrictions of of subsidiaries, that net hoarding borrowings book facility net prevent dividend when entities total rig-owning least on other the at size facility; of value are has below three outstanding. guarantees and cash been key rig that the drawn future certain of revolver represents least of times debt-to-capital such while at these the XX% book revolver our upon; value a designed the limitations include customary providing cash market increases Our and covenants and to is maintaining total of ratio from XX%, our the uses
covenants Importantly, used cash raise the operating as not flexibility the sales collateral any the debt any potential secured revolver facility. assets based asset to we on has guarantees I capital $XXX mentioned just secured maintain basket million. limit additional and in through being a no debt of do flows Furthermore, from and
Following these actions, billion, $X pro million is our forma liquidity $XXX and revolving cash billion facility. $X.X of including credit approximately
have In $XXX addition backlog, of to added liquidity, to than year-to-date. this have million billion we we more $X.X revenue which contracted
Our pro forma net debt is approximately $X.X ratio billion, and we XX%. of have a net debt-to-capital
In $X maturities, of terms of due debt is we less XXXX. that billion principal have than before
our capital and Moving includes DS-XX we outlook outlook, XXXX interest. total ENSCO XXX, million of new construction is million million, $XXX will for be CapEx to expect of an capitalized upgrades. $XX primarily related This $XX expenditure which costs, and ENSCO to and rig enhancements fourth rig quarter for estimated $X million approximately minor
recovers. December accrued the quarter interest XXXX; million, which bearing with payments until for jackup note drillships scheduled of per per which follows. interest maturities and we milestone for X% for accrues financial delivery. drillships payment, approximately may period XXXX and are scheduled ENSCO DS-XX our XXXX, are In is The along maintain manageable, $XXX in our XXX bear expenditures a final first newbuild during payment delivery we capital maturity. our remaining year, $XXX converted upon for milestone position, we As as that the promissory into totaling delivery, these the at and look capital Upon holding respectively. year final X.X% and million believe liquidity DS-XX commitments beyond are XXXX, remaining a with flexibility light The as charges interest that be ENSCO of strong is delivery, due milestone the XX, debt XXXX, of market
We and will to cycle. debt best continue as the our market position maturities, we capital navigate expenditures, to proactively Ensco managing cost base
details Finally, targets. in additional our I'll synergy provide
As combined we integration and comfort for we meaningful of company, gain organizational the evaluated structure ability synergies. around our achieve plan to the
during on annual we targets $XX as rate synergy's basis, XXXX. an totaled the costs run in expense $XX $XX approximately synergies support million expected another Given G&A of million these $XX Atwood's million expense. this million annual analysis, classified of to and onshore and beginning $XX including of of XXXX drilling contract million costs increase
will not $XX offices are lower in been support synergies to that according shore-based synergy functions costs the of remaining targets. of estimate to expect and we our rigs million are due achieved primarily incremental in targeted including come head support may approximately benefits have additional engineering, will expense, These The minimal synergy plan. use and corporate drilling $XX but operational We incurred inventory these Ensco's synergies benefits synergies contract onshore million The that count asset $XX realize our other and Atwood operations. There to these savings targets rationalizing at supply million. costs cost, and Ensco's utilization G&A included directly virtual on from expected synergies of improved management, by in at system. support insurance be to will certain Within the approximately management future, field with the offices. functions, be chain, support and reduction and of fleet achievable consolidation track that along lead are we
our We to recognize and meaningful [Technical our (XX:XX-XX:XX) following increasing expected strength position, our synergies, coupled for reiterate (XX:XX-XX:XX) was we which, call I strengthen leading shareholders driller. Ensco acquisition pleased hand I Atwood's our shareholders. Difficulty] how in of competitive also will and the in generate long-term meet approve our high the value to acquisition back improve fleet, Before ability as assets an Atwood of the fleet because want Ensco's a customer that progression specification offshore over, we important with rig significant as With demand are this step [Technical Difficulty]
