ENSCO DS-8 Delivered and Mobilizing To Commence Initial Contract
Offshore Angola
Contract Awarded for ENSCO 8505 in U.S. Gulf of Mexico
ENSCO 71 and ENSCO 72 Earn Three-Year Contracts in North Sea
Record Operational Utilization: 99.8% for Jackups and 95.4% for Floaters
Expense Management Plans on Track for Additional Savings
Ensco plc (NYSE: ESV) today reported earnings of $1.24 per share for
third quarter 2015 compared to $1.83 per share a year ago. A loss from
discontinued operations of $0.10 per share in third quarter 2015
compared to earnings of $0.04 per share in third quarter 2014. Earnings
from continuing operations were $1.34 per share in third quarter 2015
compared to $1.79 per share a year ago.
“During the third quarter, we achieved record operational utilization of
99.8% for jackup rigs and 95.4% for floaters," said Chief Executive
Officer and President Carl Trowell. "In terms of new business, we earned
a multi-year contract for ENSCO 8505 in the U.S. Gulf of Mexico and
finalized three-year contracts for two jackups in the North Sea. We also
earned contracts for ENSCO 107 as well as ENSCO 68. These new contracts
will help bridge us to better market conditions in the future.”
Mr. Trowell added, “Recently, some customers announced incremental cuts
to their capital expenditure budgets that will further pressure
utilization and day rates. In response to the cyclical downturn in our
sector, we have taken decisive steps to reduce expenses. Third quarter
financial results reflect these actions including lower offshore
operating expenses and onshore support costs. Future financial results
are also expected to benefit from ENSCO DS-8, our newest ultra-deepwater
drillship, which is scheduled to commence a multi-year contract in the
fourth quarter."
Third Quarter Results
Continuing Operations
Revenues were $1.012 billion in third quarter 2015 compared to $1.201
billion a year ago primarily due to a year-over-year decline in reported
utilization to 62% from 89% in third quarter 2014. Also, the average day
rate for the fleet declined to $232,000 from $239,000 a year ago.
Financial results for third quarter 2015 benefited from a previously
reported early contract termination for convenience by the customer for
ENSCO DS-4 that resulted in a lump sum payment of $146 million.
Excluding a $17 million outstanding receivable balance and an $18
million contract intangible asset write-off, revenues increased by $111
million. This item increased third quarter 2015 earnings by $0.46 per
share. Revenues also included $18 million related to ENSCO DS-9
mobilization, upgrades and testing, which was recognized in third
quarter 2015 due to an early contract termination for convenience by the
customer.
Contract drilling expense declined to $434 million from $500 million a
year ago, as lower compensation and repair and maintenance expenses,
partially related to fewer rig operating days, more than offset
newbuilds commencing contracts and the reactivation of ENSCO 5004 and
ENSCO 5006 following shipyard upgrades. Third quarter 2015 contract
drilling expense included $7 million of ENSCO DS-9 mobilization expenses
as well as $4 million of severance and related costs associated with the
streamlining of our business unit reporting structure and onshore
support functions.
Depreciation expense increased to $145 million from $135 million in
third quarter 2014 as several rigs were added to the operating fleet.
Third quarter 2015 results included a loss on impairment of $2 million,
or $0.01 per share, related to a potential sale of one rig in continuing
operations. There was no loss on impairment a year ago. General and
administrative expense declined to $28 million in third quarter 2015
from $29 million last year.
Other expense increased to $52 million from $38 million a year ago.
Interest expense in third quarter 2015 was $55 million, net of $22
million of interest that was capitalized, compared to interest expense
of $38 million in third quarter 2014, net of $18 million of interest
that was capitalized. Interest expense increased year to year due to a
previously reported $1.25 billion debt offering in third quarter 2014
and a $1.1 billion debt refinancing in first quarter 2015.
The effective tax rate was 9.5% in third quarter 2015 compared to 15.0%
a year ago. Excluding discrete tax items including the early contract
termination noted above, the effective tax rate was 12.6% in third
quarter 2015 compared to 13.9% a year ago.
Discontinued Operations
Discontinued operations include four floaters and two jackups held for
sale, as well as rigs and other assets no longer on the Company’s
balance sheet. The net loss from discontinued operations was $23 million
for third quarter 2015 compared to earnings of $9 million a year ago.
Third quarter 2015 results included a $17 million net loss on impairment
to adjust the fair value of rigs held for sale and third quarter 2014
results included a $14 million net gain from rig sales. Excluding
impairments and asset sales, the net loss from discontinued operations
was $6 million in third quarter 2015 compared to a net loss of $5
million a year ago.
Segment Highlights for Continuing Operations
Floaters
Floater revenues were $646 million in third quarter 2015 compared to
$704 million a year ago. Excluding $111 million from an early contract
termination noted above, revenues declined 24% from last year. This
year-to-year decline in revenues was driven by lower utilization,
partially offset by the above noted items related to ENSCO DS-9 totaling
$18 million. Reported utilization was 59% compared to 82% a year ago.
Adjusted for uncontracted rigs and planned downtime, operational
utilization was 95.4% compared to 94.2% last year. The average day rate
declined to $422,000 from $451,000 a year ago.
Contract drilling expense declined 17% to $242 million in third quarter
2015 from $291 million in third quarter 2014. Compensation and repair
and maintenance expense reductions more than offset an increase in
contract drilling expense related to ENSCO DS-9 and the reactivation of
two semisubmersibles.
Jackups
Jackup revenues were $326 million compared to $481 million a year ago.
The addition of ENSCO 122 and ENSCO 110 partially offset a significant
decrease in contracted rig days for other jackups and the change in
classification of three rigs from the Jackups segment to the Other
segment as previously disclosed in fourth quarter 2014. Reported
utilization was 64% compared to 92% in third quarter 2014. Adjusted for
uncontracted rigs and planned downtime, operational utilization in third
quarter 2015 was 99.8% compared to 99.1% a year ago. The average day
rate declined to $134,000 from $140,000 a year ago.
Contract drilling expense decreased 19% to $160 million in third quarter
2015. The decline was due in part to lower compensation and repair and
maintenance expenses, as well as the classification of three jackup rigs
to the Other segment as described above. These items were partially
offset by an increase in contract drilling expense from two newbuild
jackups. Third quarter 2015 jackup segment results included a $2 million
asset impairment noted above.
Other
Other is composed of managed drilling rigs. As previously noted, three
jackups classified to the Other segment increased both revenues and
contract drilling expense year to year. Revenues increased to $40
million from $17 million in third quarter 2014. Contract drilling
expense increased to $31 million from $11 million a year ago.
|
|
|
|
|
Third Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of $,
|
|
|
|
Floaters
|
|
|
Jackups
|
|
|
Other
|
|
|
Reconciling Items
|
|
|
Consolidated Total
|
except %)
|
|
|
|
2015
|
|
2014
|
|
Chg
|
|
|
2015
|
|
2014
|
|
Chg
|
|
|
2015
|
|
2014
|
|
Chg
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
Chg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
646.4
|
|
|
703.5
|
|
|
(8
|
)%
|
|
|
325.8
|
|
|
481.0
|
|
|
(32
|
)%
|
|
|
40.0
|
|
|
16.9
|
|
|
137
|
%
|
|
|
-
|
|
|
-
|
|
|
|
1,012.2
|
|
|
1,201.4
|
|
|
(16
|
)%
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract drilling
|
|
|
|
242.4
|
|
|
291.3
|
|
|
(17
|
)%
|
|
|
160.0
|
|
|
197.9
|
|
|
(19
|
)%
|
|
|
31.1
|
|
|
11.0
|
|
|
183
|
%
|
|
|
-
|
|
|
-
|
|
|
|
433.5
|
|
|
500.2
|
|
|
(13
|
)%
|
Depreciation
|
|
|
|
95.7
|
|
|
87.9
|
|
|
9
|
%
|
|
|
44.8
|
|
|
45.3
|
|
|
(1
|
)%
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
4.7
|
|
|
2.0
|
|
|
|
145.2
|
|
|
135.2
|
|
|
7
|
%
|
Loss on impairment
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
2.4
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
2.4
|
|
|
-
|
|
|
-
|
|
General and admin.
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
28.4
|
|
|
29.3
|
|
|
|
28.4
|
|
|
29.3
|
|
|
(3
|
)%
|
Operating income
|
|
|
|
308.3
|
|
|
324.3
|
|
|
(5
|
)%
|
|
|
118.6
|
|
|
237.8
|
|
|
(50
|
)%
|
|
|
8.9
|
|
|
5.9
|
|
|
51
|
%
|
|
|
(33.1
|
)
|
|
(31.3
|
)
|
|
|
402.7
|
|
|
536.7
|
|
|
(25
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Position — 30 September 2015
-
No debt maturities until second quarter 2019
-
$1.1 billion of cash and short-term investments
-
Net debt-to-capital ratio of 32% (net of $1.1 billion of cash and
short-term investments)
-
$2.25 billion fully available revolving credit facility
-
$6.6 billion of contracted revenue backlog excluding bonus
opportunities
Third Quarter Conference Call Details — 29 October 2015
Ensco will conduct a conference call to discuss third quarter 2015
results at 10:00 a.m. Central Time (3:00 p.m. London time) on Thursday,
29 October 2015. The call will be webcast live at www.enscoplc.com.
Interested parties may listen to the call by dialing 1-855-239-3215 from
within the United States and +1-412-542-4130 from outside the U.S.
Please ask for the Ensco conference call. It is recommended that
participants call 20 minutes before the scheduled start time. Telephone
participants may avoid delays by pre-registering for the conference call
using the following link to receive a dial-in number and PIN: http://dpregister.com/10071339.
A replay of the conference call will be available by phone through 27
November 2015 by dialing 1-877-344-7529 within the United States or
+1-412-317-0088 from outside the U.S. (conference ID 10071339). A
webcast replay, MP3 download and transcript of the call will be
available at www.enscoplc.com.
Investor Conference — 11 November 2015
Ensco will present at the Jefferies Global Energy Conference in Houston
on Wednesday, 11 November 2015 at 10:00 a.m. CT. The presentation
webcast will be available live over the Internet at www.enscoplc.com.
Please go to the website at least 15 minutes before the presentation to
register, and to download and install any necessary audio software. A
replay of the presentation will be available on Ensco’s website within
twenty-four hours of the live presentation and remain available for 30
days.
Ensco plc (NYSE: ESV) brings energy to the world as a global provider of
offshore drilling services to the petroleum industry. For more than 27
years, the company has focused on operating safely and going beyond
customer expectations. Ensco is ranked first in total customer
satisfaction in the latest independent survey by EnergyPoint Research —
the fifth consecutive year that Ensco has earned this distinction.
Operating one of the newest ultra-deepwater rig fleets and the largest
premium jackup fleet, Ensco has a major presence in the most strategic
offshore basins across six continents. Ensco plc is an English limited
company (England No. 7023598) with its registered office and corporate
headquarters located at 6 Chesterfield Gardens, London W1J 5BQ. To learn
more, visit our website at www.enscoplc.com.
Statements contained in this press release that are not historical
facts are forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements include words or phrases such as
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,”
“project,” “could,” “may,” “might,” “should,” “will” and similar words
and specifically include statements involving expected financial
performance, effective tax rate, day rates and backlog, estimated rig
availability; rig commitments and contracts; contract duration, status,
terms and other contract commitments; letters of intent; scheduled
delivery dates for rigs; the timing of delivery, mobilization, contract
commencement, relocation or other movement of rigs; and general market,
business and industry conditions, trends and outlook. Such statements
are subject to numerous risks, uncertainties and assumptions that may
cause actual results to vary materially from those indicated, including
commodity price fluctuations, customer demand, new rig supply, downtime
and other risks associated with offshore rig operations, relocations,
severe weather or hurricanes; changes in worldwide rig supply and
demand, competition and technology; future levels of offshore drilling
activity; governmental action, civil unrest and political and economic
uncertainties; terrorism, piracy and military action; risks inherent to
shipyard rig construction, repair, maintenance or enhancement; possible
cancellation, suspension or termination of drilling contracts as a
result of mechanical difficulties, performance, customer finances, the
decline or the perceived risk of a further decline in oil and/or natural
gas prices, or other reasons, including terminations for convenience
(without cause); the cancellation of letters of intent or any failure to
execute definitive contracts following announcements of letters of
intent; the outcome of litigation, legal proceedings, investigations or
other claims or contract disputes; governmental regulatory, legislative
and permitting requirements affecting drilling operations; our ability
to attract and retain skilled personnel on commercially reasonable
terms; environmental or other liabilities, risks or losses; debt
restrictions that may limit our liquidity and flexibility; our ability
to realize the expected benefits from our redomestication and actual
contract commencement dates; cybersecurity risks and threats; and the
occurrence or threat of epidemic or pandemic diseases or any
governmental response to such occurrence or threat. In addition to the
numerous factors described above, you should also carefully read and
consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in Part II of our most recent annual report on Form 10-K, as
updated in our subsequent quarterly reports on Form 10-Q, which are
available on the SEC’s website at www.sec.gov
or on the Investor Relations section of our website at www.enscoplc.com.
Each forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly update
or revise any forward-looking statements, except as required by law.
|
ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUES
|
|
|
|
$
|
1,012.2
|
|
|
$
|
1,201.4
|
|
|
$
|
3,235.1
|
|
|
$
|
3,404.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Contract drilling (exclusive of depreciation)
|
|
|
|
433.5
|
|
|
500.2
|
|
|
1,454.4
|
|
|
1,562.9
|
|
Depreciation
|
|
|
|
145.2
|
|
|
135.2
|
|
|
422.8
|
|
|
398.5
|
|
Loss on impairment
|
|
|
|
2.4
|
|
|
-
|
|
|
2.4
|
|
|
703.5
|
|
General and administrative
|
|
|
|
28.4
|
|
|
29.3
|
|
|
88.2
|
|
|
103.6
|
|
|
|
|
|
609.5
|
|
|
664.7
|
|
|
1,967.8
|
|
|
2,768.5
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
|
|
402.7
|
|
|
536.7
|
|
|
1,267.3
|
|
|
636.2
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
1.0
|
|
|
3.1
|
|
|
6.8
|
|
|
10.2
|
|
Interest expense, net
|
|
|
|
(55.3
|
)
|
|
(38.0
|
)
|
|
(158.9
|
)
|
|
(109.0
|
)
|
Other, net
|
|
|
|
1.9
|
|
|
(3.5
|
)
|
|
(28.3
|
)
|
|
.5
|
|
|
|
|
|
(52.4
|
)
|
|
(38.4
|
)
|
|
(180.4
|
)
|
|
(98.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
|
|
|
350.3
|
|
|
498.3
|
|
|
1,086.9
|
|
|
537.9
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME TAXES
|
|
|
|
33.2
|
|
|
74.6
|
|
|
168.9
|
|
|
166.7
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS
|
|
|
|
317.1
|
|
|
423.7
|
|
|
918.0
|
|
|
371.2
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, NET
|
|
|
|
(23.3
|
)
|
|
9.2
|
|
|
(33.6
|
)
|
|
(811.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
|
|
293.8
|
|
|
432.9
|
|
|
884.4
|
|
|
(440.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
|
(1.8
|
)
|
|
(3.5
|
)
|
|
(7.4
|
)
|
|
(10.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO
|
|
|
|
$
|
292.0
|
|
|
$
|
429.4
|
|
|
$
|
877.0
|
|
|
$
|
(450.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER SHARE - BASIC AND DILUTED
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
|
$
|
1.34
|
|
|
$
|
1.79
|
|
|
$
|
3.87
|
|
|
$
|
1.53
|
|
Discontinued Operations
|
|
|
|
(0.10
|
)
|
|
0.04
|
|
|
(0.14
|
)
|
|
(3.50
|
)
|
|
|
|
|
$
|
1.24
|
|
|
$
|
1.83
|
|
|
$
|
3.73
|
|
|
$
|
(1.97
|
)
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO SHARES - BASIC AND
DILUTED
|
|
|
|
$
|
287.5
|
|
|
$
|
424.5
|
|
|
$
|
865.2
|
|
|
$
|
(456.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
232.4
|
|
|
231.8
|
|
|
232.2
|
|
|
231.5
|
|
Diluted
|
|
|
|
232.5
|
|
|
232.0
|
|
|
232.2
|
|
|
231.7
|
|
|
ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
|
|
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
240.4
|
|
|
$
|
664.8
|
Short-term investments
|
|
|
|
|
850.0
|
|
|
757.3
|
Accounts receivable, net
|
|
|
|
|
735.6
|
|
|
883.3
|
Other
|
|
|
|
|
586.6
|
|
|
629.4
|
Total current assets
|
|
|
|
|
2,412.6
|
|
|
2,934.8
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET
|
|
|
|
|
13,528.9
|
|
|
12,534.8
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
|
|
276.1
|
|
|
276.1
|
|
|
|
|
|
|
|
|
OTHER ASSETS, NET
|
|
|
|
|
223.2
|
|
|
314.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,440.8
|
|
|
$
|
16,059.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities and other
|
|
|
|
|
$
|
803.1
|
|
|
$
|
1,069.8
|
Current maturities of long-term debt
|
|
|
|
|
-
|
|
|
34.8
|
Total current liabilities
|
|
|
|
|
803.1
|
|
|
1,104.6
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT
|
|
|
|
|
5,903.3
|
|
|
5,885.6
|
|
|
|
|
|
|
|
|
DEFERRED INCOME TAXES
|
|
|
|
|
208.0
|
|
|
179.5
|
|
|
|
|
|
|
|
|
OTHER LIABILITIES
|
|
|
|
|
504.6
|
|
|
667.3
|
|
|
|
|
|
|
|
|
TOTAL EQUITY
|
|
|
|
|
9,021.8
|
|
|
8,222.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,440.8
|
|
|
$
|
16,059.9
|
|
ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
|
$
|
884.4
|
|
|
$
|
(440.0
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by
|
|
|
|
|
|
|
|
|
operating activities of continuing operations:
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
|
|
|
|
422.8
|
|
|
398.5
|
|
Deferred income tax expense (benefit)
|
|
|
|
|
|
55.4
|
|
|
(77.9
|
)
|
Discontinued operations, net
|
|
|
|
|
|
33.6
|
|
|
811.2
|
|
Loss on extinguishment of debt
|
|
|
|
|
|
33.5
|
|
|
-
|
|
Loss on impairment
|
|
|
|
|
|
2.4
|
|
|
703.5
|
|
Other
|
|
|
|
|
|
21.7
|
|
|
21.6
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
(179.2
|
)
|
|
95.8
|
|
Net cash provided by operating activities of continuing operations
|
|
|
|
|
|
1,274.6
|
|
|
1,512.7
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Additions to property and equipment
|
|
|
|
|
|
(1,445.8
|
)
|
|
(1,245.1
|
)
|
Purchases of short-term investments
|
|
|
|
|
|
(850.0
|
)
|
|
(45.3
|
)
|
Maturities of short-term investments
|
|
|
|
|
|
757.3
|
|
|
50.0
|
|
Other
|
|
|
|
|
|
1.4
|
|
|
9.8
|
|
Net cash used in investing activities of continuing operations
|
|
|
|
|
|
(1,537.1
|
)
|
|
(1,230.6
|
)
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Proceeds from issuance of senior notes
|
|
|
|
|
|
1,078.7
|
|
|
1,246.4
|
|
Reduction of long-term borrowings
|
|
|
|
|
|
(1,072.5
|
)
|
|
(30.9
|
)
|
Cash dividends paid
|
|
|
|
|
|
(105.9
|
)
|
|
(526.7
|
)
|
Premium paid on redemption of debt
|
|
|
|
|
|
(30.3
|
)
|
|
-
|
|
Debt financing costs
|
|
|
|
|
|
(10.5
|
)
|
|
(11.3
|
)
|
Other
|
|
|
|
|
|
(8.4
|
)
|
|
(17.6
|
)
|
Net cash (used in) provided by financing activities
|
|
|
|
|
|
(148.9
|
)
|
|
659.9
|
|
|
|
|
|
|
|
|
|
|
DISCONTINUED OPERATIONS
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
(12.7
|
)
|
|
10.6
|
|
Investing activities
|
|
|
|
|
|
(.3
|
)
|
|
55.5
|
|
Net cash (used in) provided by discontinued operations
|
|
|
|
|
|
(13.0
|
)
|
|
66.1
|
|
|
|
|
|
|
|
|
|
|
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
(424.4
|
)
|
|
1,008.1
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
|
|
|
|
|
664.8
|
|
|
165.6
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
|
|
|
|
|
$
|
240.4
|
|
|
$
|
1,173.7
|
|
|
|
|
|
|
|
|
|
ENSCO PLC AND SUBSIDIARIES
OPERATING STATISTICS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
Second Quarter
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Rig Utilization(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floaters
|
|
|
|
|
59
|
%
|
|
82
|
%
|
|
76
|
%
|
Jackups
|
|
|
|
|
64
|
%
|
|
92
|
%
|
|
77
|
%
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
62
|
%
|
|
89
|
%
|
|
76
|
%
|
|
|
|
|
|
|
|
|
|
|
Average Day Rates(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floaters
|
|
|
|
|
$
|
421,903
|
|
|
$
|
451,078
|
|
|
$
|
417,463
|
|
Jackups
|
|
|
|
|
133,619
|
|
|
139,997
|
|
|
139,797
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
$
|
232,008
|
|
|
$
|
239,233
|
|
|
$
|
237,263
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
Rig utilization is derived by dividing the number of days under
contract by the number of days in the period. Days under contract
equals the total number of days that rigs have earned and recognized
day rate revenue, including days associated with early contract
terminations, compensated downtime and mobilizations. When revenue
is earned but is deferred and amortized over a future period, for
example when a rig earns revenue while mobilizing to commence a new
contract or while being upgraded in a shipyard, the related days are
excluded from days under contract.
|
|
|
|
|
|
|
|
|
|
|
|
For newly-constructed or acquired rigs, the number of days in the
period begins upon commencement of drilling operations for rigs with
a contract or when the rig becomes available for drilling operations
for rigs without a contract.
|
|
|
|
|
|
|
(2)
|
|
|
|
|
Average day rates are derived by dividing contract drilling
revenues, adjusted to exclude certain types of non-recurring
reimbursable revenues, lump sum revenues and revenues attributable
to amortization of drilling contract intangibles, by the aggregate
number of contract days, adjusted to exclude contract days
associated with certain mobilizations, demobilizations, shipyard
contracts and standby contracts.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151028006854/en/
Copyright Business Wire 2015