<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11 - K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993
Commission File Number 1-8097
ENSCO Savings Plan
(Full title of the plan)
Energy Service Company, Inc.
2700 Fountain Place
1445 Ross Avenue
Dallas, Texas 75202-2792
(Name and address of principal executive office of issuer)
<PAGE>
The financial statements listed in the accompanying table of contents on
page 3 are filed as part of this Form 11 - K.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administrative Committee of the Plan has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
ENSCO Savings Plan
Date : June 27, 1994 [ /s/ Michael K. Wiley ]
By: Michael K. Wiley
Plan Administrator
<PAGE>
ENSCO SAVINGS PLAN
TABLE OF CONTENTS TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
PAGE
Financial Statements:
Reports of Independent Accountants 1
Statement of Net Assets Available for Plan Benefits at
December 31, 1993 3
Statement of Net Assets Available for Plan Benefits at
December 31, 1992 5
Statement of Changes in Net Assets Available for Plan
Benefits for the year ended December 31, 1993 6
Notes to Financial Statements 8
Additional Information:
Schedule I - Schedule of Assets Held for Investment Purposes 13
Schedule II - Schedule of Reportable Transactions 14
Exhibits:
Consent of Independent Accountants (Price Waterhouse) 16
Consent of Independent Accountants (Deloitte & Touche) 17
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Trustees of the
ENSCO Savings Plan
In our opinion, the accompanying statement of net assets available for Plan
benefits, and the related statement of changes in net assets available for
Plan benefits present fairly, in all material respects, the net assets
available for benefits of the ENSCO Savings Plan (the "Plan") at December
31, 1993, and the changes in its net assets available for benefits for the
year then ended, in conformity with generally accepted accounting
principles. These financial statements are the responsibility of the
Plan's management; our responsibility is to express an opinion on these
financial statements based on our audit. We conducted our audit of these
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for the opinion expressed above.
As explained in Note 3 to the financial statements, effective December 31,
1993, the Penrod Thrift Plan was merged with the ENSCO Savings Plan. The
Penrod Thrift Plan net assets available for benefits are appropriately
included in the Plan's accompanying financial statements.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included
in Schedules I and II is presented for purposes of additional analysis and
is not a required part of the basic financial statements but is additional
information required by ERISA. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Price Waterhouse
Dallas, Texas
June 24, 1994
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<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
ENSCO Savings Plan
Dallas, Texas
We have audited the statement of net assets available for plan benefits of
ENSCO Savings Plan (formerly Energy Service Company, Inc. Profit Sharing
Plan) as of December 31, 1992. This financial statement is the
responsibility of the Plan's management. Our responsibility is to express
an opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the statement of net assets
available for plan benefits is free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the statement of net assets available for plan benefits. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statement presents fairly, in all material
respects, the net assets available for plan benefits of the Plan as of
December 31, 1992, in conformity with generally accepted accounting
principles.
Deloitte & Touche
Dallas, Texas
June 25, 1993
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<PAGE>
ENSCO SAVINGS PLAN
<TABLE>
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993
<CAPTION>
SUPPLEMENTAL FUND INFORMATION
GUARANTEED POOLED COMPANY
INVESTMENT EQUITY INTERMEDIATE STOCK
1993 FUND FUND BOND FUND FUND
<S> <C> <C> <C> <C>
ASSETS:
Cash and cash equivalents........................ $ 17,027 $ 149 $ 747 $ 30,019
Receivables:
Participant contributions...................... 25,388 10,910 10,594 7,589
Employer contributions......................... 395,907 39,201 34,109 41,152
Accrued interest and dividends................. 124 67 63 83
Due from participating funds................... 9,002 - 11,976 257
Due from merged Penrod Thrift Plan............. - - - -
Investments, at fair value....................... 665,658 332,611 267,095 284,688
Total assets................................. 1,113,106 382,938 324,584 363,788
LIABILITIES:
Payable to participating funds................... - 21,235 - -
Total liabilities............................ - 21,235 - -
NET ASSETS AVAILABLE FOR PLAN BENEFITS............. $1,113,106 $361,703 $324,584 $363,788
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>
<TABLE>
ENSCO SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 (CONTINUED)
<CAPTION>
SUPPLEMENTAL FUND INFORMATION
GUARANTEED MONEY JENNISON JENNISON
INTEREST MARKET PRIDEX EQUITY BALANCED
1993 (CONTINUED) FUND FUND FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Cash and cash equivalents........................ $ - $ - $ - $ - $ - $ 47,942
Receivables:
Participant contributions...................... - - - - - 54,481
Employer contributions......................... - - - - - 510,369
Accrued interest and dividends................. - - - - - 337
Due from participating funds................... - - - - - 21,235
Due from merged Penrod Thrift Plan............. 13,498,683 19,745 454,469 797,976 943,135 15,714,008
Investments, at fair value....................... - - - - - 1,550,052
Total assets................................. 13,498,683 19,745 454,469 797,976 943,135 17,898,424
LIABILITIES:
Payable to participating funds................... - - - - - 21,235
Total liabilities............................ - - - - - 21,235
NET ASSETS AVAILABLE FOR PLAN BENEFITS............. $13,498,683 $19,745 $454,469 $797,976 $943,135 $17,877,189
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>
<TABLE>
ENSCO SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1992
<CAPTION>
SUPPLEMENTAL FUND INFORMATION
GUARANTEED POOLED COMPANY
INVESTMENT EQUITY INTERMEDIATE STOCK
1992 FUND FUND BOND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C>
ASSETS:
Cash and cash equivalents........................
Receivables: $ 66 $ 8,349 $ 2,869 $ 1,625 $ 12,909
Participant contributions......................
Accrued interest and dividends................. 23,067 14,308 11,087 4,445 52,907
Investments, at fair value....................... 48 50 44 24 166
875,160 454,487 278,085 67,518 1,675,250
NET ASSETS AVAILABLE FOR PLAN BENEFITS.............
$898,341 $477,194 $292,085 $73,612 $1,741,232
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>
<TABLE>
ENSCO SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
<CAPTION>
SUPPLEMENTAL FUND INFORMATION
GUARANTEED POOLED COMPANY
INVESTMENT EQUITY INTERMEDIATE STOCK
FUND FUND BOND FUND FUND
<S> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Interest and dividends............................ $ 645 $ 456 $ 343 $ 408
Participant contributions:
Savings contributions........................... 272,277 157,182 135,071 72,419
Rollover contributions.......................... 439 - - -
Employer contributions............................ 395,907 39,201 34,109 94,525
Net appreciation (depreciation) in fair value
of investments.................................. 52,534 (8,725) 23,093 155,953
Interfund transfers............................... 29,945 (36,451) (9,823) 16,329
Total additions............................... 751,747 151,663 182,793 339,634
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants..................... 536,982 267,154 150,294 49,458
Total deductions.............................. 536,982 267,154 150,294 49,458
NET ADDITIONS (DEDUCTIONS).......................... 214,765 (115,491) 32,499 290,176
NET ASSETS FROM MERGED PENROD THRIFT PLAN........... - - - -
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year............................... 898,341 477,194 292,085 73,612
End of year..................................... $1,113,106 $361,703 $324,584 $363,788
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>
<TABLE>
ENSCO SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993 (CONTINUED)
<CAPTION>
SUPPLEMENTAL FUND INFORMATION
GUARANTEED MONEY JENNISON JENNISON
INTEREST MARKET PRIDEX EQUITY BALANCED
FUND FUND FUND FUND FUND TOTAL
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Interest and dividends............................$ - $ - $ - $ - $ - $ 1,852
Participant contributions:
Savings contributions........................... - - - - - 636,949
Rollover contributions.......................... - - - - - 439
Employer contributions............................ - - - - - 563,742
Net appreciation (depreciation) in the fair value
of investments.................................. - - - - - 222,855
Interfund transfers............................... - - - - - -
Total additions............................... - - - - - 1,425,837
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants..................... - - - - - 1,003,888
Total deductions.............................. - - - - - 1,003,888
NET ADDITIONS (DEDUCTIONS).......................... - - - - - 421,949
NET ASSETS FROM MERGED PENROD THRIFT PLAN........... 13,498,683 19,745 454,469 797,976 943,135 15,714,008
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year............................... - - - - - 1,741,232
End of year.....................................$13,498,683 $19,745 $454,469 $797,976 $943,135 $17,877,189
The accompanying notes are an integral part of these financial statements.
</TABLE>
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<PAGE>
ENSCO SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1993
1. PLAN ORGANIZATION AND DESCRIPTION
The Energy Service Company, Inc. Profit Sharing Plan was renamed the
ENSCO Savings Plan (collectively referred to as "the Plan") in 1993.
The following description of the Plan provides only general
information. Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions. The Plan is a
defined contribution plan established by Energy Service Company, Inc.
("the Company") on May 15, 1991 to provide a retirement benefit for
employees through a Company profit sharing contribution and to promote
and encourage employees to provide additional security and income for
their retirement through a systematic savings program. It is subject
to the provisions of the Employee Retirement Income Security Act of
1974 ("ERISA"). Effective December 31, 1993, the Penrod Thrift Plan
was merged into the Plan (see Note 3).
Employees of the Company may participate in the Plan upon completing
certain service requirements, except those employees who already
receive retirement benefits in connection with a collective bargaining
agreement and certain nonresident employees. Eligible employees may
elect to participate in the employee savings feature of the Plan after
completing a three-month period of service with the Company ("Savings
Participants"). Eligible employees will automatically participate in
the profit sharing feature of the Plan after completing a twelve-month
period of service with the Company. Eligible employees under the
Penrod Thrift Plan immediately became eligible employees under the
Plan effective with the merger of the Penrod Thrift Plan into the Plan
(see Note 3).
Savings Participants may elect to make contributions to the Plan by
salary reductions ("Savings Contributions"), which qualify for tax
deferment under Section 401(k) of the Internal Revenue Code ("the
Code"). Savings Contributions are generally limited to the lesser of
10% of the Savings Participant's compensation, or the annual dollar
limitation set forth in Section 415(d) of the Code ($8,994 for the
year ended December 31, 1993). Within certain limits, as defined in
the Plan, Savings Participants may elect to increase, decrease or
suspend their Savings Contributions and corresponding salary
reductions.
At the discretion of its Board of Directors, the Company may make
contributions to the Plan for the benefit of Savings Participants
("Matching Contributions"). Matching Contributions may be made by the
Company in the form of a stated dollar amount or in the form of a
matching percentage of Savings Contributions. Matching Contributions,
which are made to the Company Stock Fund, are allocated to individual
Savings Participants pro rata based on their respective Savings
Contributions for the Plan year, limited to 6% of their compensation,
as defined. Beginning July 1, 1993, the Company made Matching
Contributions equal to 25% of the first 6% contributed by each
individual participant which amounted to $64,000 for 1993. No
matching contributions were made prior to 1993.
- 8 -
<PAGE>
At the discretion of its Board of Directors, the Company may also make
annual contributions to the Plan for the benefit of all eligible
employees ("Profit Sharing Contributions"). The Company may make
Profit Sharing Contributions in either cash or in the Company's common
stock. Annual Profit Sharing Contributions are allocated to eligible
employees based on their proportionate compensation. At December 31,
1993, the Plan has a receivable recorded from the Company in the
amount of $500,000 related to the 1993 profit sharing contribution
which was paid in March 1994. No profit sharing contributions were
made in previous years.
The Plan limits the sum of a participant's annual Matching
Contribution and Profit Sharing Contribution("Company Contributions")
to the lesser of $30,000 or 25% of the Plan participant's
compensation. Under certain circumstances, Plan participants may make
contributions to the Plan in the form of rollover contributions
("Rollover Contributions").
All contributions to the Plan are paid into a trust fund maintained by
Texas Commerce Bank (formerly Ameritrust Texas N. A.) ("the Trustee")
for the exclusive benefit of the Plan participants and their
beneficiaries. The Trustee maintains separate accounts for Savings
Contributions, Company Contributions and Rollover Contributions within
the trust fund for each participant, the balance of which reflects the
participant's respective contributions, distributions, earnings, and
any gains and losses on investments. Plan participants direct the
investment of their account balances to one or more of four investment
funds, including the Guaranteed Investment Fund, the Pooled Equity
Fund, the Intermediate Bond Fund and the Company Stock Fund. The
Trustee also serves as the investment manager for the Plan's trust
fund and executes all investment transactions.
Effective July 1, 1993, a Plan participant's Matching Contribution
account balance and Profit Sharing Contribution account balance shall
become vested and nonforfeitable upon the completion of service with
the Company, as follows:
COMPLETED YEARS OF SERVICE VESTED PERCENTAGE
Less than two years 0 %
Two years 20 %
Three years 40 %
Four years 60 %
Five years 80 %
Six or more years 100 %
In addition, a Plan participant shall become fully vested in his or
her Matching Contribution account balance and Profit Sharing account
balance upon certain events, including death or disability, attaining
the age of 60, or a full or partial termination of the Plan. A Plan
participant's Savings Contribution account balance and Rollover
Contribution account balance is fully vested at all times.
Upon completion of each Plan year the nonvested portion of Matching
Contribution account balances and Profit Sharing Contribution account
balances of terminated Plan participants ("forfeitures") are forfeited
to the Plan and may be used to reduce the amount of Matching
Contributions and Profit Sharing Contributions due or administrative
expenses to be paid by the Company.
- 9 -
<PAGE>
Distributions of a Plan participant's Savings Contribution account and
Rollover Contribution account and the vested portion of a
participant's Matching Contribution account and Profit Sharing
Contribution account are generally made within 60 days of the close of
the Plan year in which a participant attains the age of 65 or
termination of employment occurs.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
METHOD OF ACCOUNTING
The Plan's financial statements are prepared on the accrual basis of
accounting.
INVESTMENTS
The Plan's investments are stated at fair value and consist of debt
and equity funds and common stock of the Company. The fair value of
the Company's common stock is determined by quoted market prices.
Fair value of debt and equity funds are determined by the Trustee and
are based on quoted market prices of the securities in the debt and
equity funds. Unrealized appreciation or depreciation of the
individual investments is reflected in the asset balances.
FEDERAL INCOME TAXES
Management believes that the Plan is qualified under Section 401(a) of
the Internal Revenue Code and therefore the trust is exempt from
taxation under Section 501(a). An IRS determination letter has not
been obtained at this time. However, an IRS determination letter will
be requested in the near future. Generally, contributions to a
qualified plan are deductible by the Company when made, earnings of
the trust are tax exempt and participants are not taxed on their
benefits until withdrawn from the Plan.
CASH EQUIVALENTS
Cash equivalents include amounts invested in highly liquid cash
management funds that are readily convertible to cash.
RECLASSIFICATION
Certain prior year amounts have been reclassed to conform with the
current year presentation.
3. PLAN MERGER
In August 1993, the Company completed the step acquisition of Penrod
Holding Corporation ("Holding"). Penrod Drilling Corporation and
Penrod International Drilling Company, both of which are wholly-owned
subsidiaries of Holding, are the sponsoring employers of the Penrod
Thrift Plan.
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<PAGE>
Effective December 31, 1993, the Company merged the Penrod Thrift Plan
with the Plan and all prior Penrod Thrift Plan participants became
Plan participants. At December 31, 1993, the assets of the prior
Penrod Thrift Plan were still held by the previous record keeper and
custodian, Prudential Defined Contribution Services, in either the
Guaranteed Interest Account, the Temporary Investment Account (Money
Market), the Prudential Index Stock Account (PRIDEX), the Jennison
Equity Account or the Jennison Balanced Account. At the direction of
the prior Penrod Thrift Plan participants, all prior Penrod Thrift
Plan participant account balances will be transferred from the prior
Penrod Thrift Plan funds to one or more of the four Plan investment
funds. Such transfers are expected to occur prior to December 31,
1994. The prior Penrod Thrift Plan provided that vesting in the
sponsoring companies' contributions plus actual earnings thereon was
on the basis of 20% per year. Prior Penrod Thrift Plan participants
with greater than three years of service at December 31, 1993 will
continue to vest under the same guidelines that were in place under
the prior Penrod Thrift Plan, whereas participants with less than
three years of service will vest in the sponsoring companies'
contributions plus actual earnings thereon under the provisions of the
Plan.
4. INVESTMENTS
Investments at December 31, 1993 and 1992 are as follows:
SHARES FAIR VALUE
At December 31, 1993:
Debt and equity funds:
Retirement Trust Stock Fund of
Texas Commerce Bank................... 2,129 $ 332,611
Retirement Trust Managed Guaranteed
Investment Contract Fund of
Society National Bank............... 615,552 665,658
Retirement Trust Intermediate Bond
Fund of Texas Commerce Bank........... 2,017 267,095
1,265,364
Energy Service Company, Inc.
common stock............................ 84,352 284,688
$ 1,550,052
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<PAGE>
At December 31, 1992:
Debt and equity funds:
Retirement Trust Stock Fund of
Society National Bank................. 3,713 $ 454,487
Retirement Trust Managed Guaranteed
Investment Contract Fund of
Society National Bank............... 866,581 875,160
Retirement Trust Intermediate Bond
Fund of Society National Bank......... 2,270 278,085
1,607,732
Energy Service Company, Inc.
common stock............................ 60,016 67,518
$ 1,675,250
5. ADMINISTRATIVE FEES
The Plan has no employees and all costs of administrative and
management services required to administer the Plan are paid for by
the Company. In addition, investment service fees charged by the
Trustee in 1993 of $25,245 were paid by the Company.
6. WITHDRAWALS
Net assets available for plan benefits at December 31, 1993 and 1992
included $260,245 and $346,508, respectively, for participants who are
no longer employed by the Company.
7. EXCESS CONTRIBUTIONS
Net assets available for plan benefits at December 31, 1992 includes
$72,930 of amounts refunded from the Plan in 1993 to certain highly
compensated employees due to contributions which exceeded the
discrimination limits under Internal Revenue Code ("IRC") Section
401(k). The Company has not yet determined the excess contribution
amount for 1993 as the formal excess contribution test has not yet
been performed. Management has performed a preliminary estimate of
the 1993 excess contribution amount and has determined, based on this
estimate, that the amount will not be material. The actual excess
contribution amount, if any, will be refunded no later than December
31, 1994 which is within the remedial correction period as specified
under IRC Section 401(m)(6)(A).
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<PAGE>
<TABLE>
ENSCO SAVINGS PLAN Additional Information
Schedule I
ITEM 27A (FORM 5500) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AT DECEMBER 31, 1993
<CAPTION>
IDENTITY OF ISSUE OR DESCRIPTION OF INVESTMENT CURRENT
PARTY INVOLVED TYPE OF ISSUE SHARES COST VALUE
<S> <C> <C> <C>
Interest bearing cash:
Texas Commerce Bank EB Money Market Fund of Texas
Commerce Bank 46,762 $ 46,762 $ 46,762
Common/collective trusts:
Texas Commerce Bank EB Managed Guaranteed Investment
Contract Fund of Society National
Bank 615,552 627,884 665,658
Texas Commerce Bank EB Growth Equity Fund of TCB 2,129 333,295 332,611
Texas Commerce Bank EB Intermediate Fixed Income Fund
of TCB 2,017 248,869 267,095
1,210,048 1,265,364
Employer securities:
*Energy Service Company, Energy Service Company, Inc.
Inc. Common Stock 84,352 131,490 284,688
$1,388,300 $ 1,596,814
* Party-in interest
</TABLE>
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<PAGE>
<TABLE>
ENSCO SAVINGS PLAN Additional Information
Schedule II
ITEM 27D (FORM 5500) - SCHEDULE OF REPORTABLE TRANSACTIONS (IN THE AGGREGATE)
YEAR ENDED DECEMBER 31, 1993
<CAPTION>
MARKET
VALUE ON NET
IDENTITY OF PARTY DESCRIPTIONS PURCHASE SELLING COST OF TRANSACTION GAIN
INVOLVED OF TRANSACTION PRICE PRICE ASSET DATE (LOSS)
<S> <C> <C> <C> <C> <C>
EB Money Market Fund Purchase of shares $666,347 $666,347
of Texas Commerce Bank Sales of shares $664,101 $664,101 664,101 $ -
EB Managed Guaranteed Purchase of shares 129,612 129,612
Investment Contract Fund Sales of shares 391,650 376,888 391,650 14,762
of Society National Bank
EB Growth Equity Fund of Purchase of shares 96,182 96,182
Texas Commerce Bank Sales of shares 209,333 217,373 209,333 (8,040)
EB Intermediate Fixed Purchase of shares 52,983 52,983
Income Fund of Texas Sales of shares 87,066 82,199 87,066 4,867
Commerce Bank
*Energy Service Company, Purchase of shares 65,996 65,996
Inc. common stock Sales of shares 4,779 2,024 4,779 2,755
* Party-in interest
</TABLE>
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<PAGE>
<TABLE>
ENSCO SAVINGS PLAN Additional Information
Schedule II
ITEM 27D (FORM 5500) - SCHEDULE OF REPORTABLE TRANSACTIONS (SINGLE TRANSACTIONS)
YEAR ENDED DECEMBER 31, 1993
<CAPTION>
MARKET VALUE NET
DESCRIPTION SELLING COST ON TRANSACTION GAIN
IDENTITY OF PARTY INVOLVED OF TRANSACTION PRICE OF ASSET DATE (LOSS)
<S> <C> <C> <C> <C>
EB Managed Guaranteed Investment Sale of shares $169,743 $165,863 $169,743 $ 3,880
Contract Fund of Society National Bank
EB Managed Guaranteed Investment
Contract Fund of Society National Bank Sale of shares 136,268 128,470 136,268 7,798
EB Growth Equity Fund of Texas Commerce
Bank Sale of shares 164,851 171,578 164,851 (6,727)
</TABLE>
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<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-40282) of Energy Service Company, Inc. of our
report dated June 24, 1994 appearing on page 1 in this Annual Report on
Form 11-K of the ENSCO Savings Plan.
PRICE WATERHOUSE
Dallas, Texas
June 27, 1994
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<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in Registration Statement No.
33-40282 of Energy Service Company, Inc. on Form S-8 of our report dated
June 25, 1993, appearing in this Annual Report on Form 11-K of ENSCO
Savings Plan for the year ended December 31, 1993.
Deloitte & Touche
Dallas, Texas
June 27, 1994
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<PAGE>
