Drilling contractor Ensco plc ESV announced the receipt of new contracts a time when out-of-work rigs are being removed from weak markets. The company also continues to negotiate with Petrobras over four floaters currently under contract.Per the company’s fleet status report, Ensco has sold one of its semisubmersibles – Ensco 6000 – for $1 million. However, the identity of the client has not been revealed. The company also added two more rigs to its cold-stacked list. Semisubmersible Ensco 8500, which was operating in the U.S. Gulf of Mexico and has been idle since Aug 2015, is undergoing cold-stack preparations. The other semisubmersible, Ensco 5005, will also be cold stacked. This rig was operating offshore Singapore and completed a contract two months ago in February.Ensco is in discussions with Petrobras over the revised commercial terms for four rigs operating offshore Brazil, namely the Ensco 6001, Ensco 6002, Ensco 6003 and Ensco 6004. The receipt of final approval of the terms from the customer might lead to a net reduction to contract revenue backlog of about $140 million for all four rigs collectively, effective May 2016. It would reset the downtime on Ensco 6001 to zero relating to downtime, which in turn, could prompt an early termination in the future.The duration for the Ensco 75 jackup’s operations in the Gulf of Mexico has been reduced to June in accordance to the terms of the contract with Fieldwood Energy. The rig currently operates with a dayrate in the mid-$40,000 range. Similarly, Maersk Oil has also shortened its term with the jackup Ensco 72 to September at a dayrate in the mid-$90,000 range.The term of the Ensco 110 jackup has also been reduced to November. Dayrates for the rig between February and October will be in the mid-$80,000 range, however for the month of October, the dayrate will be decreased to the low-$80,000 range.Chevron Corporation CVX will employ the Ensco 107 jackup for its Australian operations in a six-month contract beginning in September. The rig will have a dayrate in the high-$120,000 range. The deal has six one-month options.Notably, in February, Ensco had won a contract from Chevron for the Ensco 8504 rig for the latter’s Indonesia operations beginning in March. The contract will terminate in early July with a dayrate in the low-$270,000 range along with about $73,000 per day amortized from March to July for mobilization. Post completion of the contract, Ensco 8504 will be contracted to Kangean from July to October at a dayrate in the mid-$260,000 range.Currently, Ensco carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are ReneSola Ltd. SOL and Enviva Partners, LP EVA. Each of these stocks sports a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CHEVRON CORP (CVX): Free Stock Analysis Report ENSCO PLC (ESV): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report ENVIVA PARTNERS (EVA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research