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UPDATE - Ensco 3rd-qtr earnings down 47 percent

* Q3 EPS $1.05 * Q3 revenue down 31 percent * Sees significant deepwater revenue growth in 2010-11 NEW YORK, Oct 22 (Reuters) - Offshore drilling contractor Ensco International Inc (ESV.N) on Wednesday said its third quarter profit fell 47 percent as rates paid for its fleet of largely shallow-water rigs slumped along with global energy demand. The company posted earnings of $149.7 million, or $1.05 a share, in the quarter, down from $282.3 million, or $1.97 a share, last year. Analysts, on average, expected the company to earn $1.03 a share, according to Thomson Reuters I/B/E/S. Total revenue fell 31 percent to $425.4 million, but revenue at the company's deepwater drilling unit more than doubled to $62.5 million. Operating earnings from deepwater drilling were up 29 percent in the quarter. "We expect deepwater segment revenues to grow significantly in 2010 and 2011," Chief Executive Officer Dan Rabun said in a statement. He also said utilization for the company's shallow-water jackup rigs is projected to rise, "which will help to lessen the impact of declining day rates." Ensco shares are up 67 percent in 2009, slightly underperforming a 71 percent rise in the Philadelphia Stock Exchange oil service index .OSX. Larger rival Noble Corp (NE.N) reported an 11 percent rise in quarterly earnings late on Wednesday, and gave a fairly positive outlook for 2010. [ID:nN21509310] (Reporting by Michael Erman; Additional reporting by Braden Reddall in San Francisco; editing by Carol Bishopric)