UPDATE: Morgan Stanley Reiterates on ENSCO PLC Following 1Q14 Earnings Report

In a report published Tuesday, Morgan Stanley analyst Ole Slorer reiterated an Equal-Weight rating on

, but removed the $59.00 price target. In the report, Morgan Stanley noted, “ESV reported operating EPS of $1.23 vs. Street/MSe at $1.21. EBITDA at $521mm compared to Street/MSe at $524mm/$522mm on higher than expected G&A but was offset by lower than expected Depreciation and Minority Interest...Spotlight still on ENSCO 8500 Series rigs, 3 of which become available in the US GoM in 2014. On ESV's last fleet, report ENSCO 8505 was revealed to have signed an extension at $495kpd for 2H14 with Apache/Noble Energy and a new contract at $375kpd in 1H15 with Deep Gulf Energy in the US GoM. "We are currently modeling rollovers at $400kpd for ENSCO 8501, ENSCO 8502, and ENSCO 8503 in 4Q14.” ENSCO PLC closed on Monday at $50.83.