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EX-31.1 - EXHIBIT 31.1 - Valaris Ltdesv-6302015xexhibit311.htm
EX-32.1 - EXHIBIT 32.1 - Valaris Ltdesv-6302015xexhibit321.htm
EX-32.2 - EXHIBIT 32.2 - Valaris Ltdesv-6302015xexhibit322.htm
EX-31.2 - EXHIBIT 31.2 - Valaris Ltdesv-6302015xexhibit312.htm
EX-15.1 - EXHIBIT 15.1 - Valaris Ltdesv-6302015xexhibit151.htm
10-Q - 10-Q - Valaris Ltdesv-6302015x10q.htm


ENSCO PLC AND SUBSIDIARIES
Statement of Calculation of Ratios of Earnings to Fixed Charges
(In millions, except ratios)
(Unaudited)
 
Six Months Ended June 30, 2015
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
Earnings
 
 
 
 
 

 
 

 
 

 
 

Income (loss) from continuing operations before income tax
$
736.6

 
$
(2,548.8
)
 
$
1,633.2

 
$
1,304.7

 
$
673.5

 
$
494.7

Fixed charges deducted from income from continuing operations
160.3

 
260.4

 
245.3

 
247.3

 
187.6

 
26.6

Amortization of capitalized interest
8.7

 
17.0

 
13.3

 
12.3

 
6.7

 
4.5

Less:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income tax attributable to noncontrolling interests
(6.8
)
 
(15.5
)
 
(9.7
)
 
(7.4
)
 
(5.8
)
 
(7.7
)
Interest capitalized
(46.4
)
 
(78.2
)
 
(67.7
)
 
(105.8
)
 
(80.2
)
 
(21.3
)
 
852.4

 
(2,365.1
)
 
1,814.4

 
1,451.1

 
781.8

 
496.8

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness, including amortization of deferred loan costs
103.6

 
161.4

 
158.8

 
123.6

 
95.9

 

Estimated interest within rental expense
10.3

 
20.8

 
18.8

 
17.9

 
11.5

 
5.3

Fixed charges deducted from income from continuing operations
113.9

 
182.2

 
177.6

 
141.5

 
107.4

 
5.3

Interest capitalized
46.4

 
78.2

 
67.7

 
105.8

 
80.2

 
21.3

Total
$
160.3

 
$
260.4

 
$
245.3

 
$
247.3

 
$
187.6

 
$
26.6

 
 
 


 


 


 


 


Ratio of Earnings to Fixed Charges
5.3

 
(a)

 
7.4

 
5.9

 
4.2

 
18.7


(a)
For the year ended December 31, 2014, our earnings were inadequate to cover our fixed charges by $2,625.5 million. Net loss from continuing operations before income taxes of $2,548.8 million for the year ended December 31, 2014 included a non-cash loss on impairment of $4,218.7 million recorded during the period.