ENSCO PLC (ESV) filed a Form 8K - Regulation FD Disclosure -
with the U.S Securities and Exchange Commission on March 30,
2015.
Ensco has received a notice of early termination for ENSCO DS-4,
a drilling rig operating in the U.S. Gulf of Mexico. The estimated
effective date of the contract termination is July 2015 based on
the projected completion of the customer's current well
program.
Under the terms of the contract with respect to early
termination for convenience, the customer is required to make a
lump sum payment estimated to be $160 million based on a projected
termination date of July 2015. This amount covers the period from
the estimated termination date of July 2015 through the originally
contracted expiration date of 15 July 2016. The lump sum payment is
due shortly after the termination date.
The approximately $560,000 day rate for ENSCO DS-4 reflected in
the 16 March 2015 Fleet Status Report will continue to apply
through the termination date currently estimated to be July
2015.
Ensco is marketing ENSCO DS-4 to potential customers for new
contracts commencing after the estimated termination date of July
2015.
The full text of this SEC filing can be retrieved at:
http://www.sec.gov/Archives/edgar/data/314808/000031480815000078/form8k_item801xearlytermin.htm
Any exhibits and associated documents for this SEC filing can be
retrieved at:
http://www.sec.gov/Archives/edgar/data/314808/000031480815000078/0000314808-15-000078-index.htm
Public companies must file a Form 8-K, or current report, with
the SEC generally within four days of any event that could
materially affect a company's financial position or the value of
its shares.
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