Valaris Ltd - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - October 30, 2018

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EX-31.1 - EXHIBIT 31.1 - Valaris Ltdesv-9302018xexhibit311.htm
EX-32.2 - EXHIBIT 32.2 - Valaris Ltdesv-9302018xexhibit322.htm
EX-32.1 - EXHIBIT 32.1 - Valaris Ltdesv-9302018xexhibit321.htm
EX-31.2 - EXHIBIT 31.2 - Valaris Ltdesv-9302018xexhibit312.htm
EX-15.1 - EXHIBIT 15.1 - Valaris Ltdesv-9302018xexhibit151.htm
10-Q - 10-Q - Valaris Ltdesv-9302018x10q.htm


ENSCO PLC AND SUBSIDIARIES
Statement of Calculation of Ratios of Earnings to Fixed Charges
(In millions, except ratios)
(Unaudited)
 
Nine Months Ended September 30, 2018
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
Earnings
 
 
 
 
 

 
 

 
 

 
 

Income (loss) from continuing operations before income tax
$
(359.0
)
 
$
(196.0
)
 
$
997.5

 
$
(1,471.2
)
 
$
(2,548.8
)
 
$
1,633.2

Fixed charges deducted from income from continuing operations
270.3

 
308.4

 
284.4

 
323.2

 
260.4

 
245.3

Amortization of capitalized interest
13.2

 
17.6

 
16.4

 
18.2

 
17.0

 
13.3

Less:
 
 
 
 
 
 
 
 
 
 
 
Loss (income) from continuing operations before income tax attributable to noncontrolling interests
(2.9
)
 
0.6

 
(7.7
)
 
(10.5
)
 
(15.5
)
 
(9.7
)
Interest capitalized
(44.7
)
 
(72.5
)
 
(45.7
)
 
(87.4
)
 
(78.2
)
 
(67.7
)
 
(123.1
)
 
58.1

 
1,244.9

 
(1,227.7
)
 
(2,365.1
)
 
1,814.4

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness, including amortization of deferred loan costs
213.5

 
224.2

 
228.8

 
216.3

 
161.4

 
158.8

Estimated interest within rental expense
12.1

 
11.7

 
9.9

 
19.5

 
20.8

 
18.8

Fixed charges deducted from income from continuing operations
225.6

 
235.9

 
238.7

 
235.8

 
182.2

 
177.6

Interest capitalized
44.7

 
72.5

 
45.7

 
87.4

 
78.2

 
67.7

Total
$
270.3

 
$
308.4

 
$
284.4

 
$
323.2

 
$
260.4

 
$
245.3

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
(a)

 
(b)

 
4.4

 
(b)

 
(b)

 
7.4


(a)
For the nine-month period ended September 30, 2018, our earnings were inadequate to cover our fixed charges by $393.4 million.

(b)
For the years ended December 31, 2017, December 31, 2015 and December 31, 2014, our earnings were inadequate to cover our fixed charges by $250.3 million, $1,550.9 and $2,625.5 million, respectively. Our net loss from continuing operations before income taxes of $196.0 million, $1,471.2 million and $2,548.8 million for the years ended December 31, 2017, December 31, 2015 and December 31, 2014 included non-cash impairment charges of $182.9 million, $2,746.4 million and $4,218.7 million, respectively.



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