Net income for 2007 was $992 million, or $6.73 per diluted share, on revenues of $2.14 billion, compared to net income of $769.7 million, or $5.04 per diluted share, on revenues of $1.81 billion, for 2006.
During the fourth quarter of 2007, the company repurchased 1.9 million shares of its common stock at a total cost of $104.1 million, or an average price of $55.38 per share. Since inception of the stock repurchase program in March 2006, Ensco has repurchased 12.8 million shares of common stock at a cost of $681.6 million, or an average price of $53.05 per share. As of December 31, 2007, the company had $318.4 million remaining under its current stock repurchase authorization.
Dan Rabun, chairman, president and CEO of Ensco International, said: I am pleased to report that net income reached a record level in 2007, increasing 29% year-over-year to just under $1 billion. Earnings per share increased by an even greater percentage, 34%, as we continued to reduce shares outstanding through stock repurchase. Our contract backlog also grew during the year, increasing to $3.9 billion in early 2008, from $3.2 billion in early 2007.
