Current Report Filing (8-k)
August 18 2016 - 5:02PM
Edgar (US Regulatory)
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): August 18, 2016
Ensco plc
(Exact name of registrant as specified in its charter)
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England and Wales
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1-8097
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98-0635229
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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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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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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TABLE OF CONTENTS
Ensco plc has received a notice of early termination for convenience from its customer for the ENSCO DS-7 drilling contract with an estimated effective date of early fourth quarter 2016 based on the customer’s current well program.
The drilling contract obligates the customer to pay Ensco daily termination fees through November 2017. For the first 90 days following the early fourth quarter 2016 effective date, the daily termination fee is equal to the operating day rate of approximately $585,000. For the remaining term through November 2017, the daily termination fee is equal to 75% of the operating day rate, or approximately $439,000. Daily termination fees payable by the customer will be defrayed during any period that Ensco contracts the rig to a third party through November 2017. The customer is also contractually obligated to pay a demobilization fee. Given these contract terms, Ensco does not anticipate a material impact to its financial results for 2016 and 2017 as a result of this termination.
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 the estimated termination effective date and the impact of the ENSCO DS-7 drilling contract termination on financial results. 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.
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:
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August 18, 2016
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/s/ Tommy E. Darby
Tommy E. Darby
Controller
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