Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Valaris Ltd | form8kdec2009.htm |
ENSCO
INTERNATIONAL INCORPORATED
|
| Statements contained
in the Rig Contract 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, 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. Numerous factors could cause actual results to differ materially from those in the forward-looking
statements, including: (i) the merger transaction, described in the Company's proxy statement filed with the Securities Exchange
Commission (SEC) on November 20, 2009, pursuant to which the Company would become an indirect subsidiary of a newly formed English
public limited company named "Ensco International plc" (Ensco UK), may not be approved by our stockholders, (ii) our Board may choose
to defer or abandon the merger at any time, (iii) changes in foreign or domestic laws, including tax laws, that could effectively
preclude us from completing the merger or reduce or eliminate the benefits we expect to achieve from the merger and the corresponding
reorganization of the Company's corporate structure, (iv) negative publicity resulting from the merger having an adverse effect on
our business, (v) an SEC stop order or other action or any other decree, order or injunction preventing us from holding the special
meeting or completing the merger, (vi) an inability to satisfy all of the conditions to closing set forth in the merger agreement,
(vii) an inability to realize expected benefits from the merger or the occurrence of difficulties in connection with the merger,
(viii) costs related to the merger, which could be greater than expected, (ix) industry conditions and competition, including changes
in rig supply and demand or new technology, (x) risks associated with the global economy and its impact on capital markets and
liquidity, (xi) prices of oil and natural gas, and their impact upon future levels of drilling activity and expenditures, (xii)
further declines in rig activity, which may cause us to idle or stack additional rigs, (xiii) excess rig availability or supply
resulting from delivery of new drilling rigs, (xiv) heavy concentration of our rig fleet in premium jackups, (xv) cyclical nature of
the industry, (xvi) worldwide expenditures for oil and natural gas drilling, (xvii) 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, (xviii) 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, (xix)
operational risks, including excessive unplanned downtime and hazards created by severe storms and hurricanes, (xx) risks associated
with offshore rig operations or rig relocations in general, and in foreign jurisdictions in particular, (xxi) 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, (xxii) inability to collect receivables,
(xxiii) changes in the dates new contracts actually commence, (xxiv) changes in the dates our rigs will enter a shipyard, be
delivered, return to service or enter service, (xxv) risks inherent to domestic and foreign shipyard rig construction, repair or
enhancement, including risks associated with concentration of our ENSCO 8500 Series® rig construction contracts in a single foreign
shipyard, unexpected delays in equipment delivery and engineering or design issues following shipyard delivery, (xxvi) availability
of transport vessels to relocate rigs, (xxvii) 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, (xxviii) 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, (xxix) self-imposed or
regulatory limitations on drilling locations in the Gulf of Mexico during hurricane season, (xxx) 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, (xxxi) our ability to attract and retain skilled personnel, (xxxii) governmental action and
political and economic uncertainties, including expropriation, nationalization, confiscation or deprivation of our assets, (xxxiii)
terrorism or military action impacting our operations, assets or financial performance, (xxxiv) outcome of litigation, legal
proceedings, investigations or insurance or other claims, (xxxv) adverse changes in foreign currency exchange rates, including their
impact on the fair value measurement of our derivative financial instruments, (xxxvi) potential long-lived asset or goodwill
impairments, (xxxvii) potential reduction in fair value of our auction rate securities, and (xxxviii) 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.enscointernational.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, or reflect changes in the Company's expectations. Moreover,
the United States 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 Ensco UK's status as a non-U.S. corporation or otherwise
adversely affect Ensco UK's anticipated global tax position following the merger and the subsequent actions. 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 UK, the merger or the subsequent actions. 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 Rig Contract Status Report are expressly qualified in their entirety
by the foregoing cautionary statements. We undertake no obligation to update any forward-looking statement (or its associated
cautionary language), whether as a result of new information or future events. |
| 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 the 2Q09 SEC Form 10-Q. Plus cost adjustments | ||||||||
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 | ||||||||
| 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 | ||||||||
| ENSCO 8502 | Dynamically Positioned | 8500 | Under construction | Singapore | 1Q10 | Contracted in Gulf of Mexico to Nexen commencing late 2Q10 to 2Q12, mid 480s plus cost adjustments. Contract can change 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 proprietary design, ultra-deepwater, dynamically positoned, semisubmersibles and may be modified to drill in up to 10,000' water depths. |
| Note: The
day rates reflected in this Rig Contract 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. |
|
|
ENSCO
INTERNATIONAL INCORPORATED
|
| 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 50 | F&G L-780 Mod II-C | 300 | Sime Darby | Low 60s | Qatar | Jan. 10 | Accommodation mode plus 90-day option | ||||||||
| ENSCO 53 | F&G L-780 Mod II-C | 300 | BG | Low 100s | India | Feb. 10 | Plus two wells same rate option and one 6-month unpriced option | ||||||||
| 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 | |||||||||
| ENSCO 84 | MLT 82 SD-C | 250 | Shipyard | ------------ | Bahrain | Dec. 09 | ------------------------------ | ||||||||
| ENSCO 88 | MLT 82 SD-C | 250 | Ras Gas | Mid 80s | Qatar | Aug. 10 | One 5-well option, high 90s and one 4-well option, mid 110s | ||||||||
| ENSCO 94 | Hitachi 250-C | 250 | Ras Gas | Mid 60s | Qatar | May 12 | Rate increases Jun. 10, high 60s. One 1-well option, mid 110s | ||||||||
| ENSCO 95 | Hitachi 250-C | 250 | Saudi Aramco | Mid 90s | Saudi Arabia | Nov. 10 | |||||||||
| ENSCO 96 | Hitachi 250-C | 250 | McDermott | Mid 50s | Qatar | Dec. 09 | Accommodation mode. Next to Larsen & Toubro to Jan. 10, mid 50s | ||||||||
| ENSCO 97 | MLT 82 SD-C | 250 | Available | Bahrain | |||||||||||
Southeast Asia/Australia | |||||||||||||||
| ENSCO 51 | F&G L-780 Mod II-C | 300 | Available | Malaysia | |||||||||||
| 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 | Available | Malaysia | |||||||||||
| ENSCO 57 | F&G L-780 Mod II-C | 300 | Petronas Carigali | Mid 160s | Malaysia | Feb. 10 | Plus cost adjustments and unpriced options | ||||||||
| ENSCO 67 | MLT 84-CE | 400 | Pertamina | Mid 80s | Indonesia | Jun. 10 | |||||||||
| ENSCO 104 | KFELS MOD V-B | 400 | ConocoPhillips | High 210s | Australia | Aug. 10 | Plus cost adjustments and five 1-well unpriced options; 2010 rate adjusts to high 160s | ||||||||
| 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 | OMV | Mid 190s | New Zealand | Dec. 09 | Assigned to Westech | ||||||||
| ENSCO 108 | KFELS MOD V-B | 400 | Total | Mid 190s | Brunei | Jun. 10 | Two 6-month options at market rate. Option exercise would result in a retroactive reduction in firm period rate to low 160s with options at market rate but floor in low 140s for first option period | ||||||||
| ENSCO I | Barge Rig | Cold stacked | Singapore | ||||||||||||
Note: The day rates reflected in this Rig Contract 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. |
|
|
ENSCO
INTERNATIONAL INCORPORATED
|
| 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 | Expect to work starting May 10 to Jul. 10, mid 90s | |||||||||
| ENSCO 71 | Hitachi K1032N | 225 | Shipyard | Denmark | Dec. 09 | Next to Maersk to Dec. 10, high 80s plus three 1-year options | |||||||||
| ENSCO 72 | Hitachi K1025N | 225 | Eni | Low 90s | UK | Feb. 10 | |||||||||
| ENSCO 80 | MLT 116-CE | 225 | ConocoPhillips | Low 130s | UK | Jan. 10 | Sublet to Ithaca to Jan. 10. Then contract suspended to Apr. 10. Contracted through 2012. Rates mutually agreed annually | ||||||||
| ENSCO 92 | MLT 116-C | 225 | EIS Consortium* | Mid 210s | UK | Mar. 10 | Plus cost adjustments. Rate from Jan. 10, low 150s | ||||||||
| ENSCO 100 | MLT 150-88-C | 350 | Committed | UK | Jun. 10 | Next to GDF Suez in Jan. 10, low 110s 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 plus one unpriced option | |||||||||
| ENSCO 102 | KFELS MOD V-A | 400 | ConocoPhillips | Low 200s | UK | Dec. 11 | Plus cost adjustments. Rate after mid Jan. 10, mid 190s | ||||||||
Mediterranean |
|||||||||||||||
| ENSCO 85 | MLT 116-C | 300 | Aegean Energy | Mid 90s | Greece | Feb. 10 | |||||||||
| ENSCO 105 | KFELS MOD V-B | 400 | BG | Low 200s | Tunisia | May 10 | Plus cost adjustments and unpriced option | ||||||||
*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 | Low 90s | Gulf of Mexico | Mar. 10 | Plus unpriced option | ||||||||
| ENSCO 82 | MLT 116-C | 300 | Chevron | Mid 150s | Gulf of Mexico | Jun. 10 | Rate changes Jan. 10 to high 50s | ||||||||
| ENSCO 86 | MLT 82 SD-C | 250 | Stone | Mid 40s | Gulf of Mexico | Jan. 10 | |||||||||
| ENSCO 87 | MLT 116-C | 350 | Apache | Mid 60s | Gulf of Mexico | May 10 | ------------------------------- | ||||||||
| ENSCO 90 | MLT 82 SD-C | 250 | Cold stacked | Gulf of Mexico | |||||||||||
| ENSCO 99 | MLT 82 SD-C | 250 | Exxon | Mid 40s | Gulf of Mexico | Feb. 10 | |||||||||
| Mexico | |||||||||||||||
| ENSCO 81 | MLT 116-C | 350 | Pemex | Low 100s | Mexico | Jun. 10 | Indexed to global rates every six months, now fixed through term | ||||||||
| ENSCO 83 | MLT 82 SD-C | 250 | Pemex | Low 110s | Mexico | Nov. 12 | Plus cost adjustments | ||||||||
| ENSCO 89 | MLT 82 SD-C | 250 | Pemex | Low 100s | Mexico | Mar. 12 | Rates adjust to global index rate every 3 months (next Feb. 10) | ||||||||
| ENSCO 93 | MLT 82 SD-C | 250 | Pemex | Mid 110s | Mexico | Mar. 12 | Rates adjust to global index rate every 3 months (next Jan. 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 | Low 200s | Venezuela | May 10 | Chevron assigned contract to MORUY II (Teikoku) then to Repsol. Rate changes mid Feb. 10 to low 170s | ||||||||
Note: The day rates reflected in this Rig Contract 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. |