Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Valaris Ltd | a04-11x168xkfsr.htm |
Exhibit 99.1
 | Ensco plc Fleet Status Report 11 April 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 Ensco’s Form 10-K filed 25 February 2016, Petrobras has asserted that the ENSCO DS-5 drilling services contract is void based on an allegation that Ensco’s subsidiary Pride had knowledge of and assisted a former third-party marketing consultant that procured and received improper payments from Samsung Heavy Industries, the shipbuilder of ENSCO DS-5, that were then paid to employees of Petrobras. We disagree with Petrobras’ assertions and have initiated arbitration proceedings in the UK against Petrobras and Samsung Heavy Industries in connection with the foregoing | |||||||
ENSCO 8500 | Semisubmersible DP | 8500/10000 | Cold Stacking Preparations | 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/Apache | Mid 250s | U.S. Gulf of Mexico | Aug. 17 | Sublet to Apache late Feb. 16 to late Apr. 16, mid 250s. Rate increases to low 290s late Apr. 16 to mid May 16, then low 340s from mid May 16 to Aug. 17 | |||||||
ENSCO 8505 | Semisubmersible DP | 8500/10000 | Marubeni | Low 150s | U.S. Gulf of Mexico | Jan. 18 | 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 11 April 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 approx. 9 days in 1Q16. 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 through 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 | |||||||
*As an update to our Form 10-K filed on 25 February 2016 with respect to ENSCO 6001 downtime that approached a limit that would allow our customer to terminate this rig contract, Ensco and Petrobras are in discussions regarding revised commercial terms for four rigs operating offshore Brazil - ENSCO 6001, ENSCO 6002, ENSCO 6003 and ENSCO 6004. Should final approval of these terms ultimately be received from our customer, it may result in a net reduction to contract revenue backlog of approximately $140 million for all four rigs collectively effective May 2016 and would reset the downtime on ENSCO 6001 to zero with respect to downtime that could trigger a potential future early termination.
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| Ensco plc Fleet Status Report 11 April 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 before mobilizing to Egypt to return to operations with BP . Move rate of mid 450s for May. 16 before returning to low 360s standby rate from late May 16 to Aug. 16. Then mid 480s operating rate Aug. 16 to Feb. 18. Plus approx. $102,000 per day amortized through Feb. 18. Plus ----- two 1-year options at mutually agreed rates | |||||||
ENSCO 5004 | Semisubmersible - Conv F & G Enhanced Pacesetter | 1500 | Mellitah | Mid 190s | Mediterranean | Jul. 18 | Based on letter of award with customer, term extended by 18 months with rate decrease to mid 130s Jul. 16 to Jan. 17, then rate increase to mid 190s Jan. 17 to Jul. 18. Plus approx. $9,000 per day for mobilization and reimbursable upgrades amortized through Jul. 18 | |||||||
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 | High 610s | 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 11 April 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 | Chevron | Low 270s | Indonesia | Oct. 16 | Plus approx. $73,000 per day amortized Mar. 16 to Jul. 16 for mobilization. Then contracted to Kangean in Indonesia Jul. 16 to late Oct. 16, mid 260s | |||||||
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 | Cold Stacked | ----- | Singapore | ----- | ----- | |||||||
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 11 April 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 | ||||||||
ENSCO 75 | MLT Super 116-C | 400 | Fieldwood | Mid 40s | U.S. Gulf of Mexico | Jun. 16 | Term shortened to Jun. 16 in compliance with contract provisions | |||||||
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 11 April 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 | Cold Stacked | UK | ||||||||||
ENSCO 71 | Hitachi K1032N | 225 | Maersk | Mid 90s | Denmark | Jul. 18 | ||||||||
ENSCO 72 | Hitachi K1025N | 225 | Maersk | Mid 90s | Denmark | Sep. 16 | Term shortened to Sep. 16 in compliance with contract provisions | |||||||
ENSCO 80 | MLT 116-CE | 225 | GDF | Mid 140s | UK | Apr. 17 | Planned inspection for approx. 30 days in 3Q16. Plus ----- one 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 | Nov. 18 | Rate decreases to low 140s mid Apr. 16 to mid May 16, then increases to mid 180s mid May 16 to Nov. 18 | |||||||
ENSCO 101 | KFELS MOD V-A | 400 | BP | Low 100s | UK | Jul. 16 | -----. ----- | |||||||
ENSCO 102 | KFELS MOD V-A | 400 | GDF | Mid 50s | UK | May 16 | Contracted for accommodation work to mid May 16. Plus three 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 | Rate decreases to mid 120s late Oct. 2016 to late Nov. 2016. Plus approx. $14,000 per day for mobilization amortized through Nov. 16. Plus cost adjustments and one 1-well unpriced option | |||||||
Page 6 of 11
| Ensco plc Fleet Status Report 11 April 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 | Apr. 16 | -----. ----- | |||||||
ENSCO 54 | F&G L-780 Mod II-C | 300 | Saudi Aramco | Low 90s/Mid 110s | Saudi Arabia | Sep. 17 | Operating rate Jan. 16 to year-end 2016, low 90s. Planned maintenance for approx. 12 days in 2Q16. Rate increases to mid 110s Jan. 17 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/Low 170s | Saudi Arabia | Dec. 18 | Operating rate Jan. 16 to year-end 2016, mid 120s. Rate increases to low 170s Jan. 17 to Dec. 18 | |||||||
ENSCO 84 | MLT 82 SD-C | 250 | Available | Bahrain | ||||||||||
ENSCO 88 | MLT 82 SD-C | 250 | Saudi Aramco | Mid 80s | Saudi Arabia | Nov. 16 | Operating rate Jan. 16 to Nov. 16, mid 80s. Planned inspection for approx. 14 days in 4Q16. Plus one 1-year priced option | |||||||
ENSCO 94 | Hitachi 250-C | 250 | Saudi Aramco | Mid 80s | Saudi Arabia | May 16 | Operating rate Jan. 16 to May 16, mid 80s. Plus one 1-year priced option | |||||||
ENSCO 96 | Hitachi 250-C | 250 | Saudi Aramco | Mid 60s/Mid 120s | Saudi Arabia | Feb. 19 | Operating rate Jan. 16 to year-end 2016, mid 60s. Rate increases to mid 120s Jan. 17 to Feb. 19 | |||||||
ENSCO 97 | MLT 82 SD-C | 250 | Saudi Aramco | Mid 60s/Mid 120s | Saudi Arabia | Feb. 19 | Operating rate Jan. 16 to year-end 2016, mid 60s. Rate increases to mid 120s Jan. 17 to Feb. 19 | |||||||
ENSCO 104 | KFELS MOD V-B | 400 | NDC | Mid 80s/Mid 90s | UAE | Sep. 18 | Operating rate Feb. 16 to year-end 2017, mid 80s. Planned inspection for approx. 75 days in 3Q16. Rate increases to mid 90s Jan. 18 to Sep. 18. Plus one 2-year unpriced option | |||||||
ENSCO 110 | KFELS MOD V-B | 400 | NDC | Mid 80s/Low 80s | UAE | Nov. 16 | Term shortened to Nov. 16 in compliance with contract provisions. Operating rate Feb. 16 to Oct. 16, mid 80s. Special rate of low 80s during Oct. 16 | |||||||
Africa | ||||||||||||||
ENSCO 109 | KFELS MOD V-Super B | 350 | Chevron | Low 170s | Angola | Jan. 18 | Planned inspection for approx. 20 days in 2Q16. Plus $13,000 per day for mobilization amortized through Jan. 18. Plus cost adjustments | |||||||
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| Ensco plc Fleet Status Report 11 April 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 | Cold Stacked | Singapore | ||||||||||
ENSCO 106 | KFELS MOD V-B | 400 | Available | Malaysia | ||||||||||
ENSCO 107 | KFELS MOD V-B | 400 | Available | ----- | Singapore | ----- | Contracted to Chevron in Australia from Sep. 16 to Mar. 17, high 120s. Plus six 1-month options | |||||||
ENSCO 108 | KFELS MOD V-B | 400 | PTTEP | Low 160s | Thailand | Apr. 17 | Plus one 1-year priced option | |||||||
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| Ensco plc Fleet Status Report 11 April 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 | |||||||||
Other | ||||||||||||||
Drilling Management | ||||||||||||||
Thunder Horse | Deepwater Semisubmersible | 6000 | BP | Mid 90s | U.S. Gulf of Mexico | Jan. 22 | Plus cost adjustments and five 1-year options | |||||||
Mad Dog | Deepwater Spar Drilling Rig | 4500 | BP | Low 60s | U.S. Gulf of Mexico | Jan. 22 | Rate decreases to mid 50s Jan. 17 to Jan. 22. Plus cost adjustments and five 1-year options | |||||||
ENSCO 83 | MLT 82 SD-C | 250 | Pemex | Low 90s | Mexico | Oct. 16 | ||||||||
(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 11 April 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 | Sold | ----- | Sold for $1 million. Book value equaled $1 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.
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| Ensco plc Fleet Status Report 11 April 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 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 or letters of award; 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 or letters of award; 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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