Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Valaris Ltd | a02-22x178xkfsr.htm |
Exhibit 99.1
PLEASE NOTE: Going forward, Ensco does not expect to release day rates for new contracts in its fleet status reports. |
 | Ensco plc Fleet Status Report 22 February 2017 | |||||
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 8503 | Semisubmersible DP | 8500/10000 | Talos/ Stone/ W&T Offshore/Talos | Not Disclosed | U.S. Gulf of Mexico/Mexico | Aug. 17 | -----. Contracted to Talos mid Feb. 17 to late Feb. 17. Next to Stone late Feb. 17 to late Mar.17. Then to W&T Offshore Apr. 17 to May 17. Then to Talos in Mexico May 17 to Aug. 17 | |||||||
ENSCO 8505 | Semisubmersible DP | 8500/10000 | Deep Gulf Energy | Not Disclosed | U.S. Gulf of Mexico | Mar. 17 | Contracted to Deep Gulf Energy from mid Nov. 16 through the completion of three wells (est. late Mar. 17). Planned maintenance for 15 days in 4Q16 | |||||||
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 8506 | Semisubmersible DP | 8500/10000 | Preservation Stacked* | U.S. Gulf of Mexico | ||||||||||
ENSCO 6001 | Semisubmersible - DP Megathyst | 5600 | Petrobras | Mid 280s | Brazil | Jun. 18 | Zero rate for 10 days in 4Q16 and approx. 7 days in 1Q17. Plus approx. $20,000 per day amortized through Jun. 18 for capital upgrades. Plus cost adjustments | |||||||
ENSCO 6002 | Semisubmersible - DP Megathyst | 5600 | Petrobras | High 240s | Brazil | Dec. 19 | Plus approx. $17,000 per day amortized through Dec. 19 for capital upgrades. Plus cost adjustments | |||||||
*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 22 February 2017 | |||||
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 | Mid 480s | Egypt | 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 | Low 200s | Mediterranean | Jul. 18 | -----. Plus approx. $9,000 per day for mobilization and reimbursable upgrades amortized through Jul. 18 | |||||||
ENSCO DS-3 | Drillship, DP3 Samsung | 10000/12000 | Preservation Stacked* | Spain | ||||||||||
ENSCO DS-4 | Drillship, DP3 Samsung | 10000/12000 | Preservation Stacked* | Spain | ||||||||||
ENSCO DS-5 | Drillship, DP3 Samsung | 10000/12000 | Preservation Stacked* | Spain | ||||||||||
ENSCO DS-7 | Drillship, DP3 Samsung | 10000/12000 | Available | See Comments | Spain | Notice of early termination for convenience received from the customer with an effective date of early Nov. 16. For the first 90 days following the effective date, the daily termination fee is equal to the operating day rate of approx. $585,000. For the remaining term through Nov. 17, the daily termination fee is equal to approx. $439,000. If the rig is contracted to a third party, the day rate revenue received is deducted from the approx. $439,000 due from the original customer through Nov. 17. Plus approx. $90,000 per day amortized Aug. 16 to Oct. 16 for mobilization and capital upgrades | ||||||||
Africa | ||||||||||||||
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 22 February 2017 | |||||
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 | Available | Singapore | ||||||||||
ENSCO 5006 | Semisubmersible - Conv Bingo 8,000 | 7000/7500 | INPEX | Low 360s | Australia | Sep. 19 | Plus approx. $125,000 per day amortized through Aug. 19 for capital upgrades and day rates during shipyard stay and mobilizations | |||||||
ENSCO DS-9 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Available | Singapore | ||||||||||
ENSCO 5005 | Semisubmersible - Conv F & G Enhanced Pacesetter | 1500/1700 | Preservation Stacked* | Singapore | ||||||||||
Under Construction | ||||||||||||||
ENSCO DS-10 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Under construction | South Korea | 1Q19 | Scheduled delivery deferred by 24 months | ||||||||
*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 22 February 2017 | |||||
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 | Enven/ W&T Offshore | Low 60s | U.S. Gulf of Mexico | May 17 | Contracted to Fieldwood early Nov. 16 to early Feb. 17, mid 50s. Then to Enven early Feb. 17 to Apr. 17, low 60s. Then to W&T Offshore Apr. 17 to May 17 | |||||||
ENSCO 75 | MLT Super 116-C | 400 | Walter Oil & Gas | Not Disclosed | U.S. Gulf of Mexico | Aug. 17 | -----. -----. Contracted to Rooster mid Dec. 16 to late Jan. 17, mid 40s. Then to Walter Oil & Gas early Feb. 17 to late Jul. 17 | |||||||
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 | Talos | Not Disclosed | U.S. Gulf of Mexico | Jun. 17 | -----. -----. Contracted to Northstar late Jan. 17 to mid Feb. 17. Then to Talos Mar. 17 to mid Jun 17 | |||||||
ENSCO 99 | MLT 82 SD-C | 250 | Cold Stacked | U.S. Gulf of Mexico | ||||||||||
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| Ensco plc Fleet Status Report 22 February 2017 | |||||
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 | Planned inspection for approx. 21 days in 4Q17 | |||||||
ENSCO 72 | Hitachi K1025N | 225 | ENGIE | Mid 60s | Netherlands | Aug. 17 | -----. Plus various priced options of up to 460 days in total for ENSCO 72 and ENSCO 101 | |||||||
ENSCO 80 | MLT 116-CE | 225 | ENGIE/ Repsol-Sinopec | Low 70s | UK | Nov. 18 | Contracted to ENGIE mid Jan. 17 to Mar. 17, low 70s. Then to Repsol-Sinopec mid May 17 to mid Nov. 18 | |||||||
ENSCO 92 | MLT 116-C | 225 | ConocoPhillips | Mid 90s | UK | Aug. 18 | Planned inspection for approx. 23 days in 3Q17 | |||||||
ENSCO 100 | MLT 150-88-C | 350 | Premier | Mid 180s | UK | Nov. 18 | ||||||||
ENSCO 101 | KFELS MOD V-A | 400 | ENGIE | Mid 70s | Netherlands | Aug. 17 | -----. Plus various priced options of up to 460 days in total for ENSCO 72 and ENSCO 101 | |||||||
ENSCO 102 | KFELS MOD V-A | 400 | Available | UK | ||||||||||
ENSCO 120 | ENSCO 120 Series | 400 | Available | UK | ||||||||||
ENSCO 121 | ENSCO 120 Series | 400 | Wintershall | Not Disclosed | Denmark | Mar. 17 | Contract extension for accommodation work with Wintershall late Dec. 16 to late Feb. 17 | |||||||
ENSCO 122 | ENSCO 120 Series | 400 | Available/ Ithaca | Netherlands | Zero rate for 24 days in 4Q16. Plus approx. $14,000 per day for mobilization amortized through Nov. 16. Next to Ithaca in the UK Apr. 17 to late Aug. 17, low 100s | |||||||||
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| Ensco plc Fleet Status Report 22 February 2017 | |||||
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 54 | F&G L-780 Mod II-C | 300 | Saudi Aramco | Low 70s | Saudi Arabia | Sep. 22 | -----. Contract extended with Saudi Aramco Jan. 17 to Sep. 22, low 70s. Planned inspection for approx. 80 days in 3Q17. Plus approx. $5,000 per day for upgrade costs and mobilization amortized through Sep. 22. | |||||||
ENSCO 76 | MLT Super 116-C | 350 | Saudi Aramco | Mid 120s | Saudi Arabia | Dec. 18 | Operating rate to year-end 2017, mid 120s. Contract rate increases to low 170s Jan. 18 to Dec. 18 | |||||||
ENSCO 84 | MLT 82 SD-C | 250 | Saudi Aramco | Low 70s | Saudi Arabia | Aug. 21 | -----. Planned inspection for approx. 14 days in 4Q17 | |||||||
ENSCO 88 | MLT 82 SD-C | 250 | Saudi Aramco | Mid 60s | Saudi Arabia | Nov. 19 | Plus approx. $23,000 per day for upgrade costs amortized through Nov. 16 | |||||||
ENSCO 96 | Hitachi 250-C | 250 | Saudi Aramco | Mid 60s | Saudi Arabia | Feb. 19 | Operating rate to year-end 2017, mid 60s. Contract rate increases to mid 120s Jan. 18 to Feb. 19. Planned inspection for approx. 60 days in 3Q17 | |||||||
ENSCO 97 | MLT 82 SD-C | 250 | Saudi Aramco | Mid 60s | Saudi Arabia | Feb. 19 | Operating rate to year-end 2017, mid 60s. Contract rate increases to mid 120s Jan. 18 to Feb. 19. Planned inspection for approx. 21 days in 2Q17 | |||||||
ENSCO 104 | KFELS MOD V-B | 400 | NDC/ Wintershall | Mid 60s | UAE | Jan. 18 | Planned inspection and maintenance for 30 days in 4Q16. Then assigned to Wintershall from Nov. 16 through the completion of two wells (est. Dec. 17) | |||||||
ENSCO 110 | KFELS MOD V-B | 400 | Available | UAE | ||||||||||
ENSCO 140 | ENSCO 140 Series | 340/400 | Available | UAE | Daily warm stacking costs covered by the shipyard for up to two years | |||||||||
ENSCO 141 | ENSCO 140 Series | 340/400 | Available | UAE | Daily warm stacking costs covered by the shipyard for up to two years | |||||||||
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| Ensco plc Fleet Status Report 22 February 2017 | |||||
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 | ||||||||||||||
Africa | ||||||||||||||
ENSCO 109 | KFELS MOD V-Super B | 350 | Chevron | Low 170s | Angola | Jan. 18 | Plus $13,000 per day for mobilization amortized through Jan. 18. Plus cost adjustments | |||||||
Asia & Pacific Rim | ||||||||||||||
ENSCO 52 | F&G L-780 Mod II-C | 300 | Murphy/ PCPP | Mid 80s/ High 90s | Malaysia | Aug. 17 | Sublet to PCPP Jul. 16 to early Jan.17. 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 | Pertamina | Low 50s | Indonesia | Dec. 17 | -----. Plus one 1-year priced option | |||||||
ENSCO 105 | KFELS MOD V-B | 400 | Cold Stacked | Singapore | ||||||||||
ENSCO 106 | KFELS MOD V-B | 400 | Available/BP | Malaysia | Contracted to BP in Indonesia Nov. 17 to Nov 22. Plus 13 1-well priced options. | |||||||||
ENSCO 107 | KFELS MOD V-B | 400 | Chevron | Mid 130s | Australia | May 17 | Plus five 1-month options | |||||||
ENSCO 108 | KFELS MOD V-B | 400 | PTTEP | Low 160s | Thailand | Apr. 17 | ||||||||
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| Ensco plc Fleet Status Report 22 February 2017 | |||||
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 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 | Mid 50s | U.S. Gulf of Mexico | Jan. 22 | -----. Plus cost adjustments and five 1-year options | |||||||
Held for Sale | ||||||||||||||
Continuing Operations | ||||||||||||||
ENSCO 94 | Hitachi 250-C | 250 | 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 90 | MLT 82 SD-C | 250 | Cold Stacked | U.S. Gulf of Mexico | ||||||||||
(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 22 February 2017 | |||||
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 2017.
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; and cybersecurity risks and threats. 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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