Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Valaris Ltd | form8kapr2010.htm |
Ensco plc
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| Statements contained in the Fleet Status Report regarding the Company's estimated rig availability, contract duration, future rig
rates and cost adjustments, customers or contract status (including letters of intent) are forward-looking statements made pursuant
to the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include references to future rig rates,
cost adjustments, utilization, rig enhancement projections, shipyard construction or work completion, and other contract or letter of
intent commitments, including new rig commitments, contract term, the period of time and number of rigs that will be in a shipyard
for repairs, maintenance, enhancement or construction, scheduled delivery dates for new rigs, and scheduled commencement dates for
new contracts and rig relocations especially as respects ENSCO 8502 commencement of operations following completion of the previously
announced engine room fire damage. Numerous factors could cause actual rig status, contractual and financial results to differ
materially from those contemplated in the forward-looking statements, including: (i) changes in U.S. or non-U.S. laws, including tax
laws, that could effectively reduce or eliminate the benefits we expect to achieve from the redomestication, (ii) an inability to
realize expected benefits from the redomestication, (iii) costs related to the redomestication and ancillary matters, which could be
greater than expected, (iv) industry conditions and competition, including changes in rig supply and demand or new technology, (v)
risks associated with the global economy and its impact on capital markets and liquidity, (vi) prices of oil and natural gas, and
their impact upon future levels of drilling activity and expenditures, (vii) further declines in rig activity, which may cause us to
idle or stack additional rigs, (viii) excess rig availability or supply resulting from delivery of newbuild drilling rigs, (ix) heavy
concentration of our rig fleet in premium jackups, (x) cyclical nature of the industry, (xi) worldwide expenditures for oil and
natural gas drilling, (xii) the ultimate resolution of the ENSCO 69 situation in general and the potential return of the rig or
package policy political risk insurance recovery in particular, (xiii) changes in the timing of revenue recognition resulting from
the deferral of certain revenues for mobilization of our drilling rigs, time waiting on weather or time in shipyards, which are
recognized over the contract term upon commencement of drilling operations, (xiv) operational risks, including excessive unplanned
downtime due to rig or equipment breakdown, damage or repair in general and hazards created by severe storms and hurricanes in
particular, (xv) risks associated with offshore rig operations or rig relocations, (xvi) renegotiation, nullification, cancellation
or breach of contracts or letters of intent with customers or other parties, including failure to negotiate definitive contracts
following announcements or receipt of letters of intent, (xvii) inability to collect receivables, (xxiii) changes in the dates new
contracts actually commence, (xxiii) changes in the dates our rigs will enter a shipyard, be delivered, return to service or enter
service, (xix) risks inherent to shipyard rig construction, repair or enhancement, including risks associated with concentration of
our ENSCO 8500 Series ® rig construction contracts in a single shipyard in Singapore, unexpected delays in equipment delivery and
engineering or design issues following shipyard delivery, (xx) availability of transport vessels to relocate rigs, (xxi)
environmental or other liabilities, risks or losses, whether related to hurricane damage, losses or liabilities (including wreckage
or debris removal) in the Gulf of Mexico or otherwise, that may arise in the future which are not covered by insurance or indemnity
in whole or in part, (xxii) limited availability or high cost of insurance coverage for certain perils such as hurricanes in the Gulf
of Mexico or associated removal of wreckage or debris, (xxiii) self-imposed or regulatory limitations on drilling locations in the
Gulf of Mexico during hurricane season, (xiv) impact of current and future government laws and regulation affecting the oil and gas
industry in general and our operations in particular, including taxation, as well as repeal or modification of same, (xxv) our
ability to attract and retain skilled personnel, (xxvi) governmental action and political and economic uncertainties, including
expropriation, nationalization, confiscation or deprivation of our assets, (xxvii) terrorism or military action impacting our
operations, assets or financial performance, (xxviii) outcome of litigation, legal proceedings, investigations or insurance or other
claims, (xxix) adverse changes in foreign currency exchange rates, including their impact on the fair value measurement of our
derivative financial instruments, (xxx) potential long-lived asset or goodwill impairments, (xxxi) potential reduction in fair value
of our auction rate securities, and (xxxii) other risks as described from time to time as Risk Factors and otherwise in the Company's
SEC filings. Copies of such SEC filings may be obtained at no charge by contacting our Investor Relations Department at 214-397-3045
or by referring to the Investor Relations section of our website at www.enscoplc.com. All information in this report is as
of the date posted. The Company undertakes no duty to update any forward-looking statement, to conform the statement to actual
results, reflect changes in the Company's expectations or otherwise update any forward-looking statement (or its associated
cautionary language), whether as a result of new information or future events. Moreover, the U.S. Congress, the U.S. Internal Revenue
Service, the United Kingdom Parliament or HM Revenue & Customs may attempt to enact new statutory or regulatory provisions that could
adversely affect our status as a non-U.S. corporation or otherwise adversely affect our anticipated consolidated effective tax rate.
Retroactive statutory or regulatory actions have occurred in the past, and there can be no assurance that any such provisions, if
enacted or promulgated, would not have retroactive application to Ensco. The factors identified above are believed to be important
factors (but not necessarily all of the important factors) that could cause actual results to differ materially from those expressed
in any forward-looking statement made by us. Other factors not discussed herein could also have material adverse effects on us. All
forward-looking statements included in this Fleet Status Report are expressly qualified in their entirety by the foregoing cautionary
statements. |
| Bolded rig names and underlined text signify changes in rig status from the previous month. |
| Est. Avail/ | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment / | Water | Day Rate | Contract | ||||||||||||
| Region / Rig | Design (1) | Depth' (1) | Customer/Status | $000's US | Location | Change | Comments | ||||||||
| Deepwater Australia | |||||||||||||||
| ENSCO 7500 | Dynamically Positioned | 8000 | Chevron | Low 550s | Australia | Sep. 10 | Mob day rate of mid 360s and reimbursable mobilization expenses deferred and amortized over contract. In total, these equal approx. $170,000 per day over the contract term as noted in our 09 SEC Form 10-K. Plus cost adjustments. Expect 10 days downtime in 2Q for scheduled repairs | ||||||||
U.S. Gulf of Mexico | |||||||||||||||
| ENSCO 8500 | Dynamically Positioned | 8500 | Eni/Anadarko | High 290s | Gulf of Mexico | Jun. 13 | Plus lump sum payment of $20 million and one-time reimbursable costs of $27 million amortized over contract. Plus cost adjustments and four 1-year same-rate options. Expect 21 days downtime in 3Q for scheduled upgrades | ||||||||
| ENSCO 8501 | Dynamically Positioned | 8500 | Nexen/Noble Energy | Mid 360s | Gulf of Mexico | Apr. 13 | Mob costs are reimbursed at $18,000 per day over primary contract term. Plus cost adjustments and unpriced options. Downtime of three days in 1Q and 14 days in Apr. for scheduled upgrades | ||||||||
| ENSCO 8502 | Dynamically Positioned | 8500 | Mobilizing | Gulf of Mexico | Aug. 12 | Contracted in Gulf of Mexico to Nexen commencing in Aug. 10 to Aug. 12, low 480s plus cost adjustments. Contract can extend to 3 or 4 year term at operator's election at the same day rate | |||||||||
| ENSCO 8503 | Dynamically Positioned | 8500 | Under construction | Singapore | 4Q10 | Contracted in Gulf of Mexico to Cobalt commencing early 2011 for 2 years, mid 520s plus cost adjustments and priced & unpriced options | |||||||||
Under Construction - uncontracted | |||||||||||||||
| ENSCO 8504 | Dynamically Positioned | 8500 | Under construction | Singapore | 2H11 | ||||||||||
| ENSCO 8505 | Dynamically Positioned | 8500 | Under construction | Singapore | 1H12 | ||||||||||
| ENSCO 8506 | Dynamically Positioned | 8500 | Under construction | Singapore | 2H12 | ||||||||||
(1) ENSCO 8500 Series® rigs are 6th generation, proprietary design, ultra-deepwater, dynamically positioned semisubmersibles and may be modified to drill in up to 10,000' water depths. |
| Note: 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. Routine and non-routine downtime
may influence the actual revenues
recognized during the contract term. Please refer to the Company's SEC filings
for more information. |
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Ensco plc
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| Bolded
rig names and underlined text signify changes in rig status from the previous month. |
| Est. Avail/ | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment / | Water | Day Rate | Contract | ||||||||||||
| Region / Rig | Design | Depth' | Customer/Status | $000's US | Location | Change | Comments | ||||||||
| Asia & Pacific Rim | |||||||||||||||
Middle East/India | |||||||||||||||
| ENSCO 53 | F&G L-780 Mod II-C | 300 | BG | Low 100s | India | Apr. 10 | ------------------------------ | ||||||||
| ENSCO 54 | F&G L-780 Mod II-C | 300 | ADOC/Bunduq | Low 150s | Qatar | Nov. 10 | Plus cost adjustments and unpriced option | ||||||||
| ENSCO 76 | MLT Super 116-C | 350 | Saudi Aramco | High 130s | Saudi Arabia | Sep. 10 | Expect 12 days in shipyard for scheduled inspection in 2Q | ||||||||
| ENSCO 84 | MLT 82 SD-C | 250 | Cold stacked | Bahrain | |||||||||||
| ENSCO 88 | MLT 82 SD-C | 250 | Ras Gas | Mid 80s | Qatar | Mar. 12 | Rate changes to mid 60s in Jun. 10. Plus options | ||||||||
| ENSCO 94 | Hitachi 250-C | 250 | Ras Gas | Mid 60s | Qatar | Dec. 11 | Rate increases Mar. 10 to Jun. 10, high 60s; then rate reverts to mid 60s to Dec. 11. Plus options. Expect 21 days in shipyard for scheduled inspection/repair in 3Q | ||||||||
| ENSCO 95 | Hitachi 250-C | 250 | Saudi Aramco | Mid 90s | Saudi Arabia | Nov. 10 | |||||||||
| ENSCO 96 | Hitachi 250-C | 250 | Available | --------------- | Bahrain | --------------- | ------------------------------ | ||||||||
| ENSCO 97 | MLT 82 SD-C | 250 | Available | Bahrain | |||||||||||
Southeast Asia/Australia | |||||||||||||||
| ENSCO 52 | F&G L-780 Mod II-C | 300 | Petronas Carigali | Mid 160s | Malaysia | Nov. 10 | Plus cost adjustments and unpriced options | ||||||||
| ENSCO 56 | F&G L-780 Mod II-C | 300 | Committed | Indonesia | Next to Pertamina May 10 to Jan. 11, mid 70s plus options | ||||||||||
| ENSCO 57 | F&G L-780 Mod II-C | 300 | Available | Malaysia | |||||||||||
| ENSCO 67 | MLT 84-CE | 400 | Pertamina | Mid 80s | Indonesia | Dec. 10 | Plus options | ||||||||
| ENSCO 104 | KFELS MOD V-B | 400 | ConocoPhillips | High 160s | Australia | Sep. 10 | Plus cost adjustments and five 1-well unpriced options | ||||||||
| ENSCO 106 | KFELS MOD V-B | 400 | Newfield | Mid 90s | Malaysia | Oct. 10 | One unpriced 1-year option | ||||||||
| ENSCO 107 | KFELS MOD V-B | 400 | Committed/ shipyard/avail. short-term |
Singapore | Jun. 10 | Next to Premier in Vietnam early Jun.10 to May 12, low 100s. Plus five 1-well options at index rate | |||||||||
| ENSCO 108 | KFELS MOD V-B | 400 | Total | Low 160s | Brunei | Dec. 10 | As previously disclosed, six-month option exercise resulted in reduction in firm period rate retroactive to Jun. 09. Differential in day rate was deferred, so no impact on revenue. Rate changes Jun. 10 to low 140s. Plus one 6-month option at market rate | ||||||||
| ENSCO I | Barge Rig | Cold stacked | Singapore | ||||||||||||
Note: 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. Routine and non-routine downtime may influence the actual revenues recognized during the contract term. Please refer to the Company's SEC filings for more information. |
Please read the forward-looking statements disclaimer at the top of the first page. |
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Ensco plc
|
| Bolded rig names and underlined text signify changes in rig status from the previous month. |
| Est. Avail/ | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment / | Water | Day Rate | Contract | ||||||||||||
| Region / Rig | Design | Depth' | Customer/Status | $000's US | Location | Change | Comments | ||||||||
| Europe & Africa North Sea | |||||||||||||||
| ENSCO 70 | Hitachi K1032N | 250 | Committed/avail. short-term | UK | May 10 | Next to Tullow starting May 10 to Jul. 10, mid 90s and one 1-well option, high 90s | |||||||||
| ENSCO 71 | Hitachi K1032N | 225 | Maersk | High 80s | Denmark | Jan. 11 | Plus three 1-year options | ||||||||
| ENSCO 72 | Hitachi K1025N | 225 | Wintershall | Low 90s | Netherlands | May 10 | |||||||||
| ENSCO 80 | MLT 116-CE | 225 | Committed/avail. short-term | UK | May 10 | Expect to work late Apr to mid May 10, low 90s. Expect to return to ConocoPhillips in Aug. 10. Contracted through 2012. 2010 rate low 100s | |||||||||
| ENSCO 92 | MLT 116-C | 225 | EIS Consortium* | Low 150s | UK | Apr. 10 | |||||||||
| ENSCO 100 | MLT 150-88-C | 350 | GDF Suez | Low 110s | UK | Jul. 10 | Plus unpriced options | ||||||||
| ENSCO 101 | KFELS MOD V-A | 400 | Committed/avail. short-term | UK | Jun. 10 | Next to Maersk starting Jun. 10 to Sep. 11, low 170s and one unpriced option | |||||||||
| ENSCO 102 | KFELS MOD V-A | 400 | ConocoPhillips | Mid 190s | UK | Dec. 11 | Plus cost adjustments. Expect to work at low 200s beginning Jun. 11 for approx. 3 years. Plus cost adjustments and unpriced options | ||||||||
Mediterranean |
|||||||||||||||
| ENSCO 85 | MLT 116-C | 300 | MedOil | Mid 90s | Tunisia | Apr. 10 | |||||||||
| ENSCO 105 | KFELS MOD V-B | 400 | BG | Low 200s | Tunisia | Oct. 10 | Rate changes mid May, mid 150s. Plus cost adjustments and four 2-well options at same rate. Expect 30 days scheduled shipyard time in 2Q | ||||||||
*EIS (East Irish Sea Consortium) - Venture, BHPB, HRL Centrica, EOG |
| North & South America | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
U.S. Gulf of Mexico | |||||||||||||||
| ENSCO 60 | Levingston 111-C | 300 | Cold stacked | Gulf of Mexico | |||||||||||
| ENSCO 75 | MLT Super 116-C | 400 | W&T | High 90s | Gulf of Mexico | May 10 | |||||||||
| ENSCO 82 | MLT 116-C | 300 | Chevron | High 50s | Gulf of Mexico | Jun. 10 | |||||||||
| ENSCO 86 | MLT 82 SD-C | 250 | Apache | Mid 50s | Gulf of Mexico | Aug. 10 | |||||||||
| ENSCO 87 | MLT 116-C | 350 | Apache | Mid 60s | Gulf of Mexico | May 10 | |||||||||
| ENSCO 90 | MLT 82 SD-C | 250 | Stone | Low 50s | Gulf of Mexico | Jun. 10 | |||||||||
| ENSCO 99 | MLT 82 SD-C | 250 | Exxon | Low 50s | Gulf of Mexico | May 10 | Next to Nexen to Jun. 10, low 50s | ||||||||
| Mexico | |||||||||||||||
| ENSCO 81 | MLT 116-C | 350 | Pemex | Low 100s | Mexico | Jun. 10 | |||||||||
| ENSCO 83 | MLT 82 SD-C | 250 | Pemex | Low 110s | Mexico | Nov. 12 | Plus cost adjustments | ||||||||
| ENSCO 89 | MLT 82 SD-C | 250 | Pemex | High 70s | Mexico | Mar. 12 | Rates adjust to global index rate every 3 months (next May 10) | ||||||||
| ENSCO 93 | MLT 82 SD-C | 250 | Pemex | High 80s | Mexico | Mar. 12 | Rates adjust to global index rate every 3 months (next Jul. 10) | ||||||||
| ENSCO 98 | MLT 82 SD-C | 250 | Pemex | Low 110s | Mexico | Apr. 12 | Plus cost adjustments | ||||||||
Venezuela | |||||||||||||||
| ENSCO 68 | MLT 84-CE | 400 | Chevron | High 150s | Venezuela | May 10 | Assigned to Repsol, Rate changes to low 150s for demob to the US Gulf of Mexico in late Apr | ||||||||
Note: 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. Routine and non-routine downtime may influence the actual revenues recognized during the contract term. Please refer to the Company's SEC filings for more information. |
Please read the forward-looking statements disclaimer at the top of the first page. |