ESV Ensco Plc New

ENSCO PLC (ESV) filed a Form 8K - Other Events - with the U.S Securities and Exchange Commission on May 04, 2016.

As an update to our Form 10-Q filed on April 28, 2016, we have concluded discussions with Petrobras regarding revised commercial terms with respect to the ENSCO 6001, ENSCO 6002, ENSCO 6003 and ENSCO 6004 rig contracts as follows:

* Previous downtime on ENSCO 6001 that could have been applied toward the limit permitting contract termination has been reduced to zero. From May 1, 2016 to June 2018, the operating day rate for the rig will be $275,000.

* ENSCO 6002 has had its contract term extended to December 2019. From May 1, 2016 to December 2019, the operating day rate for the rig will be $240,000.

* ENSCO 6003 and ENSCO 6004 had their contracts terminated effective May 1, 2016 by mutual agreement given contract amendments for ENSCO 6001 and ENSCO 6002 above.

As previously disclosed, the revised terms for these rig contracts result in an aggregate backlog reduction of approximately $140 million.

In the second quarter of 2016, we plan to mobilize ENSCO 6003 and ENSCO 6004 out of Brazil and permanently retire these rigs.

Statements contained in this Form 8-K 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 statements involving backlog and plans to retire our rigs. Such statements are subject to numerous risks, uncertainties and assumptions. In addition, 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 the Company's 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 the 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.

The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/314808/000031480816000314/form8k_item8016000series.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/314808/000031480816000314/0000314808-16-000314-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.

(END) Dow Jones Newswires

May 05, 2016 11:02 ET (15:02 GMT)

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