Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Valaris Ltd | a07-18x168xkfsr.htm |
Exhibit 99.1
 | Ensco plc Fleet Status Report 18 July 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 | Available | ----- | U.S. Gulf of Mexico | ----- | ----- | |||||||
ENSCO 8500 | Semisubmersible DP | 8500/10000 | Preservation Stacked* | U.S. Gulf of Mexico | ||||||||||
ENSCO 8501 | Semisubmersible DP | 8500/10000 | Preservation Stacked* | U.S. Gulf of Mexico | ||||||||||
ENSCO 8502 | Semisubmersible DP | 8500/10000 | Preservation Stacked* | U.S. Gulf of Mexico | ||||||||||
ENSCO 8503 | Semisubmersible DP | 8500/10000 | Available | ----- | U.S. Gulf of Mexico | ----- | Sublet to Chevron by Stone Energy May 16 to Jun. 16, low 250s. Rate decreased to low 170s Jun. 16 to early Jul. 16. As previously disclosed, Ensco reached an agreement with Stone Energy to settle the customer’s remaining obligations under the ENSCO 8503 drilling services contract, subject to certain conditions. Please refer to Form 8-K filed with SEC on June 29, 2016 for additional details | |||||||
ENSCO 8505 | Semisubmersible DP | 8500/10000 | Marubeni | Low 150s | U.S. Gulf of Mexico | Aug. 16 | Customer has exercised right to early terminate the contract effective Aug. 16. ----- | |||||||
ENSCO 8506 | Semisubmersible DP | 8500/10000 | Available/Contracted | U.S. Gulf of Mexico | Contracted to Deep Gulf Energy Sep. 16 to mid Jan. 17, rate undisclosed | |||||||||
ENSCO 6001 | Semisubmersible - DP Megathyst | 5600 | Petrobras | High 270s | Brazil | Jun. 18 | Plus approx. $20,000 per day amortized through Jun. 18 for capital upgrades. Plus cost adjustments | |||||||
ENSCO 6002 | Semisubmersible - DP Megathyst | 5600 | Petrobras | Mid 240s | Brazil | Dec. 19 | Plus approx. $17,000 per day amortized through Dec. 19 for capital upgrades. Plus cost adjustments | |||||||
ENSCO 6003 | Semisubmersible - DP Megathyst | 5600 | Sold | Sold for scrap value. Sale price in line with net book value of rig | ||||||||||
ENSCO 6004 | Semisubmersible - DP Megathyst | 5600 | Sold | Sold for scrap value. Sale price in line with net book value of rig | ||||||||||
*Prior to stacking, upfront steps are taken to preserve the rig. This may include a quayside power source to dehumidify key equipment and/or provide electrical current to the hull to prevent corrosion. Also, certain equipment may be removed from the rig for storage in a temperature-controlled environment. While stacked, large equipment that remains on the rig is periodically inspected and maintained by Ensco personnel. These steps are designed to reduce time and lower cost to reactivate the rig when market conditions improve.
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| Ensco plc Fleet Status Report 18 July 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/ Contract Preparations | Low 360s | Egypt | Feb. 18 | -----. -----. Rig on standby rate of low 360s from mid May 16 to mid Aug. 16 during contract preparations. Then mid 480s operating rate mid 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 DS-4 | Drillship, DP3 Samsung | 10000/12000 | Preservation Stacked* | Spain | ||||||||||
ENSCO DS-5 | Drillship, DP3 Samsung | 10000/12000 | Preservation Stacked* | Spain | ||||||||||
ENSCO 5004 | Semisubmersible - Conv F & G Enhanced Pacesetter | 1500 | Mellitah | Mid 130s | Mediterranean | Jul. 18 | Rate increases 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 | Sold | Sold for scrap value. Sale price in line with net book value of rig | ||||||||||
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 | |||||||
*Prior to stacking, upfront steps are taken to preserve the rig. This may include a quayside power source to dehumidify key equipment and/or provide electrical current to the hull to prevent corrosion. Also, certain equipment may be removed from the rig for storage in a temperature-controlled environment. While stacked, large equipment that remains on the rig is periodically inspected and maintained by Ensco personnel. These steps are designed to reduce time and lower cost to reactivate the rig when market conditions improve.
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| Ensco plc Fleet Status Report 18 July 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. $91,000 per day amortized Mar. 16 to Jun. 16 for mobilization. Then contracted to Kangean in Indonesia Aug. 16 to late Oct. 16, mid 260s | |||||||
ENSCO 5006 | Semisubmersible - Conv Bingo 8,000 | 7000/7500 | INPEX | Mid 350s | Australia | Sep. 19 | Term extended by approx. 15 months with rate decreasing to mid 350s Jul. 16 to Sep. 19. Plus approx. $125,000 per day amortized through Aug. 19 for capital upgrades and day rates during shipyard stay and mobilizations | |||||||
ENSCO 5005 | Semisubmersible - Conv F & G Enhanced Pacesetter | 1500/1700 | Preservation Stacked* | Singapore | ||||||||||
ENSCO DS-9 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Available | See comments | Singapore | Under the terms of an agreement signed in May 2016, the customer made a lump sum payment in settlement and release of its ongoing early termination obligations. This amount covers the period from May 2016 through the originally contracted expiration date of 15 July 2017. In connection with this agreement, Ensco expects to recognize revenue of $185 million in second quarter 2016 | ||||||||
Under Construction | ||||||||||||||
ENSCO DS-10 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Under construction | South Korea | 1Q17 | |||||||||
*Prior to stacking, upfront steps are taken to preserve the rig. This may include a quayside power source to dehumidify key equipment and/or provide electrical current to the hull to prevent corrosion. Also, certain equipment may be removed from the rig for storage in a temperature-controlled environment. While stacked, large equipment that remains on the rig is periodically inspected and maintained by Ensco personnel. These steps are designed to reduce time and lower cost to reactivate the rig when market conditions improve.
(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 18 July 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 | Jul. 16 | ||||||||
ENSCO 75 | MLT Super 116-C | 400 | Talos/ Contracted | Low 40s | U.S. Gulf of Mexico | Sep. 16 | Contracted to Talos mid Jul. 16 to Sep. 16, low 40s. Then to Rooster Nov. 16 to Dec. 16, mid 40s | |||||||
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/Contracted | U.S. Gulf of Mexico | Contracted to Castex Sep. 16 to Oct. 16, low 50s | |||||||||
ENSCO 99 | MLT 82 SD-C | 250 | Cold Stacked | U.S. Gulf of Mexico | ||||||||||
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| Ensco plc Fleet Status Report 18 July 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 | Aug. 16 | ||||||||
ENSCO 80 | MLT 116-CE | 225 | GDF | Mid 140s | UK | Apr. 17 | Planned inspection for approx. 30 days in 4Q16. 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 | ----- | |||||||
ENSCO 101 | KFELS MOD V-A | 400 | BP | Mid 50s | UK | Aug. 16 | Contracted for accommodation work Jun. 16 to Aug. 16, mid 50s | |||||||
ENSCO 102 | KFELS MOD V-A | 400 | GDF | Mid 50s | UK | Aug. 16 | Contracted for accommodation work to mid Aug. 16 ----- | |||||||
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 | Mid 90s | Denmark | Aug. 16 | -----. Contracted from mid Jun. 16 to Jul. 16, mid 120s. Then rate decreases to mid 90s Jul. 16 to Aug. 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 | |||||||
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| Ensco plc Fleet Status Report 18 July 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 | Cold Stacked | ----- | UAE | ----- | ||||||||
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 1Q17. 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. Plus approx. $23,000 per day for upgrade costs amortized through Nov. 16. 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 | Aug. 16 | Operating rate Jan. 16 to Aug. 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 | Operating rate Feb.16 to mid Jul. 16, mid 80s. Special rate mid Jul.16 to Oct. 16, low 80s | |||||||
Africa | ||||||||||||||
ENSCO 109 | KFELS MOD V-Super B | 350 | Chevron | Low 170s | Angola | Jan. 18 | Planned inspection for approx. 20 days in 4Q16. Plus $13,000 per day for mobilization amortized through Jan. 18. Plus cost adjustments | |||||||
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| Ensco plc Fleet Status Report 18 July 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 | Mid 80s | Malaysia | Aug. 17 | Sublet to PCPP Aug. 16 to Sep. 16, high 90s. 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 | Based on letter of award, expect to work in Indonesia Dec. 16 to Oct. 17 | |||||||||
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 | Contract Preparations | Singapore | Mar. 17 | 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 18 July 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 | Jul.16 | |||||||||
ENSCO 141 | ENSCO 140 Series | 340/400 | Under construction | UAE | Aug.16 | |||||||||
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 | ----- | ----- | ----- | ----- | Drilling management charter ended in May 16. 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 18 July 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 | Sold | Sold for scrap value. Sale price in line with net book value of rig | ||||||||||
Discontinued Operations | ||||||||||||||
ENSCO 7500 | Semisubmersible DP | 7500/8000 | Cold Stacked | Spain | ||||||||||
ENSCO DS-2 | Drillship - DP Gusto 10,000 | 6000/10000 | Sold | Sold for scrap value. Sale price in line with net book value of rig | ||||||||||
ENSCO 90 | MLT 82 SD-C | 250 | Cold Stacked | U.S. Gulf of Mexico | ||||||||||
ENSCO 58 | F&G L-780 Mod II | 250 | Sold | Sold for scrap value. Sale price in line with net book value of rig | ||||||||||
(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 18 July 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 liquidity and 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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