Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Valaris Ltd | a12-15x148xkfsr.htm |
Exhibit 99.1
 | Ensco plc Fleet Status Report 16 December 2014 | |||||
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region / Rig | Design | Water Depth'(1) | Customer/ Status | Day Rate $000′s US | Location | Est. Avail(2) | Comments | |||||||
Floaters | ||||||||||||||
North & South America (excluding Brazil) | ||||||||||||||
ENSCO DS-3 | Drillship, DP3 Samsung | 10000/12000 | BP | Low 500s | U.S. Gulf of Mexico | Jun. 16 | Plus cost adjustments | |||||||
ENSCO DS-4 | Drillship, DP3 Samsung | 10000/12000 | BP | Mid 560s | U.S. Gulf of Mexico | Jul. 16 | Plus cost adjustments | |||||||
ENSCO DS-5 | Drillship, DP3 Samsung | 10000/12000 | Petrobras/Murphy | High 430s | U.S. Gulf of Mexico | Jul. 16 | Assigned to Murphy for 1 well. Eligible for bonus opportunity up to 17%, plus cost adjustments | |||||||
ENSCO 8500 | Semisubmersible DP | 8500/10000 | Anadarko/Eni | Mid 310s | U.S. Gulf of Mexico | Sep. 15 | Zero rate for approx. 12 days in 4Q14. Plus cost adjustments and two 1-year same-rate options | |||||||
ENSCO 8501 | Semisubmersible DP | 8500/10000 | Noble Energy | Low 350s | U.S. Gulf of Mexico | Jan. 15 | Inspection for approx. 24 days in 4Q14 | |||||||
ENSCO 8502 | Semisubmersible DP | 8500/10000 | Talos | Low 350s | U.S. Gulf of Mexico | Mar. 15 | Zero rate for approx. 47 days in 4Q14. Planned inspection for approx. 24 days in 1Q15 | |||||||
ENSCO 8503 | Semisubmersible DP | 8500/10000 | LLOG | Low 350s | U.S. Gulf of Mexico | 4Q17 | Planned upgrade and inspection for approx. 60 days in 1Q/2Q15. Then to Stone Energy 2Q15 to 4Q17, low 350s. Plus four 90-day options | |||||||
ENSCO 8505 | Semisubmersible DP | 8500/10000 | Deep Gulf Energy | Mid 370s | U.S. Gulf of Mexico | May 15 | ||||||||
ENSCO 8506 | Semisubmersible DP | 8500/10000 | Anadarko | Mid 540s | U.S. Gulf of Mexico | Jul. 15 | Plus cost adjustments | |||||||
Page 1 of 11
| Ensco plc Fleet Status Report 16 December 2014 | |||||
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region / Rig | Design | Water Depth'(1) | Customer/ Status | Day Rate $000′s US | Location | Est. Avail(2) | Comments | |||||||
Floaters | ||||||||||||||
Brazil | ||||||||||||||
ENSCO 6001 | Semisubmersible - DP Megathyst | 5600 | Petrobras | Mid 360s | Brazil | Jun. 18 | -----. Zero rate for approx. 15 days in 4Q14. Plus approx. $20,000 per day amortized Dec. 14 to Jun. 18 for capital upgrades. Plus cost adjustments | |||||||
ENSCO 6002 | Semisubmersible - DP Megathyst | 5600 | Petrobras | Mid 360s | Brazil | Ju1. 18 | Zero rate for approx. 12 days in 4Q14. Mid 160s average rate during planned shipyard upgrade for approx. 60 days in 2Q15 and approx. 10 days in 3Q15. Plus approx. $23,000 per day amortized Jul. 15 to Jul. 18 for capital upgrades. Plus cost adjustments | |||||||
ENSCO 6003 | Semisubmersible - DP Megathyst | 5600 | Petrobras | Mid 310s | Brazil | Jan. 17 | Eligible for bonus opportunity up to 15%, plus cost adjustments | |||||||
ENSCO 6004 | Semisubmersible - DP Megathyst | 5600 | Petrobras | Mid 310s | Brazil | Oct. 16 | Zero rate for approx. 40 days in 4Q14 for maintenance and inspection. Eligible for bonus opportunity up to 15%, plus cost adjustments | |||||||
Page 2 of 11
| Ensco plc Fleet Status Report 16 December 2014 | |||||
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region / Rig | Design | Water Depth'(1) | Customer/ Status | Day Rate $000′s US | Location | Est. Avail(2) | Comments | |||||||
Floaters | ||||||||||||||
Europe & Mediterranean | ||||||||||||||
ENSCO 5004 | Semisubmersible - Conv F & G Enhanced Pacesetter | 1500 | Mellitah | Low 300s | Mediterranean | Jan. 17 | Zero rate for approx. 18 days in 4Q14. Plus periodic rate increases resulting in mid 310s average rate over contract. Plus approx. $30,000 per day for mobilization and reimbursable upgrades amortized Aug. 14 to Jan. 17 | |||||||
ENSCO DS-2 | Drillship - DP Gusto 10,000 | 6000/10000 | Stacking Preparations | Spain | Rig beginning cold stack preparations | |||||||||
Africa | ||||||||||||||
ENSCO DS-1 | Drillship - DP Gusto 10,000 | 6000/10000 | TOTAL | Mid 360s | Angola | Jan. 16 | Plus cost adjustments and unpriced options. Eligible for bonus opportunity up to 5% | |||||||
ENSCO DS-6 | Drillship, DP3 Samsung | 10000/12000 | BP | High 540s | Angola | Feb. 18 | Zero rate for approx. 24 days in 4Q14. Plus approx. $102,000 per day amortized Feb.13 to Feb. 18 for special day rate ahead of mobilization, upgrade costs and reimbursable mobilization expenses. Plus cost adjustments and two 1-year options at mutually agreed rates | |||||||
ENSCO DS-7 | Drillship, DP3 Samsung | 10000/12000 | TOTAL | Mid 630s | Angola | Nov. 16 | Zero rate for approx. 6 days in 4Q14. Plus periodic rate increases resulting in high 640s average rate over contract. Plus approx. $28,000 per day amortized Nov. 13 to Nov. 16 for mobilization | |||||||
Page 3 of 11
| Ensco plc Fleet Status Report 16 December 2014 | |||||
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region / Rig | Design | Water Depth'(1) | Customer/ Status | Day Rate $000′s US | Location | Est. Avail(2) | Comments | |||||||
Floaters | ||||||||||||||
Asia & Pacific Rim | ||||||||||||||
ENSCO 8504 | Semisubmersible DP | 8500/10000 | Shell | Mid 560s | Malaysia | May 15 | Assigned to Inpex in Malaysia Nov. 14 to Mar. 15. Plus cost adjustments. Plus approx. $8,000 per day for mobilization amortized Jul.13 to May 15 | |||||||
ENSCO 5006 | Semisubmersible - Conv Bingo 8,000 | 7000/7500 | Inpex/ Shipyard | Singapore | May 18 | Shipyard upgrades under contract for 40 month drilling program in Australia with estimated commencement Jan. 15, initially low 470s. Plus periodic rate increases resulting in low 500s average rate over drilling program. Plus estimate of approx. $230,000 per day amortized over the duration of the drilling program for capital upgrades and day rates during shipyard stay and mobilizations | ||||||||
ENSCO 5005 | Semisubmersible - Conv F & G Enhanced Pacesetter | 1500/1700 | PTTEP | Low 230s | Myanmar | Aug. 15 | Plus approx. $9,000 per day for upgrade costs and mobilization amortized Aug. 14 to Jul. 15. Plus one priced option for up to 2 wells | |||||||
Under Construction | ||||||||||||||
ENSCO DS-8 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Under construction/ Contracted | South Korea | 4Q20 | Contracted to Total in Angola from 4Q15 to 4Q20, initially high 610s. Plus periodic rate increases resulting in mid 650s average rate over drilling program. Plus mob fee of approx. $26 million to be amortized over primary contract term and one 1-year priced option | ||||||||
ENSCO DS-9 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Under construction/ Contracted | South Korea | 4Q18 | Contracted to ConocoPhillips in U.S. Gulf of Mexico from 4Q15 to 4Q18, low 550s. Plus mob fee of approx. $32 million to be amortized over primary contract term. Plus cost adjustments and two 1-year unpriced options | ||||||||
ENSCO DS-10 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Under construction | South Korea | 3Q15 | |||||||||
(1) For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.
(2) Estimated available date for rig after current and follow-on contracts (excluding option period) and shipyard stays have been completed. For newbuild rigs without a contract, the estimated available date is the
expected delivery date from the shipyard.
Page 4 of 11
| Ensco plc Fleet Status Report 16 December 2014 | |||||
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region / Rig | Design | Water Depth'(1) | Customer/ Status | Day Rate $000′s US | Location | Est. Avail(1) | Comments | |||||||
Jackups | ||||||||||||||
North & South America (excluding Brazil) | ||||||||||||||
U.S. Gulf of Mexico | ||||||||||||||
ENSCO 68 | MLT 84-CE | 400 | Chevron | Mid 140s | Gulf of Mexico | Jan. 15 | Planned inspection and maintenance for approx. 28 days in 2Q15. Day rate does not include certain extra reimbursable costs ----- | |||||||
ENSCO 75 | MLT Super 116-C | 400 | Renaissance | Low 130s | Gulf of Mexico | Jul. 15 | Next to Talos Jan. 15 to Jul. 15, low 130s | |||||||
ENSCO 81 | MLT 116-C | 350 | Chevron | Mid 140s | Gulf of Mexico | Feb. 15 | Planned maintenance for approx. 28 days in 1Q15 | |||||||
ENSCO 82 | MLT 116-C | 300 | Energy XXI | Low 100s | Gulf of Mexico | Jan. 15 | -----. -----. Planned inspection for approx. 10 days in 3Q15 | |||||||
ENSCO 86 | MLT 82 SD-C | 250 | Gulf of Mexico | |||||||||||
ENSCO 87 | MLT 116-C | 350 | Fieldwood | High 140s | Gulf of Mexico | Jan. 15 | ||||||||
ENSCO 90 | MLT 82 SD-C | 250 | Stacking Preparations | Gulf of Mexico | Rig beginning cold stack preparations | |||||||||
ENSCO 99 | MLT 82 SD-C | 250 | Gulf of Mexico | |||||||||||
Page 5 of 11
| Ensco plc Fleet Status Report 16 December 2014 | |||||
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region / Rig | Design | Water Depth'(1) | Customer/ Status | Day Rate $000′s US | Location | Est. Avail(2) | Comments | |||||||
Jackups | ||||||||||||||
Europe | ||||||||||||||
ENSCO 70 | Hitachi K1032N | 250 | RWE Dea | Mid 140s | UK | Feb. 17 | Planned shipyard upgrade for approx. 30 days in 1Q15. Then to Maersk in Denmark to Feb. 17, low 160s. Plus approx. $12,000 per day for capital upgrades amortized Feb. 15 to Feb. 17. Plus cost adjustments and three 1-year unpriced options | |||||||
ENSCO 71 | Hitachi K1032N | 225 | Maersk | Low 170s | Denmark | Jun. 15 | Planned inspection for approx. 23 days in 3Q15. Plus one 1-year priced option and one 1-year option at mutually agreed rate | |||||||
ENSCO 72 | Hitachi K1025N | 225 | Maersk | Low 170s | Denmark | Sep. 15 | Plus one 1-year priced option and one 1-year option at mutually agreed rate | |||||||
ENSCO 80 | MLT 116-CE | 225 | GDF | Mid 140s | UK | Apr. 17 | Plus cost adjustments and unpriced option | |||||||
ENSCO 92 | MLT 116-C | 225 | ConocoPhillips | Mid 160s | UK | Aug. 18 | -----. Rate decreases to low 150s in Jan. 15 | |||||||
ENSCO 100 | MLT 150-88-C | 350 | Ithaca | Mid 160s | UK | Mar. 18 | Planned inspection for approx. 30 days in 1Q15. Plus cost adjustments. Then to Premier in UK in direct continuation Apr. 15 to Mar. 18, mid 180s | |||||||
ENSCO 101 | KFELS MOD V-A | 400 | BP | High 210s | UK | Jan. 16 | Planned inspection for approx. 28 days in 1Q15. Plus cost adjustments and two 6-month unpriced options | |||||||
ENSCO 102 | KFELS MOD V-A | 400 | ConocoPhillips | Low 210s | UK | Jun. 16 | Rate firm for 8 wells (est. through Apr. 15) thereafter at low 210s. Plus cost adjustments and unpriced options | |||||||
ENSCO 120 | ENSCO 120 Series | 400 | Nexen | Mid 230s | UK | Nov. 15 | Plus approx. $13,000 per day for mobilization amortized Mar. 14 to Nov. 15. Plus cost adjustments and eleven 1-well options | |||||||
ENSCO 121 | ENSCO 120 Series | 400 | Wintershall | Low 230s | Netherlands | Jun. 16 | Plus approx. $11,000 per day for mobilization amortized Jun. 14 to Jun. 16. Plus one 1-year unpriced option | |||||||
ENSCO 122 | ENSCO 120 Series | 400 | NAM | Mid 230s | UK | Nov. 16 | Plus approx. $14,000 per day for mobilization amortized Nov. 14 to Nov. 16. Plus cost adjustments and two 1-year unpriced options | |||||||
Page 6 of 11
| Ensco plc Fleet Status Report 16 December 2014 | |||||
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region / Rig | Design | Water Depth'(1) | Customer/ Status | Day Rate $000′s US | Location | Est. Avail(2) | Comments | |||||||
Jackups | ||||||||||||||
Middle East | ||||||||||||||
ENSCO 53 | F&G L-780 Mod II-C | 300 | NDC | Low 100s | UAE | Feb. 16 | Plus two 1-year unpriced options | |||||||
ENSCO 54 | F&G L-780 Mod II-C | 300 | Saudi Aramco | Mid 110s | Saudi Arabia | Sep. 17 | Plus approx. $39,000 per day for upgrade costs and mobilization amortized Sep. 14 to Sep. 17. Plus one 1-year priced option | |||||||
ENSCO 58 | F&G L-780 Mod II | 250 | Saudi Aramco | Mid 60s | Saudi Arabia | Jan. 15 | ||||||||
ENSCO 76 | MLT Super 116-C | 350 | Saudi Aramco | High 150s | Saudi Arabia | Dec. 18 | Planned inspection for approx. 35 days in 4Q14/1Q15. Rate increases Dec. 15 to low 170s | |||||||
ENSCO 84 | MLT 82 SD-C | 250 | Saudi Aramco | Low 60s | Saudi Arabia | Mar. 19 | Planned inspection for approx. 32 days in 2Q15. Rate increases Jun. 15 to mid 70s. Rate increases Mar. 16 to mid 120s | |||||||
ENSCO 88 | MLT 82 SD-C | 250 | Saudi Aramco | Low 100s | Saudi Arabia | Nov. 16 | Plus one 1-year priced option | |||||||
ENSCO 91 | Hitachi Zosen Drill Hope C-150 | 270 | Saudi Aramco | High 60s | Saudi Arabia | Jan. 15 | Planned inspection for approx. 40 days in 1Q15. Plus one 1-year option, mid 90s | |||||||
ENSCO 94 | Hitachi 250-C | 250 | Saudi Aramco | Low 100s | Saudi Arabia | Jun. 16 | Planned inspection for approx. 14 days in 1Q15. Plus one 1-year priced option | |||||||
ENSCO 96 | Hitachi 250-C | 250 | Saudi Aramco | Low 60s | Saudi Arabia | Feb. 19 | Rate increases Feb. 15 to mid 70s. Rate increases Feb. 16 to mid 120s | |||||||
ENSCO 97 | MLT 82 SD-C | 250 | Saudi Aramco | Low 60s | Saudi Arabia | Feb. 19 | Rate increases late Jan. 15 to mid 70s. Rate increases late Jan. 16 to mid 120s | |||||||
Africa | ||||||||||||||
ENSCO 109 | KFELS MOD V-Super B | 350 | -----Contract Preparations | Angola | Dec. 17 | Next to Chevron in Angola late Dec. 14 to late Dec. 17, low 170s | ||||||||
Page 7 of 11
| Ensco plc Fleet Status Report 16 December 2014 | |||||
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region / Rig | Design | Water Depth'(1) | Customer/ Status | Day Rate $000′s US | Location | Est. Avail(2) | Comments | |||||||
Jackups | ||||||||||||||
Asia & Pacific Rim | ||||||||||||||
ENSCO 52 | F&G L-780 Mod II-C | 300 | Murphy | High 90s | Malaysia | Aug. 17 | Plus cost adjustments and one 1-year unpriced option | |||||||
ENSCO 56 | F&G L-780 Mod II-C | 300 | Pertamina | Mid 110s | Indonesia | Jul. 15 | Plus approx. $3,000 per day for mobilization amortized Jul. 13 to Jul. 15. Plus one 8-month unpriced option | |||||||
ENSCO 67 | MLT 84-CE | 400 | Pertamina | Mid 130s | Indonesia | Mar. 16 | Plus one 8-month unpriced option | |||||||
ENSCO 104 | KFELS MOD V-B | 400 | -----PVEP/Mobilizing | Mid 150s | -----Myanmar | Mar. 15 | Zero rate for approx. 22 days in 4Q14. -----. ----- | |||||||
ENSCO 105 | KFELS MOD V-B | 400 | Shell | Low 190s | China | Jun. 15 | Assigned to Shell in China late Nov. 14 to May 15. Then to Shell in Malaysia to Jun. 15, low 160s. Plus approx. $12,000 per day for capital upgrades amortized Nov.14 to Jun. 15 | |||||||
ENSCO 106 | KFELS MOD V-B | 400 | CPOC | Low 150s | Malaysia | Aug. 15 | Inspection and upgrade for approx. 25 days in 4Q14. Plus cost adjustments and two priced options of 90 days each and approx. $5,000 per day for mobilization amortized Nov.14 to Aug. 15 | |||||||
ENSCO 107 | KFELS MOD V-B | 400 | OMV | High 230s | New Zealand | Jun. 15 | Plus approx. $62,000 per day for contract preparations and mobilization to be amortized Mar. 14 to Feb. 15. Plus cost adjustments and one priced option of up to 90 days | |||||||
ENSCO 108 | KFELS MOD V-B | 400 | PTTEP | High 150s | Thailand | Apr. 17 | Plus cost adjustments and one 1-year priced option | |||||||
Page 8 of 11
| Ensco plc Fleet Status Report 16 December 2014 | |||||
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region / Rig | Design | Water Depth'(1) | Customer/ Status | Day Rate $000′s US | Location | Est. Avail(2) | Comments | |||||||
Jackups | ||||||||||||||
Under Construction | ||||||||||||||
ENSCO 140 | ENSCO 140 Series | 340/400 | Under construction | UAE | 2Q16 | |||||||||
ENSCO 141 | ENSCO 140 Series | 340/400 | Under construction | UAE | 3Q16 | |||||||||
ENSCO 123 | ENSCO 120 Series | 400 | Under construction | Singapore | 2Q16 | |||||||||
ENSCO 110 | KFELS MOD V-B | 400 | Under construction | Singapore | 1Q15 | |||||||||
(1) For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.
(2) Estimated available date for rig after current and follow-on contracts (excluding option period) and shipyard stays have been completed. For newbuild rigs without a contract, the estimated available date is the
expected delivery date from the shipyard.
Page 9 of 11
| Ensco plc Fleet Status Report 16 December 2014 | |||||
Monthly Changes: bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region / Rig | Design | Water Depth'(1) | Customer/ Status | Day Rate $000′s US | Location | Est. Avail(2) | Comments | |||||||
Other | ||||||||||||||
Drilling Management | ||||||||||||||
Thunder Horse | Deepwater Semisubmersible | 6000 | BP | Low 100s | U.S. Gulf of Mexico | Jan. 16 | Plus one 1-year priced options, plus cost adjustments | |||||||
Mad Dog | Deepwater Spar Drilling Rig | 4500 | BP | High 60s | U.S. Gulf of Mexico | Jan. 16 | Plus cost adjustments | |||||||
ENSCO 83 | MLT 82 SD-C | 250 | Pemex | Low 90s | Mexico | Oct. 16 | Planned inspection for approx. 14 days in 2Q15 | |||||||
ENSCO 89 | MLT 82 SD-C | 250 | Pemex | Low 90s | Mexico | Nov. 15 | Planned inspection for approx. 14 days in 4Q15 | |||||||
ENSCO 93 | MLT 82 SD-C | 250 | Pemex | Low 90s | Mexico | Jun. 15 | Planned inspection for approx. 14 days in 2Q15 | |||||||
ENSCO 98 | MLT 82 SD-C | 250 | Pemex | Low 90s | Mexico | Aug. 15 | Planned inspection for approx. 14 days in 3Q15 | |||||||
Discontinued Operations | ||||||||||||||
Held for Sale | ||||||||||||||
ENSCO 7500 | Semisubmersible DP | 7500/8000 | Cold Stacked | Spain | ||||||||||
ENSCO 6000 | Semisubmersible - DP Amethyst | 3400/4000 | Cold Stacked | Spain | ||||||||||
ENSCO 5002 | Semisubmersible - Conv Aker H-3 | 1000/3000 | Cold Stacked | Singapore | ||||||||||
ENSCO 5001 | Semisubmersible - Conv Sonat | 6500 | Warm Stacked | South Africa | ||||||||||
ENSCO 5000 | Semisubmersible - Conv Neptune Pentagon | 2300 | Cold Stacked | South Africa | ||||||||||
(1) For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.
(2) Estimated available date for rig after current and follow-on contracts (excluding option period) and shipyard stays have been completed. For newbuild rigs without a contract, the estimated available date is the
expected delivery date from the shipyard.
Page 10 of 11
| Ensco plc Fleet Status Report 16 December 2014 | |||||
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 previously acquired drilling contracts. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, the Company sometimes negotiates special rates, early terminations and/or day rate adjustments with customers that may reduce revenues recognized. Significant zero rate estimates are reflected in the comments section for the remainder of 2014 and 2015.
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 day rates including adjustments with the customer; 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; sale leaseback transactions; 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 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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