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Ensco Plc reported on Wednesday a rise in quarterly profit that exceeded expectations as rig rates increased.

This comes as a surprise as utilization of its most-valuable equipment has declined from the year before. Third-quarter net profit climbed 10% to $379 million from $344 million a year ago.

Revenue rose 13% to $1.27 billion.

Floating rigs accounted for almost two-thirds of Ensco’s revenue.

Utilization declined for floating rigs to 79% in the quarter, a sharp decrease from 90% for the same period last year.