UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported): April 15, 2015
Ensco plc
(Exact name of registrant as specified in its charter)
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England and Wales | 1-8097 | 98-0635229 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
6 Chesterfield Gardens
London, England W1J 5BQ
(Address of Principal Executive Offices and Zip Code)
Registrant’s telephone number, including area code: 44 (0) 20 7659 4660
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TABLE OF CONTENTS
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INFORMATION TO BE INCLUDED IN THE REPORT | |
Item 7.01 Regulation FD Disclosure | |
Item 9.01 Financial Statements and Exhibits | |
SIGNATURE | |
EXHIBIT INDEX | |
Fleet Status Report as of April 15, 2015 | |
INFORMATION TO BE INCLUDED IN THE REPORT
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Item 7.01 | Regulation FD Disclosure |
The Fleet Status Report of Ensco plc as of April 15, 2015 is furnished as Exhibit 99.1 to this report.
The information furnished in Item 7.01 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act.
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Item 9.01 | Financial Statements and Exhibits |
Exhibit
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99.1 |
| Fleet Status Report of Ensco plc as of April 15, 2015. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Ensco plc |
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Date: April 15, 2015 | /s/ ROBERT W. EDWARDS, III |
| Robert W. Edwards, III |
| Controller |
EXHIBIT INDEX
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Exhibit No. | Description |
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99.1 | Fleet Status Report of Ensco plc as of April 15, 2015. |
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| | | Ensco plc Fleet Status Report 15 April 2015 | | | |
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report. |
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Segment / Region / Rig | | Design | | Water Depth'(1) | | Customer/ Status | | Day Rate $000′s US | | Location | | Est. Avail(2) | | Comments |
Floaters | | | | | | | | | | | | | | |
North & South America (excluding Brazil) | | |
ENSCO DS-3 | | Drillship, DP3 Samsung | | 10000/12000 | | BP | | High 480s | | U.S. Gulf of Mexico | | Jun. 16 | | Zero rate for 8 days in 1Q15. Plus cost adjustments |
ENSCO DS-4 | | Drillship, DP3 Samsung | | 10000/12000 | | BP | | Low 560s | | U.S. Gulf of Mexico | | Jul. 15 | | As disclosed in 30 Mar. 2015 Form 8-K filing, customer has delivered notice of early termination and is required to make a lump sum payment shortly after projected termination date of Jul. 2015. Zero rate for 12 days in 1Q15. Plus cost adjustments |
ENSCO DS-5 | | Drillship, DP3 Samsung | | 10000/12000 | | Petrobras | | Mid 430s | | U.S. Gulf of Mexico | | Jul. 16 | | Eligible for bonus opportunity up to 17%, plus cost adjustments |
ENSCO 8500 | | Semisubmersible DP | | 8500/10000 | | Anadarko/Eni | | Low 310s | | U.S. Gulf of Mexico | | Sep. 15 | | Plus cost adjustments ----- |
ENSCO 8501 | | Semisubmersible DP | | 8500/10000 | | Cold Stacking Preparations | | | | U.S. Gulf of Mexico | | | | |
ENSCO 8502 | | Semisubmersible DP | | 8500/10000 | | Cold Stacking Preparations | | | | U.S. Gulf of Mexico | | | | |
ENSCO 8503 | | Semisubmersible DP | | 8500/10000 | | -----Talos/ Stone Energy | | Private/Low 350s | | U.S. Gulf of Mexico | | 3Q17 | | Completing Talos contract initially with ENSCO 8502 under amended terms. Then to Stone Energy mid May 15 to 3Q17, low 350s. Panned upgrade and inspection for approx. 60 days in 3Q/4Q15. Plus four 90-day options |
ENSCO 8505 | | Semisubmersible DP | | 8500/10000 | | Deep Gulf Energy | | Mid 370s | | U.S. Gulf of Mexico | | May 15 | | |
ENSCO 8506 | | Semisubmersible DP | | 8500/10000 | | Anadarko | | Low 540s | | U.S. Gulf of Mexico | | Jul. 15 | | Plus cost adjustments |
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| | | Ensco plc
Fleet Status Report
15 April 2015 | | | |
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report. |
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Segment / Region / Rig | | Design | | Water Depth'(1) | | Customer/ Status | | Day Rate $000′s US | | Location | | Est. Avail(2) | | Comments |
Floaters | | | | | | | | | | | | | | |
Brazil | | |
ENSCO 6001 | | Semisubmersible - DP Megathyst | | 5600 | | Petrobras | | Mid 350s | | Brazil | | Jun. 18 | | Zero rate for 12 days in 1Q15. Plus approx. $20,000 per day amortized through Jun. 18 for capital upgrades. Plus cost adjustments |
ENSCO 6002 | | Semisubmersible - DP Megathyst | | 5600 | | Petrobras | | Mid 350s | | Brazil | | Ju1. 18 | | Mid 160s average rate during planned shipyard upgrade for approx. 40 days in 2Q15 and approx. 46 days in 3Q15. Plus approx. $23,000 per day amortized Aug. 15 to Jul. 18 for capital upgrades. Plus cost adjustments |
ENSCO 6003 | | Semisubmersible - DP Megathyst | | 5600 | | Petrobras | | Mid 310s | | Brazil | | Jan. 17 | | Eligible for bonus opportunity up to 15%, plus cost adjustments |
ENSCO 6004 | | Semisubmersible - DP Megathyst | | 5600 | | Petrobras | | Mid 310s | | Brazil | | Oct. 16 | | Eligible for bonus opportunity up to 15%, plus cost adjustments |
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| | | Ensco plc
Fleet Status Report
15 April 2015 | | | |
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report. |
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Segment / Region / Rig | | Design | | Water Depth'(1) | | Customer/ Status | | Day Rate $000′s US | | Location | | Est. Avail(2) | | Comments |
Floaters | | | | | | | | | | | | | | |
Europe & Mediterranean | | | | | | | | | | |
ENSCO 5004 | | Semisubmersible - Conv F & G Enhanced Pacesetter | | 1500 | | Mellitah | | High 290s | | Mediterranean | | Jan. 17 | | Zero rate for 15 days in 1Q15. Plus approx. $30,000 per day for mobilization and reimbursable upgrades amortized through Jan. 17 |
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Africa | | |
ENSCO DS-1 | | Drillship - DP Gusto 10,000 | | 6000/10000 | | TOTAL | | Mid 360s | | Angola | | Jan. 16 | | Plus cost adjustments and unpriced options. Eligible for bonus opportunity up to 5% |
ENSCO DS-6 | | Drillship, DP3 Samsung | | 10000/12000 | | BP | | High 540s | | Angola | | Feb. 18 | | Zero rate for 8 days in 1Q15. Plus approx. $102,000 per day amortized through Feb. 18 for special day rate ahead of mobilization, upgrade costs and reimbursable mobilization expenses. Plus cost adjustments and two 1-year options at mutually agreed rates |
ENSCO DS-7 | | Drillship, DP3 Samsung | | 10000/12000 | | TOTAL | | Mid 630s | | Angola | | Nov. 16 | | Plus periodic rate increases resulting in high 640s average rate over contract. Plus approx. $28,000 per day amortized through Nov. 16 for mobilization |
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| | | Ensco plc
Fleet Status Report
15 April 2015 | | | |
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report. |
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Segment / Region / Rig | | Design | | Water Depth'(1) | | Customer/ Status | | Day Rate $000′s US | | Location | | Est. Avail(2) | | Comments |
Floaters | | | | | | | | | | | | | | |
Asia & Pacific Rim | | |
ENSCO 8504 | | Semisubmersible DP | | 8500/10000 | | Shell/Inpex | | Mid 560s | | Malaysia | | May 15 | | Assigned to Inpex in Malaysia Nov. 14 to Apr. 15. Plus cost adjustments. Plus approx. $8,000 per day for mobilization amortized through Apr. 15 |
ENSCO 5006 | | Semisubmersible - Conv Bingo 8,000 | | 7000/7500 | | Inpex | | Mid 470s | | Australia | | May 18 | | Zero rate for 12 days in 1Q15. -----. Plus approx. $220,000 per day amortized through May 18 for capital upgrades and day rates during shipyard stay and mobilizations |
ENSCO 5005 | | Semisubmersible - Conv F & G Enhanced Pacesetter | | 1500/1700 | | PTTEP | | Low 230s | | Myanmar | | Jun. 15 | | Plus approx. $11,000 per day for upgrade costs and mobilization amortized through May 15 |
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Under Construction | | |
ENSCO DS-8 | | Drillship, DP3 Samsung GF12000 | | 10000/12000 | | Under construction/ Contracted | | | | South Korea | | 4Q20 | | Contracted to Total in Angola from 4Q15 to 4Q20, initially low 600s. Plus periodic rate increases resulting in high 630s average rate over drilling program. Plus approx. $15,000 per day amortized over primary contract term for capital upgrades. Plus mob fee of approx. $26 million to be amortized over primary contract term. Plus one 1-year priced option |
ENSCO DS-9 | | Drillship, DP3 Samsung GF12000 | | 10000/12000 | | Under construction/ Contracted | | | | South Korea | | 4Q18 | | Contracted to ConocoPhillips in U.S. Gulf of Mexico from 4Q15 to 4Q18, low 550s. Plus mob fee of approx. $32 million to be amortized over primary contract term. Plus cost adjustments and two 1-year unpriced options |
ENSCO DS-10 | | Drillship, DP3 Samsung GF12000 | | 10000/12000 | | Under construction | | | | South Korea | | 3Q15 | | |
(1) For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.
(2) Estimated available date for rig after current and follow-on contracts (excluding option period) and shipyard stays have been completed. For newbuild rigs without a contract, the estimated available date is the
expected delivery date from the shipyard.
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| | | Ensco plc
Fleet Status Report
15 April 2015 | | | |
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
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Segment / Region / Rig | | Design | | Water Depth'(1) | | Customer/ Status | | Day Rate $000′s US | | Location | | Est. Avail(1) | | Comments |
Jackups | | | | | | | | | | | | | | |
North & South America (excluding Brazil) | | |
U.S. Gulf of Mexico | | |
ENSCO 68 | | MLT 84-CE | | 400 | | Chevron | | High 110s | | Gulf of Mexico | | Oct. 15 | | Planned inspection and maintenance for approx. 28 days in 3Q15. Day rate does not include certain extra reimbursable costs |
ENSCO 75 | | MLT Super 116-C | | 400 | | Talos | | Private | | Gulf of Mexico | | Jul. 15 | | ----- |
ENSCO 81 | | MLT 116-C | | 350 | | Cold Stacking Preparations | | | | Gulf of Mexico | | | | |
ENSCO 82 | | MLT 116-C | | 300 | | Cold Stacking Preparations | | | | Gulf of Mexico | | | | |
ENSCO 86 | | MLT 82 SD-C | | 250 | | Century | | Mid 70s | | Gulf of Mexico | | May 15 | | |
ENSCO 87 | | MLT 116-C | | 350 | | Arena | | Mid 70s | | Gulf of Mexico | | Jun. 15 | | |
ENSCO 99 | | MLT 82 SD-C | | 250 | | Cold Stacking Preparations | | | | Gulf of Mexico | | | | |
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| | | Ensco plc
Fleet Status Report
15 April 2015 | | | |
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
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Segment / Region / Rig | | Design | | Water Depth'(1) | | Customer/ Status | | Day Rate $000′s US | | Location | | Est. Avail(2) | | Comments |
Jackups | | | | | | | | | | | | | | |
Europe | | |
ENSCO 70 | | Hitachi K1032N | | 250 | | | | | | UK | | | | |
ENSCO 71 | | Hitachi K1032N | | 225 | | Maersk | | Low 170s | | Denmark | | Jun. 15 | | Planned inspection for approx. 23 days in 3Q15. Plus one 1-year priced option and one 1-year option at mutually agreed rate |
ENSCO 72 | | Hitachi K1025N | | 225 | | Maersk | | Low 170s | | Denmark | | Sep. 15 | | Plus one 1-year priced option and one 1-year option at mutually agreed rate |
ENSCO 80 | | MLT 116-CE | | 225 | | GDF | | Mid 140s | | UK | | Apr. 17 | | Plus cost adjustments and unpriced option |
ENSCO 92 | | MLT 116-C | | 225 | | ConocoPhillips | | Low 110s/Low 150s | | UK | | Aug. 18 | | Special workover rate Apr. 15 to Jan. 16, low 110s. Then low 150s Jan. 16 to Aug. 18 |
ENSCO 100 | | MLT 150-88-C | | 350 | | Ithaca/ Suncor/Premier | | Mid 160s/Mid 180s | | UK | | Jun. 18 | | Plus cost adjustments. Then planned inspection for approx. 30 days in 2Q15. Next assigned to Suncor in UK mid May 15 to mid Jun. 15, mid 180s. Then to Premier mid Jun. 15 to Jun. 18, mid 180s |
ENSCO 101 | | KFELS MOD V-A | | 400 | | BP | | High 210s | | UK | | Jan. 16 | | Inspection for 57 days in 1Q15. Plus cost adjustments and two 6-month unpriced options |
ENSCO 102 | | KFELS MOD V-A | | 400 | | ConocoPhillips | | Low 210s/Low 170s | | UK | | Jun. 15 | | Plus cost adjustments. Accommodation work late May 15 to mid Jun. 15, low 170s |
ENSCO 120 | | ENSCO 120 Series | | 400 | | Nexen | | Mid 230s | | UK | | May 16 | | Zero rate for approx. 12 days in 2Q15. Plus approx. $13,000 per day for mobilization amortized through Nov. 15. Plus cost adjustments and eleven 1-well options |
ENSCO 121 | | ENSCO 120 Series | | 400 | | Wintershall | | Low 230s | | Netherlands | | Jun. 16 | | Plus approx. $11,000 per day for mobilization amortized through Jun. 16. Plus one 1-year unpriced option |
ENSCO 122 | | ENSCO 120 Series | | 400 | | NAM | | Low 230s | | -----Netherlands | | Nov. 16 | | Plus approx. $14,000 per day for mobilization amortized through Nov. 16. Plus cost adjustments and two 1-year unpriced options |
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| | | Ensco plc
Fleet Status Report
15 April 2015 | | | |
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
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Segment / Region / Rig | | Design | | Water Depth'(1) | | Customer/ Status | | Day Rate $000′s US | | Location | | Est. Avail(2) | | Comments |
Jackups | | | | | | | | | | | | | | |
Middle East | | |
ENSCO 53 | | F&G L-780 Mod II-C | | 300 | | NDC | | Low 100s | | UAE | | Feb. 16 | | Plus two 1-year unpriced options |
ENSCO 54 | | F&G L-780 Mod II-C | | 300 | | Saudi Aramco | | Low 90s/Mid 110s | | Saudi Arabia | | Sep. 17 | | Revised operating rate Apr. 15 to Jan. 16, low 90s. Then mid 110s Jan. 16 to Sep. 17. Plus approx. $39,000 per day for upgrade costs and mobilization amortized through Sep. 17. Plus one 1-year priced option |
ENSCO 76 | | MLT Super 116-C | | 350 | | Saudi Aramco | | Mid 120s | | Saudi Arabia | | Dec. 18 | | Inspection for 30 days in 1Q15. Revised operating rate Apr. 15 to Jan. 16, mid 120s. Rate increases Jan. 16 to low 170s |
ENSCO 84 | | MLT 82 SD-C | | 250 | | Saudi Aramco | | High 60s/Mid 70s | | Saudi Arabia | | Mar. 19 | | Revised operating rate Apr. 15 to Jan. 16, high 60s. Planned inspection for approx. 32 days in 3Q15. Then mid 70s Jan. 16 to Mar. 16. Rate increases Mar. 16 to mid 120s |
ENSCO 88 | | MLT 82 SD-C | | 250 | | Saudi Aramco | | Mid 80s/Low 100s | | Saudi Arabia | | Nov. 16 | | Plus one 1-year priced option |
ENSCO 91 | | Hitachi Zosen Drill Hope C-150 | | 270 | | -----Cold Stacking Preparations | | ----- | | Saudi Arabia | | ----- | | ----- |
ENSCO 94 | | Hitachi 250-C | | 250 | | Saudi Aramco | | Mid 80s/Low 100s | | Saudi Arabia | | May 16 | | Revised operating rate Apr. 15 to Jan. 16, mid 80s. Then low 100s Jan. 16 to May 16. Plus one 1-year priced option |
ENSCO 96 | | Hitachi 250-C | | 250 | | Saudi Aramco | | High 60s/Mid 70s | | Saudi Arabia | | Feb. 19 | | Revised operating rate Apr. 15 to Jan. 16, high 60s. Then mid 70s Jan. 16 to Feb. 16. Rate increases Feb. 16 to mid 120s |
ENSCO 97 | | MLT 82 SD-C | | 250 | | Saudi Aramco | | High 60s/Mid 70s | | Saudi Arabia | | Feb. 19 | | Revised operating rate Apr. 15 to Jan. 16, high 60s. Then mid 70s early Jan. 16 to late Jan. 16. Rate increases late Jan. 16 to mid 120s |
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Africa | | |
ENSCO 109 | | KFELS MOD V-Super B | | 350 | | Chevron | | Low 170s | | Angola | | Jan. 18 | | Plus $13,000 per day for mobilization amortized through Jan. 18. Plus cost adjustments |
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| | | Ensco plc
Fleet Status Report
15 April 2015 | | | |
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
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Segment / Region / Rig | | Design | | Water Depth'(1) | | Customer/ Status | | Day Rate $000′s US | | Location | | Est. Avail(2) | | Comments |
Jackups | | | | | | | | | | | | | | |
Asia & Pacific Rim | | |
ENSCO 52 | | F&G L-780 Mod II-C | | 300 | | Murphy | | High 90s | | Malaysia | | Aug. 17 | | Plus cost adjustments and one 1-year unpriced option |
ENSCO 56 | | F&G L-780 Mod II-C | | 300 | | Pertamina | | Mid 110s | | Indonesia | | Jun. 15 | | Plus approx. $4,000 per day for mobilization amortized through May 15 |
ENSCO 67 | | MLT 84-CE | | 400 | | Pertamina | | Mid 130s | | Indonesia | | Jun. 15 | | |
ENSCO 104 | | KFELS MOD V-B | | 400 | | ----- | | ----- | | -----Singapore | | Apr. 15 | | ----- |
ENSCO 105 | | KFELS MOD V-B | | 400 | | Shell | | High 190s | | China | | Jun. 15 | | Plus approx. $12,000 per day for capital upgrades amortized through Jun. 15 |
ENSCO 106 | | KFELS MOD V-B | | 400 | | CPOC | | Mid 150s | | Malaysia | | Aug. 15 | | Plus cost adjustments and ----- approx. $5,000 per day for mobilization amortized through Aug. 15 |
ENSCO 107 | | KFELS MOD V-B | | 400 | | OMV | | Mid 230s | | New Zealand | | Jul. 15 | | Plus approx. $62,000 per day for contract preparations and mobilization to be amortized through Feb. 15. Plus cost adjustments |
ENSCO 108 | | KFELS MOD V-B | | 400 | | PTTEP | | Low 160s | | Thailand | | Apr. 17 | | Plus cost adjustments and one 1-year priced option |
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| | | Ensco plc
Fleet Status Report
15 April 2015 | | | |
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
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Segment / Region / Rig | | Design | | Water Depth'(1) | | Customer/ Status | | Day Rate $000′s US | | Location | | Est. Avail(2) | | Comments |
Jackups | | | | | | | | | | | | | | |
Under Construction | | |
ENSCO 140 | | ENSCO 140 Series | | 340/400 | | Under construction | | | | UAE | | 2Q16 | | |
ENSCO 141 | | ENSCO 140 Series | | 340/400 | | Under construction | | | | UAE | | 3Q16 | | |
ENSCO 123 | | ENSCO 120 Series | | 400 | | Under construction | | | | Singapore | | 2Q16 | | |
ENSCO 110 | | KFELS MOD V-B | | 400 | | Completing Mobilization | | | | Middle East | | Apr. 15 | | |
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Other | | |
Drilling Management | | |
Thunder Horse | | Deepwater Semisubmersible | | 6000 | | BP | | Low 100s | | U.S. Gulf of Mexico | | Jan. 16 | | Plus one 1-year priced options, plus cost adjustments |
Mad Dog | | Deepwater Spar Drilling Rig | | 4500 | | BP | | Mid 60s | | U.S. Gulf of Mexico | | Jan. 16 | | Plus cost adjustments |
ENSCO 83 | | MLT 82 SD-C | | 250 | | Pemex | | Low 90s | | Mexico | | Oct. 16 | | Planned inspection for approx. 14 days in 2Q15 |
ENSCO 89 | | MLT 82 SD-C | | 250 | | Pemex | | Low 90s | | Mexico | | Nov. 15 | | Planned inspection for approx. 14 days in 4Q15 |
ENSCO 98 | | MLT 82 SD-C | | 250 | | Pemex | | Low 90s | | Mexico | | Aug. 15 | | Planned inspection for approx. 14 days in 3Q15 |
(1) For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.
(2) Estimated available date for rig after current and follow-on contracts (excluding option period) and shipyard stays have been completed. For newbuild rigs without a contract, the estimated available date is the
expected delivery date from the shipyard.
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| | | Ensco plc
Fleet Status Report
15 April 2015 | | | |
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
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Segment / Region / Rig | | Design | | Water Depth'(1) | | Customer/ Status | | Day Rate $000′s US | | Location | | Est. Avail(2) | | Comments |
Discontinued Operations | | |
ENSCO 93 | | MLT 82 SD-C | | 250 | | Pemex | | Low 90s | | Mexico | | Jun. 15 | | Planned inspection for approx. 14 days in 2Q15 |
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Held for Sale | | |
ENSCO 7500 | | Semisubmersible DP | | 7500/8000 | | Cold Stacked | | | | Spain | | | | |
ENSCO DS-2 | | Drillship - DP Gusto 10,000 | | 6000/10000 | | Cold Stacked | | | | Spain | | | | |
ENSCO 6000 | | Semisubmersible - DP Amethyst | | 3400/4000 | | Cold Stacked | | | | Spain | | | | |
ENSCO 5002 | | Semisubmersible - Conv Aker H-3 | | 1000/3000 | | Cold Stacked | | | | Singapore | | | | |
ENSCO 5001 | | Semisubmersible - Conv Sonat | | 6500 | | -----Cold Stacking Preparations | | | | Malaysia | | | | ----- |
ENSCO 90 | | MLT 82 SD-C | | 250 | | Cold Stacked | | | | Gulf of Mexico | | | | |
ENSCO 58 | | F&G L-780 Mod II | | 250 | | Cold Stacked | | | | Saudi Arabia | | | | |
(1) For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.
(2) Estimated available date for rig after current and follow-on contracts (excluding option period) and shipyard stays have been completed. For newbuild rigs without a contract, the estimated available date is the
expected delivery date from the shipyard.
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| | | Ensco plc
Fleet Status Report
15 April 2015 | | | |
Definitions and Disclaimers
Day Rate and Terms. The day rates reflected in this Fleet Status Report are the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized. Significant zero rate estimates are reflected in the comments section for the remainder of 2015.
Forward Looking Statement. Statements contained in this Fleet Status Report 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 future rig day rates including adjustments with the customer; backlog; cost adjustments; utilization; estimated rig availability; contract duration, status, terms and other contract commitments; customers; rig enhancement projects; new rig commitments; the expected period of time and number of rigs that will be in a shipyard for repairs, maintenance, enhancement or construction; sale leaseback transactions; scheduled delivery dates for new rigs; and the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs. 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 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 contained herein speaks only as of the date of this Fleet Status Report, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.
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