Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Valaris Ltd | a02-16x168xkfsr.htm |
Exhibit 99.1
 | Ensco plc Fleet Status Report 16 February 2016 | |||||
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 | ||||||||||||||
ENSCO DS-3 | Drillship, DP3 Samsung | 10000/12000 | BP | Mid 470s | U.S. Gulf of Mexico | Jun. 16 | Plus cost adjustments | |||||||
ENSCO DS-4 | Drillship, DP3 Samsung | 10000/12000 | Available | U.S. Gulf of Mexico | ||||||||||
ENSCO DS-5 | Drillship, DP3 Samsung | 10000/12000 | Petrobras | See comments | U.S. Gulf of Mexico | Jul. 16 | As disclosed in 6 January 2016 SEC Form 8-K, Petrobras has asserted that the ENSCO DS-5 drilling services contract is void. We disagree with Petrobras' position and we intend to assert our legal rights under the contract | |||||||
ENSCO 8500 | Semisubmersible DP | 8500/10000 | Available | U.S. Gulf of Mexico | ||||||||||
ENSCO 8501 | Semisubmersible DP | 8500/10000 | Cold Stacked | U.S. Gulf of Mexico | ||||||||||
ENSCO 8502 | Semisubmersible DP | 8500/10000 | Cold Stacked | U.S. Gulf of Mexico | ||||||||||
ENSCO 8503 | Semisubmersible DP | 8500/10000 | Stone Energy | Low 340s | U.S. Gulf of Mexico | Aug. 17 | Sublet to Apache Mar. 16 to May 16, mid 250s | |||||||
ENSCO 8505 | Semisubmersible DP | 8500/10000 | Marubeni | Low 150s | U.S. Gulf of Mexico | Jan. 18 | Shipyard upgrade for 70 days in 4Q15. Contracted at various day rates between low 150s and low 210s depending on scope of work | |||||||
ENSCO 8506 | Semisubmersible DP | 8500/10000 | Available | ----- | U.S. Gulf of Mexico | ----- | ||||||||
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| Ensco plc Fleet Status Report 16 February 2016 | |||||
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 | ||||||||||||||
ENSCO 6001 | Semisubmersible - DP Megathyst | 5600 | Petrobras | Mid 340s | Brazil | Jun. 18 | Zero rate for 39 days in 4Q15. Plus approx. $20,000 per day amortized through Jun. 18 for capital upgrades. Plus cost adjustments | |||||||
ENSCO 6002 | Semisubmersible - DP Megathyst | 5600 | Petrobras | Mid 340s | Brazil | Ju1. 18 | -----. Plus approx. $25,000 per day amortized Sep. 15 to Jul. 18 for capital upgrades. Plus cost adjustments | |||||||
ENSCO 6003 | Semisubmersible - DP Megathyst | 5600 | Petrobras | Low 300s | Brazil | Jan. 17 | Eligible for bonus opportunity up to 15%, plus cost adjustments | |||||||
ENSCO 6004 | Semisubmersible - DP Megathyst | 5600 | Petrobras | Low 300s | Brazil | Oct. 16 | Eligible for bonus opportunity up to 15%, plus cost adjustments | |||||||
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| Ensco plc Fleet Status Report 16 February 2016 | |||||
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 DS-6 | Drillship, DP3 Samsung | 10000/12000 | BP | Low 360s | Spain | Feb. 18 | Rig on special standby rate. Plus approx. $102,000 per day amortized through 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 5004 | Semisubmersible - Conv F & G Enhanced Pacesetter | 1500 | Mellitah | High 290s | Mediterranean | Jan. 17 | -----. Plus approx. $26,000 per day for mobilization and reimbursable upgrades amortized through Jan. 17 | |||||||
ENSCO DS-1 | Drillship - DP Gusto 10,000 | 6000/10000 | Cold Stacked | Spain | ||||||||||
Africa | ||||||||||||||
ENSCO DS-7 | Drillship, DP3 Samsung | 10000/12000 | TOTAL | Mid 580s | Angola | Nov. 17 | Plus periodic rate increases and approx. $19,000 per day amortized through Nov. 17 for mobilization and capital upgrades. Plus one 1-year priced option | |||||||
ENSCO DS-8 | Drillship, DP3 Samsung GF12000 | 10000/12000 | TOTAL | Low 600s | Angola | Nov. 20 | -----. Plus periodic rate increases and approx. $14,000 per day amortized through Nov. 20 for mobilization. Plus one 1-year priced option | |||||||
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| Ensco plc Fleet Status Report 16 February 2016 | |||||
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 | Mobilizing/Contracted/Chevron | ----- | Jul. 16 | Mobilizing to Indonesia under contract. Expect to operate late Mar. 16 to early Jul. 16, low 270s. Lump sum fee of approx. $8 million for mobilization, acceptance testing and rig load out to be amortized over primary contract term | ||||||||
ENSCO 5006 | Semisubmersible - Conv Bingo 8,000 | 7000/7500 | INPEX | Mid 470s | Australia | May 18 | Plus approx. $206,000 per day amortized through May 18 for capital upgrades and day rates during shipyard stay and mobilizations | |||||||
ENSCO 5005 | Semisubmersible - Conv F & G Enhanced Pacesetter | 1500/1700 | Petronas Carigali | Mid 110s | Brunei | Feb. 16 | Contracted from late Dec. 15 to late Feb. 16 | |||||||
ENSCO DS-9 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Available | See comments | Singapore | Customer early terminated the contract effective 16 July 2015. Under the terms of the contract, our customer is obligated to pay us termination fees for two years equal to the operating day rate (approximately $550,000). This amount will be reduced pursuant to our obligation to mitigate idle rig costs, such as manning and maintenance activity, while the rig is idle and without a contract. We are in discussions with our customer on the amount of this reduction. Operating day rate may also be defrayed if we recontract the rig | ||||||||
Under Construction | ||||||||||||||
ENSCO DS-10 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Under construction | South Korea | 1Q17 | |||||||||
(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.
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| Ensco plc Fleet Status Report 16 February 2016 | |||||
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 | ||||||||||||||
North & South America | ||||||||||||||
ENSCO 68 | MLT 84-CE | 400 | Chevron | High 60s | U.S. Gulf of Mexico | May 16 | Inspection and maintenance for 28 days in 4Q15 | |||||||
ENSCO 75 | MLT Super 116-C | 400 | Fieldwood | Mid 40s | U.S. Gulf of Mexico | Jan. 17 | Contracted at various day rates between mid 40s and mid 50s depending on scope of work | |||||||
ENSCO 81 | MLT 116-C | 350 | Cold Stacked | U.S. Gulf of Mexico | ||||||||||
ENSCO 82 | MLT 116-C | 300 | Cold Stacked | U.S. Gulf of Mexico | ||||||||||
ENSCO 86 | MLT 82 SD-C | 250 | Cold Stacked | U.S. Gulf of Mexico | ||||||||||
ENSCO 87 | MLT 116-C | 350 | Available | U.S. Gulf of Mexico | ||||||||||
ENSCO 99 | MLT 82 SD-C | 250 | Cold Stacked | U.S. Gulf of Mexico | ||||||||||
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| Ensco plc Fleet Status Report 16 February 2016 | |||||
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 | Available | UK | ||||||||||
ENSCO 71 | Hitachi K1032N | 225 | Maersk | Mid 90s | Denmark | Jul. 18 | ||||||||
ENSCO 72 | Hitachi K1025N | 225 | Maersk | Mid 90s | Denmark | Sep. 18 | ||||||||
ENSCO 80 | MLT 116-CE | 225 | GDF | Mid 140s | UK | Apr. 17 | Planned inspection for approx. 30 days in 3Q16. Plus cost adjustments and unpriced option | |||||||
ENSCO 92 | MLT 116-C | 225 | ConocoPhillips | Mid 90s | UK | Aug. 18 | Special workover rate Jan. 16 to Jan. 17, mid 90s. Then rate to be mutually agreed annually thereafter Jan. 17 to Aug. 18 | |||||||
ENSCO 100 | MLT 150-88-C | 350 | Premier | Mid 180s | UK | Jun. 18 | ||||||||
ENSCO 101 | KFELS MOD V-A | 400 | BP | Low 150s | UK | Jul. 16 | -----. Option exercised and rate decreases to low 100s mid Feb. 16 to Jul 16. Plus ----- one 6-month unpriced option | |||||||
ENSCO 102 | KFELS MOD V-A | 400 | GDF | Mid 50s | UK | Apr. 16 | Contracted for accommodation work mid Dec. 15 to mid Apr. 16. Plus four 1-month priced options | |||||||
ENSCO 120 | ENSCO 120 Series | 400 | Nexen | Low 180s | UK | Aug. 16 | -----. -----. -----. Plus ----- two 1-well priced options and five 1-well unpriced options | |||||||
ENSCO 121 | ENSCO 120 Series | 400 | Wintershall | Low 230s | Denmark | Jun. 16 | -----. Plus approx. $10,000 per day for mobilization amortized through Jun. 16 ----- | |||||||
ENSCO 122 | ENSCO 120 Series | 400 | NAM | Low 230s | Netherlands | Nov. 16 | Plus approx. $14,000 per day for mobilization amortized through Nov. 16. Plus cost adjustments and two 1-year unpriced options | |||||||
Page 6 of 11
| Ensco plc Fleet Status Report 16 February 2016 | |||||
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 | Mid 90s | UAE | Mar. 16 | Plus two 1-year unpriced options. Planned inspection for approx. 21 days in 1Q16 | |||||||
ENSCO 54 | F&G L-780 Mod II-C | 300 | Saudi Aramco | Low 90s/TBD | Saudi Arabia | Sep. 17 | Revised operating rate Apr. 15 to year-end 2015, low 90s. In discussions with customer for operating rate Jan. 16 to Sep. 17. Plus approx. $39,000 per day for upgrade costs and mobilization amortized through Sep. 17. Plus one 1-year priced option | |||||||
ENSCO 76 | MLT Super 116-C | 350 | Saudi Aramco | Mid 120s/TBD | Saudi Arabia | Dec. 18 | Revised operating rate Apr. 15 to year-end 2015, mid 120s. In discussions with customer for operating rate Jan. 16 to Dec. 18 | |||||||
ENSCO 84 | MLT 82 SD-C | 250 | Available | ----- | Bahrain | ----- | ||||||||
ENSCO 88 | MLT 82 SD-C | 250 | Saudi Aramco | Mid 80s/TBD | Saudi Arabia | Nov. 16 | Revised operating rate Apr. 15 to year-end 2015, mid 80s. In discussions with customer for operating rate Jan. 16 to Nov. 16. Plus one 1-year priced option. Planned inspection for approx. 14 days in 4Q16 | |||||||
ENSCO 94 | Hitachi 250-C | 250 | Saudi Aramco | Mid 80s/TBD | Saudi Arabia | May 16 | Revised operating rate Apr. 15 to year-end 2015, mid 80s. In discussions with customer for operating rate Jan. 16 to May 16. Plus one 1-year priced option | |||||||
ENSCO 96 | Hitachi 250-C | 250 | Saudi Aramco | High 60s/TBD | Saudi Arabia | Feb. 19 | Revised operating rate Apr. 15 to year-end 2015, high 60s. In discussions with customer for operating rate Jan. 16 to Feb. 19 | |||||||
ENSCO 97 | MLT 82 SD-C | 250 | Saudi Aramco | High 60s/TBD | Saudi Arabia | Feb. 19 | Revised operating rate Apr. 15 to year-end 2015, high 60s. In discussions with customer for operating rate Jan. 16 to Feb. 19 | |||||||
ENSCO 104 | KFELS MOD V-B | 400 | NDC | Mid 90s | UAE | Sep. 18 | Plus one 2-year unpriced option | |||||||
ENSCO 110 | KFELS MOD V-B | 400 | NDC | Mid 110s | UAE | May 18 | Plus two 1-year unpriced options | |||||||
Africa | ||||||||||||||
ENSCO 109 | KFELS MOD V-Super B | 350 | Chevron | Low 170s | Angola | Feb. 18 | Planned inspection for approx. 30 days in 2Q16. Plus $13,000 per day for mobilization amortized through Jan. 18. Plus cost adjustments | |||||||
Page 7 of 11
| Ensco plc Fleet Status Report 16 February 2016 | |||||
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 | Planned inspection for approx. 28 days in 2Q16. Plus one 1-year unpriced option | |||||||
ENSCO 56 | F&G L-780 Mod II-C | 300 | Cold Stacked | Malaysia | ||||||||||
ENSCO 67 | MLT 84-CE | 400 | Available | Malaysia | ||||||||||
ENSCO 105 | KFELS MOD V-B | 400 | Available | Singapore | ||||||||||
ENSCO 106 | KFELS MOD V-B | 400 | Available | Malaysia | ||||||||||
ENSCO 107 | KFELS MOD V-B | 400 | STOS | Low 130s | New Zealand | Feb. 16 | Contracted to STOS from Nov. 15 to Feb. 16 for well intervention and platform support work. -----. Plus approx. $30,000 per day for contract preparations amortized through Feb. 16 | |||||||
ENSCO 108 | KFELS MOD V-B | 400 | PTTEP | Low 160s | Thailand | Apr. 17 | Plus one 1-year priced option | |||||||
Page 8 of 11
| Ensco plc Fleet Status Report 16 February 2016 | |||||
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 | 1Q18 | Scheduled delivery deferred by 19 months | ||||||||
Other | ||||||||||||||
Drilling Management | ||||||||||||||
Thunder Horse | Deepwater Semisubmersible | 6000 | BP | Mid 90s | U.S. Gulf of Mexico | Jan. 17 | Plus cost adjustments | |||||||
Mad Dog | Deepwater Spar Drilling Rig | 4500 | BP | Low 60s | U.S. Gulf of Mexico | Jan. 17 | Plus cost adjustments | |||||||
ENSCO 83 | MLT 82 SD-C | 250 | Pemex | Low 90s | Mexico | Oct. 16 | ||||||||
ENSCO 89 | MLT 82 SD-C | 250 | ----- | ----- | Mexico | ----- | Drilling rig management charter has ended. Completed re-inspection and delivered rig to owner | |||||||
(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.
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| Ensco plc Fleet Status Report 16 February 2016 | |||||
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 | |||||||
Held for Sale | ||||||||||||||
Continuing Operations | ||||||||||||||
ENSCO 91 | Hitachi Zosen Drill Hope C-150 | 270 | Cold Stacked | Bahrain | ||||||||||
Discontinued Operations | ||||||||||||||
ENSCO 7500 | Semisubmersible DP | 7500/8000 | Cold Stacked | Spain | ||||||||||
ENSCO DS-2 | Drillship - DP Gusto 10,000 | 6000/10000 | Cold Stacked | Spain | ||||||||||
ENSCO 6000 | Semisubmersible - DP Amethyst | 3400/4000 | Cold Stacked | Spain | ||||||||||
ENSCO 5001 | Semisubmersible - Conv Sonat | 6500 | Sold | ----- | Sold in 4Q15 for $2 million. Book value equaled $2 million | |||||||||
ENSCO 90 | MLT 82 SD-C | 250 | Cold Stacked | Gulf of Mexico | ||||||||||
ENSCO 58 | F&G L-780 Mod II | 250 | Cold Stacked | Bahrain | ||||||||||
(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 February 2016 | |||||
Definitions and Disclaimers
Day Rate and Terms. 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, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized. Significant zero rate estimates are reflected in the comments section for fourth quarter 2015 and 2016.
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; discussions with the customer; backlog; cost adjustments; utilization; estimated rig availability; expected work commitments and contracts; contract duration, status, terms and other contract commitments; letters of intent; 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; scheduled delivery dates for new rigs; and the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including commodity price fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations, relocations, severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; possible cancellation, suspension; repudiation; or termination of drilling contracts, including termination for convenience (without cause), as a result of mechanical difficulties, performance, customer finances, the decline or the perceived risk of a further decline in oil and/or natural gas prices, or other reasons; the cancellation of letters of intent or any failure to execute definitive contracts following announcements of letters of intent; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; our ability to realize the expected benefits from our redomestication and actual contract commencement dates; cybersecurity risks and threats; and the occurrence or threat of epidemic or pandemic diseases or any governmental response to such occurrence or threat. 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 contained herein speaks only as of the date of this Fleet Status Report, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.
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