Attached files
| file | filename |
|---|---|
| 8-K - ENSCO 8-K 2-16-2012 - Valaris Ltd | form8k.htm |
Exhibit 99.1
Fleet Status Report 16 February 2012 ENSCO 8506 ENSCO 8506 was contracted to Anadarko Petroleum ahead of its scheduled shipyard delivery in third quarter 2012. This is the third rig contracted by Anadarko in the ENSCO 8500 Series®. Repeat customers are confirmation of Ensco’s operational excellence.
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Ensco plc
Fleet Status Report
16 February 2012
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| Monthly Changes | ||||||||||||||
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Bolded rig names and underlined text signify changes in rig status from previous report.
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Segment /
Region / Rig
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Design | Water
Depth' (1)
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Customer/ Status | Day Rate
$000′s US
|
Location |
Est. Avail /
Contract
Change
|
Comments | |||||||
| Deepwater | ||||||||||||||
| North & South America (excluding Brazil) | ||||||||||||||
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ENSCO DS-5
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Drillship, DP3 Samsung
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10000/12000
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Petrobras
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Mid 430s
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U.S. Gulf of Mexico
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Jul. 16
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Zero rate for 27 days in Jan. 12. Eligible for bonus opportunity up to 17%, plus cost adjustments
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ENSCO 8500
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Semisubmersible DP
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8500/10000
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Anadarko/Eni
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High 290s
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U.S. Gulf of Mexico
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Aug. 13
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Lump sum payment of $20 million and one-time reimbursable costs of $27 million amortized over primary contract term, which equals approx. $31,000 per day. Plus cost adjustments and four 1-year same-rate options
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ENSCO 8501
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Semisubmersible DP
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8500/10000 | Nexen/Noble Energy |
High 370s
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U.S. Gulf of Mexico |
Jun. 13
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Currently executing Noble's drilling program. Mob and upgrade costs are reimbursed by Noble and Nexen at approx. $19,000 per day over primary contract term. Plus cost adjustments and unpriced options
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ENSCO 8502
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Semisubmersible DP
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8500/10000 | Nexen |
Mid 490s
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U.S. Gulf of Mexico |
Jun. 13
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Next sublet to Apache Apr. 12 for 60 to 220 days at same rate. Plus approx. $35,000 per day for reimbursable mobilization expenses and upgrades amortized over 2-year term contract. Plus cost adjustments
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ENSCO 8503
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Semisubmersible DP
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8500/10000 | Cobalt |
Mid 540s
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U.S. Gulf of Mexico |
Dec. 13
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Plus approx $54,000 per day for reimbursable expenses and upgrades to be amortized over 2-year term contract
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ENSCO 8505
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Semisubmersible DP
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8500/10000 | Delivered/En Route | U.S. Gulf of Mexico |
Jun. 14
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Contracted to Anadarko/Apache/Noble Energy for longer of two years or two rotations each, mid 470s, with estimated commencement in late 2Q12. Plus two 1-year unpriced options
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Brazil
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ENSCO DS-4
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Drillship, DP3 Samsung
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10000/12000 |
BP
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High 540s
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Brazil |
May 16
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Plus cost adjustments
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ENSCO 7500
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Semisubmersible DP
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8000 | Petrobras |
Low 320s
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Brazil
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Aug. 14
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Eligible for bonus opportunity up to 5%. Plus mob and upgrade costs to be amortized over contract at approx. $20,000 per day. Plus cost adjustments
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ENSCO 6001
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Semisubmersible - DP Amethyst 2
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5700 | Petrobras |
Mid 270s
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Brazil
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Jun. 13
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Eligible for bonus opportunity up to 15%, plus cost adjustments
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ENSCO 6002
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Semisubmersible - DP Amethyst 2
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5700 | Petrobras |
Mid 270s
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Brazil
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Jul. 13
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Eligible for bonus opportunity up to 15%, plus cost adjustments
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ENSCO 6003
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Semisubmersible - DP Amethyst 2
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5700 | Petrobras |
Mid 310s
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Brazil
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Jan. 17 |
Eligible for bonus opportunity up to 15%, plus cost adjustments
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ENSCO 6004
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Semisubmersible - DP Amethyst 2
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5700 | Petrobras |
Mid 310s
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Brazil
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Oct. 16 |
Eligible for bonus opportunity up to 15%, plus cost adjustments
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Europe & Mediterranean
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ENSCO 5006
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Semisubmersible - Conv Bingo 8,000
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6200/7500 | Noble Energy |
Mid 270s
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Israel
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Apr. 12 |
Plus cost adjustments and three 1-well same price options
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Middle East & Africa
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ENSCO DS-1
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Drillship - DP Gusto 10,000
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6000/10000 | TOTAL |
Low 310s
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Angola
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Mar. 15 |
Rate increases Jun. 12 to low 350s. Planned shipyard upgrade and inspection 3Q12 for approx. 80 days at zero rate. Plus options and cost adjustments. Eligible for bonus opportunity up to 5%
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ENSCO DS-2
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Drillship - DP Gusto 10,000
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6000/10000 | TOTAL |
Mid 460s
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Angola
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Jul. 13 |
Eligible for bonus opportunity up to 5%, plus cost adjustments
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ENSCO DS-3
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Drillship, DP3 Samsung
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10000/12000 |
BP/Petrobras
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Low 520s
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Angola
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Jun. 16
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Sublet to Petrobras to Jul. 12. Plus approx $35,000 per day for reimburseable mobilization expenses amortized through Jun. 12. Next return to BP in U.S Gulf of Mexico, high 480s. Plus cost adjustments
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ENSCO 5001
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Semisubmersible - Conv Sonat
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5000/6500 | Maersk |
Mid 270s
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Angola
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Jun. 12 |
Next to PetroSA in South Africa to Jun. 14, mid 270s. Plus two 1-well options, low 320s
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Asia & Pacific Rim
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ENSCO 8504
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Semisubmersible DP
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8500/10000 | TOTAL/Shell |
Mid 420s
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Brunei
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Jan. 13 |
Next sublet to Shell June 12 to Jan. 13, mid 420s. TOTAL retains another three options for a total of six wells at escalating rates. Mob and upgrade costs amortized over initial 6 month contract term and Feb. 12 at approx. $94,000 per day
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ENSCO DS-6 (2)
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Drillship, DP3 Samsung
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10000/12000 |
Delivered/Shipyard
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Singapore |
4Q12
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See footnote below
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Under Construction
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ENSCO DS-7
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Drillship, DP3 Samsung
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10000/12000 |
Under construction
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South Korea |
2H13
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ENSCO 8506
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Semisubmersible DP
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8500/10000 |
Under construction/
Contracted
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Singapore
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4Q12 |
Contracted to Anadarko in US GOM to Jun. 15, low 530s plus cost adjustments, with estimated commencement in 4Q12
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(1) For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.
(2) Ensco has entered into an interim agreement with a customer that states the intention of both parties to sign a five-year-term contract for ENSCO DS-6 by 1 April 2012. The terms of the proposed five-year-term drilling contract are expected to add more than $1 billion to Ensco’s revenue backlog.
Under the terms of the interim agreement, preparations for the customer’s requested and funded rig modifications will begin immediately in Singapore.
Under the terms of the proposed five-year-term contract, upon completion of these modifications, the rig would mobilize to its first drilling location and a mobilization fee would be paid by the customer in a lump sum upon completion of acceptance testing. The location of the first drilling assignment and the name of the customer will be announced at a later date if the parties enter into the intended five-year-term contract. Based upon current estimates to complete the customer’s modifications to the rig, ENSCO DS-6 would commence the proposed five-year-term contract in fourth quarter 2012. Collectively, the modification reimbursements, mobilization fee and other revenue would be amortized over the primary five-year contract term.
Page 1 of 5
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Ensco plc
Fleet Status Report
16 February 2012
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Segment /
Region / Rig
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Design
|
Water
Depth' (1)
|
Customer/ Status
|
Day Rate
$000′s US
|
Location
|
Est. Avail / Contract
Change
|
Comments
|
|||||||
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Midwater
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Brazil
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ENSCO 5000
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Semisubmersible - Conv Neptune Pentagon
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2300/2650 |
Petrobras
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High 230s
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Brazil
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Jul. 13
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Eligible for bonus opportunity up to 15%, plus cost adjustments
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ENSCO 5002
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Semisubmersible - Conv Aker H-3
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1000 | OGX |
Low 200s
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Brazil
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Nov. 13
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Planned shipyard stay early Jan. 12 for approx. 67 days. Initial 16 days in low 30s, zero rate for remaining 51 days. Rate increases mid Nov. 12 to low 220s
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ENSCO 5004
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Semisubmersible - Conv F & G Enhanced Pacesetter
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1500 | OGX |
Low 220s
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Brazil
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Nov. 13
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Rate increases mid Nov. 12 to mid 230s
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ENSCO 5005
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Semisubmersible - Conv F & G Enhanced Pacesetter
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1500/1700 |
Petrobras
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Mid 230s
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Brazil
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Apr. 13
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Planned shipyard stay late 3Q12 for approx. 110 days. Eligible for bonus opportunity up to 10%, plus cost adjustments
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ENSCO 6000
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Semisubmersible - DP Amethyst
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3400/4000 |
Petrobras
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Low 150s
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Brazil
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Feb. 12
|
Currently outfitted for workover activity. Eligible for bonus opportunity up to 18%, plus cost adjustments
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Middle East & Africa
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ENSCO 5003
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Semisubmersible - Conv Aker H-3
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1000 | Available | Namibia | ||||||||||
(1) For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.
Page 2 of 5
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Ensco plc
Fleet Status Report
16 February 2012
|
|
Segment /
Region / Rig
|
Design
|
Water
Depth'
|
Customer/ Status
|
Day Rate
$000′s US
|
Location
|
Est. Avail /
Contract
Change
|
Comments
|
|||||||
|
Jackups
|
||||||||||||||
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North & South America (excluding Brazil)
|
||||||||||||||
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U.S. Gulf of Mexico
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||||||||||||||
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ENSCO 59
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F&G
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300 |
Cold stacked
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Gulf of Mexico | ||||||||||
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ENSCO 68
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MLT 84-CE
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400 |
Chevron
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Mid 110s
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Gulf of Mexico
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Jul. 12
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Day rate does not include certain extra reimbursable costs
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ENSCO 69
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MLT 84-Slot
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300 |
Cold stacked
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Gulf of Mexico | |||||||||
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ENSCO 75
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MLT Super 116-C
|
400 |
Apache
|
Mid 110s
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Gulf of Mexico
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Apr. 12
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Plus cost adjustments
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ENSCO 81
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MLT 116-C
|
350 |
Walter
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Mid 80s
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Gulf of Mexico
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Mar. 12
|
Next to Dynamic to Mar. 13, low 90s. Plus unpriced options
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ENSCO 82
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MLT 116-C
|
300 |
Chevron
|
Mid 80s
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Gulf of Mexico
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Jul. 12
|
Day rate does not include certain extra reimbursable costs
|
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ENSCO 86
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MLT 82 SD-C
|
250 |
Apache
|
Mid 60s
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Gulf of Mexico
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Apr. 12
|
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ENSCO 87
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MLT 116-C
|
350 |
Apache
|
Mid 80s
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Gulf of Mexico
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Apr. 12
|
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ENSCO 90
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MLT 82 SD-C
|
250 |
Energy XXI
|
Mid 60s
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Gulf of Mexico
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Jun. 12
|
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ENSCO 99
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MLT 82 SD-C
|
250 |
Energy XXI
|
Mid 60s
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Gulf of Mexico
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Apr. 12
|
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Pride Wisconsin
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MLT-Slot
|
300 |
Cold stacked
|
Gulf of Mexico | ||||||||||
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Mexico
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ENSCO 83
|
MLT 82 SD-C
|
250 |
Pemex
|
Low 110s
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Mexico
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Nov. 12
|
Planned shipyard inspection 2Q12 for approx 21 days at zero rate. Plus cost adjustments
|
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ENSCO 89
|
MLT 82 SD-C
|
250 |
Pemex
|
Low 90s
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Mexico
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Mar. 12
|
Planned shipyard inspection 2Q12 for approx 21 days at zero rate
|
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ENSCO 93
|
MLT 82 SD-C
|
250 |
Pemex
|
Mid 90s
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Mexico
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Mar. 12
|
Planned shipyard inspection 3Q12 for approx 28 days at zero rate. Rates adjust to global index rate every 3 months (next Mar. 12)
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ENSCO 98
|
MLT 82 SD-C
|
250 |
Pemex
|
Low 110s
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Mexico
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Apr. 12
|
Planned shipyard inspection 2Q12 for approx 21 days at zero rate. Plus cost adjustments
|
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Europe
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||||||||||||||
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North Sea
|
||||||||||||||
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ENSCO 70
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Hitachi K1032N
|
250 |
Tullow
|
Low 90s
|
UK
|
Mar. 12
|
Next to RWE Dea to Feb. 13, high 80s. Plus five 1-well unpriced options
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ENSCO 71
|
Hitachi K1032N
|
225 |
Maersk
|
High 80s
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Denmark
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Mar. 13
|
Rate increases Mar. 12 to low 110s. In 3Q12 in shipyard for upgrade at zero rate for approx. 90 days. Plus two 1-year options at escalating day rates
|
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ENSCO 72
|
Hitachi K1025N
|
225 |
Maersk
|
High 80s
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Denmark
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Jul. 13
|
Rate increases Jul. 12 to low 110s. Plus two 1-year options at escalating day rates
|
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ENSCO 80
|
MLT 116-CE
|
225 |
Wintershall
|
Low 90s
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UK
|
Feb. 12
|
Next to Dana to May 12, low 100s. Then to Perenco to Nov. 12, mid 90s. Then to EOG to Jul. 13, high 90s. Rate increases Jun. 13 to low 130s, plus one 1-well unpriced options
|
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ENSCO 92
|
MLT 116-C
|
225 |
RWE Dea
|
High 80s
|
UK
|
Oct. 12
|
Plus three 1-well unpriced options. Next to Tullow to Jan. 13, low 130s. Plus one 1-well unpriced option
|
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ENSCO 100
|
MLT 150-88-C
|
350 |
E.ON
|
High 150s
|
UK
|
Nov. 12
|
Next to Ithaca to Feb. 14, low 160s, plus three 1-well options
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ENSCO 101
|
KFELS MOD V-A
|
400 |
Maersk
|
Low 200s
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UK
|
Jul. 12
|
Plus cost adjustments and one unpriced option. Next to Tullow to Nov. 12, mid 210s
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ENSCO 102
|
KFELS MOD V-A
|
400 |
ConocoPhillips
|
Low 200s
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UK
|
Jun. 16
|
Rate firm for 8 wells (est. 3 years) thereafter at mutually agreed rate. Plus unpriced options
|
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Page 3 of 5
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Ensco plc
Fleet Status Report
16 February 2012
|
|
Segment /
Region / Rig
|
Design
|
Water
Depth'
|
Customer/ Status
|
Day Rate
$000′s US
|
Location
|
Est. Avail /
Contract
Change
|
Comments
|
|||||||
|
Jackups
|
||||||||||||||
|
Middle East & Africa
|
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Middle East
|
||||||||||||||
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ENSCO 54
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F&G L-780 Mod II-C
|
300 |
ADOC/QPD/Bunduq
|
High 50s
|
UAE/Qatar
|
Jun. 12
|
Rate increases Feb. 12 to high 60s. Plus cost adjustments and well-to-well unpriced options
|
|||||||
|
ENSCO 58
|
F&G L-780 Mod II
|
250 |
Saudi Aramco
|
Mid 60s
|
Saudi Arabia
|
Dec. 13
|
Plus one 1-year same rate option
|
|||||||
|
ENSCO 76
|
MLT Super 116-C
|
350 |
Saudi Aramco
|
Low 100s
|
Saudi Arabia
|
Jun. 14
|
Plus one 1-year option, high 150s
|
|||||||
|
ENSCO 84
|
MLT 82 SD-C
|
250 |
Saudi Aramco
|
Low 60s
|
Saudi Arabia
|
Nov. 14
|
Planned shipyard upgrade May 12 for approx. 80 days at zero rate. Plus one 1-year option, mid 70s
|
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|
ENSCO 88
|
MLT 82 SD-C
|
250 |
Ras Gas
|
Mid 60s
|
Qatar
|
Dec. 12
|
Plus multiple options at escalating rates
|
|||||||
|
ENSCO 91
|
Hitachi
|
270 |
Saudi Aramco
|
High 60s
|
Saudi Arabia
|
Jul. 14
|
Planned shipyard upgrade early Mar. 12 for approx. 90 days at zero rate. Plus one 1-year option, mid 90s
|
|||||||
|
ENSCO 94
|
Hitachi 250-C
|
250 |
Ras Gas
|
Mid 60s
|
Qatar
|
Dec. 12
|
Plus multiple options at escalating rates
|
|||||||
|
ENSCO 96
|
Hitachi 250-C
|
250 |
Saudi Aramco
|
Low 60s
|
Saudi Arabia
|
Nov. 14
|
Planned shipyard upgrade 2Q12 for approx. 80 days at zero rate. Plus one 1-year option, mid 70s
|
|||||||
|
ENSCO 97
|
MLT 82 SD-C
|
250 |
Saudi Aramco
|
Low 60s
|
Saudi Arabia
|
Nov. 14
|
Planned shipyard upgrade 3Q12 for approx. 80 days at zero rate. Plus one 1-year option, mid 70s
|
|||||||
|
Pride Hawaii
|
Levingston
|
300 |
Cold stacked
|
Bahrain
|
||||||||||
|
Pride Pennsylvania
|
MLT
|
300 |
Cold stacked
|
Bahrain
|
||||||||||
|
Africa
|
||||||||||||||
|
ENSCO 61
|
Levingston
|
300 |
Perenco
|
Low 100s
|
Cameroon
|
Mar. 12
|
||||||||
|
Asia & Pacific Rim
|
||||||||||||||
|
Southeast Asia / Australia
|
||||||||||||||
|
ENSCO 52
|
F&G L-780 Mod II-C
|
300 |
Petronas Carigali
|
Mid 70s
|
Malaysia
|
Apr. 14
|
Assigned to Murphy for remaining term, mid 70s. Late 1Q12 10-day inspection, mid 30s. Plus cost adjustments and one 1-year unpriced option
|
|||||||
|
ENSCO 53
|
F&G L-780 Mod II-C
|
300 |
Petronas Carigali
|
High 70s
|
Malaysia
|
Mar. 12
|
Next to Salamander in Thailand to Jul. 12, low 80s. Rate increases mid-May to Jul. 12 low 100s. Then expect to work to Dec. 12, low 100s
|
|||||||
|
ENSCO 56
|
F&G L-780 Mod II-C
|
300 |
Pertamina
|
Mid 70s
|
Indonesia
|
Apr. 13
|
Planned shipyard time for approx. 15 days in May 12 at zero rate. Plus one 6-month unpriced option
|
|||||||
|
ENSCO 67
|
MLT 84-CE
|
400 |
Pertamina
|
Low 100s
|
Indonesia
|
Jan. 13
|
Plus one 8-month unpriced option
|
|||||||
|
ENSCO 85
|
MLT 116-C
|
300 |
Shipyard
|
Singapore
|
Jun. 12
|
|
||||||||
|
ENSCO 104
|
KFELS MOD V-B
|
400 |
Apache
|
High 140s
|
Australia
|
May 12
|
Plus cost adjustments. Upgrades amortized over Apache's 1-year term contract of approx. $8,000 per day
|
|||||||
|
ENSCO 105
|
KFELS MOD V-B
|
400
|
Talisman
|
Mid 120s
|
Malaysia
|
Aug. 12
|
Planned shipyard time for approx. 14 days in Mar. 12 at zero rate. Two 1-year unpriced options. Upgrades amortized over Talisman's primary contract term of approx. $6,000 per day
|
|||||||
|
ENSCO 106
|
KFELS MOD V-B
|
400 |
Newfield
|
Mid 120s
|
Malaysia
|
Oct. 12
|
Plus cost adjustments. Upgrades amortized over Newfield's remaining contract term of approx. $4,000 per day
|
|||||||
|
ENSCO 107
|
KFELS MOD V-B
|
400 |
Premier Oil
|
Low 110s
|
Vietnam
|
Aug. 12
|
Rate increases late Apr. 12 to low 130s and to mid 130s in late May 12. Plus three 1-well options at index rate
|
|||||||
|
ENSCO 108
|
KFELS MOD V-B
|
400
|
TOTAL
|
High 120s
|
Brunei
|
Feb. 12
|
Next to shipyard in Singapore for planned inspection and mob for approx. 32 days at zero rate. Then to PTTEP in Thailand Mar. 12 to Mar. 14, mid 130s. Upgrades amortized over PTTEP's primary contract term of approx. $2,000 per day
|
|||||||
|
ENSCO 109
|
KFELS MOD V-Super B
|
350 |
PTTEP
|
Low 170s
|
Australia
|
Jul. 12
|
Rate increases late Jun. 12 to high 170s. Next to ENI/Murphy/Vermillion/Santos for work to Feb. 13, mid 170s. Plus one 1-well option at same rate
|
|||||||
|
Under Construction
|
||||||||||||||
|
ENSCO 120
|
KFELS Super A
|
400
|
Under construction/ contracted
|
Singapore
|
2Q13
|
Contracted to Nexen in the UK from 4Q13 to Mar. 15, low 230s. Plus cost adjustments and eleven 1-well options, mid 250s. Mob fee of $7.5 million to be amortized over primary contract term
|
||||||||
|
ENSCO 121
|
KFELS Super A
|
400 |
Under construction
|
Singapore
|
4Q13
|
|||||||||
|
ENSCO 122
|
KFELS Super A
|
400 |
Under construction
|
Singapore
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3Q14
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Ensco plc
Fleet Status Report
16 February 2012
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| Rig | Design | Water
Depth'
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Customer/
Status
|
Day Rate
$000′s US
|
Location | Est. Avail / Contract
Change
|
Comments | |||||||
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Other
|
||||||||||||||
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Deepwater Drilling Management
|
||||||||||||||
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Kizomba
|
Deepwater TLP
Drilling Rig
|
5000 |
ExxonMobil
|
Mid 80s
|
Angola
|
Apr. 15
|
Operations concluding. Rate decreases Jun. 12, high 30s for reduced crew | |||||||
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Thunderhorse
|
Deepwater Semisubmersible
|
6000 |
BP
|
Mid 80s
|
U.S. Gulf of Mexico
|
Jan. 13
|
Plus four 1-year priced options, plus cost adjustments | |||||||
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Mad Dog
|
Deepwater Spar
Drilling Rig
|
4500 |
BP
|
Low 60s
|
U.S. Gulf of Mexico
|
Jan. 15
|
Plus one 1-year priced option, plus cost adjustments | |||||||
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Barge Rig
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||||||||||||||
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ENSCO I
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Barge Rig
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Cold stacked
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Singapore
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Definitions and Disclaimers
Day Rate Definition. 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 Pride’s drilling contracts in place on the 31 May 2011 acquisition date. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, the Company occasionally negotiates special rates with customers as noted in the comments that reduce revenues recognized during the contract term.
Rig Names. We are in the process of completing name changes on some of our rigs, some of which may not be completed for some time. For the purpose of our Fleet Status Report, we are using the new names even when the name change has not been completed. Below is a legend showing the name changes.
Legend of rig names changing
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ENSC DS-1
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Pride Africa
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ENSCO 6000
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Pride South America
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ENSCO 5002
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Pride Sea Explorer
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ENSCO 61
|
Pride Cabinda
|
|||||||
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ENSC DS-2
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Pride Angola
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ENSCO 6001
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Pride Carlos Walter
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ENSCO 5003
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Pride South Seas
|
ENSCO 91
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Pride Montana
|
|||||||
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ENSC DS-3
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Deep Ocean Ascension
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ENSCO 6002
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Pride Brazil
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ENSCO 5004
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Pride Venezuela
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Pride Hawaii
|
Pride Hawaii
|
|||||||
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ENSC DS-4
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Deep Ocean Clarion
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ENSCO 6003
|
Pride Rio de Janeiro
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ENSCO 5005
|
Pride South Atlantic
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Pride Pennsylvania
|
Pride Pennsylvania
|
|||||||
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ENSC DS-5
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Deep Ocean Mendocino
|
ENSCO 6004
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Pride Portland
|
ENSCO 5006
|
Pride North America
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Pride Wisconsin
|
Pride Wisconsin
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|||||||
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ENSC DS-6
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Deep Ocean Molokai
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ENSCO 5000
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Pride Mexico
|
ENSCO 58
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Pride North Dakota
|
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ENSC DS-7
|
Deep Ocean Marquesas
|
ENSCO 5001
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Pride South Pacific
|
ENSCO 59
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Pride Tennesse
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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 dayrates; 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; and scheduled delivery dates for new rigs. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the continued impact of the Macondo well incident; governmental regulatory, legislative and permitting requirements affecting drilling operations; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; downtime and other risks associated with offshore rig operations, relocations, severe weather or hurricanes; possible cancellation or suspension of drilling contracts as a result of mechanical difficulties, performance or other reasons; risks inherent to shipyard rig construction, repair, maintenance or enhancement; actual contract commencement dates; environmental or other liabilities, risks or losses; our ability to attract and retain skilled personnel on commercially reasonable terms; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; and the outcome of litigation, legal proceedings, investigations or other claims or contract disputes. 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 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.
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