Attached files
| file | filename |
|---|---|
| EX-4.2 - EX-4.2 - Valaris Ltd | a14-21551_1ex4d2.htm |
| EX-1.1 - EX-1.1 - Valaris Ltd | a14-21551_1ex1d1.htm |
| EX-5.1 - EX-5.1 - Valaris Ltd | a14-21551_1ex5d1.htm |
| 8-K - CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES - Valaris Ltd | a14-21551_18k.htm |
Exhibit 12.1
ENSCO PLC AND SUBSIDIARIES
Statement of Calculation of Ratios of Earnings to Fixed Charges
(In millions, except ratios)
(Unaudited)
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Six Months |
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Year Ended December 31, |
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2014 |
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2013 |
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2012 |
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2011 |
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2010 |
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2009 |
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Earnings |
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(Loss) income from continuing operations before income tax |
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$ |
(200.0 |
) |
$ |
1,664.7 |
|
$ |
1,397.7 |
|
$ |
739.0 |
|
$ |
507.9 |
|
$ |
833.3 |
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|
Fixed charges deducted from income from continuing operations |
|
122.1 |
|
245.6 |
|
247.6 |
|
187.8 |
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26.6 |
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25.6 |
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Amortization of capitalized interest |
|
8.1 |
|
14.1 |
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13.2 |
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7.2 |
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4.5 |
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2.6 |
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Less: |
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Income from continuing operations before income tax attributable to noncontrolling interests |
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$ |
(8.1 |
) |
(10.2 |
) |
(8.0 |
) |
(6.0 |
) |
(6.2 |
) |
(4.2 |
) | |||||
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Interest capitalized |
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(40.6 |
) |
(67.7 |
) |
(105.8 |
) |
(80.2 |
) |
(21.3 |
) |
(20.9 |
) | ||||||
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|
(118.5 |
) |
1,846.5 |
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1,544.7 |
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847.8 |
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511.5 |
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836.4 |
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Fixed Charges |
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Interest on indebtedness, including amortization of deferred loan costs |
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71.0 |
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158.8 |
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123.6 |
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95.9 |
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— |
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— |
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Estimated interest within rental expense |
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10.5 |
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19.1 |
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18.2 |
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11.7 |
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5.3 |
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4.7 |
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Fixed charges deducted from income from continuing operations |
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81.5 |
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177.9 |
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141.8 |
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107.6 |
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5.3 |
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4.7 |
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Interest capitalized |
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40.6 |
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67.7 |
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105.8 |
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80.2 |
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21.3 |
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20.9 |
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Total |
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$ |
122.1 |
|
$ |
245.6 |
|
$ |
247.6 |
|
$ |
187.8 |
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$ |
26.6 |
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$ |
25.6 |
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Ratio of Earnings to Fixed Charges |
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(a) |
7.5 |
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6.2 |
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4.5 |
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19.2 |
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32.7 |
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(a) For the six months ended June 30, 2014, our earnings were inadequate to cover our fixed charges by $240.6 million. Net loss from continuing operations before income taxes of $200.0 million for the six-month period ended June 30, 2014 included a non-cash loss on impairment of $991.5 million recorded during the period.