Valaris Ltd - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - April 27, 2017

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EX-10.3 - EXHIBIT 10.3 - Valaris Ltdesv-3312017xexhibit103.htm
EX-32.2 - EXHIBIT 32.2 - Valaris Ltdesv-3312017xexhibit322.htm
EX-32.1 - EXHIBIT 32.1 - Valaris Ltdesv-3312017xexhibit321.htm
EX-31.2 - EXHIBIT 31.2 - Valaris Ltdesv-3312017xexhibit312.htm
EX-31.1 - EXHIBIT 31.1 - Valaris Ltdesv-3312017xexhibit311.htm
EX-15.1 - EXHIBIT 15.1 - Valaris Ltdesv-3312017xexhibit151.htm
EX-10.7 - EXHIBIT 10.7 - Valaris Ltdesv-3312017xexhibit107.htm
EX-10.6 - EXHIBIT 10.6 - Valaris Ltdesv-3312017xexhibit106.htm
EX-10.5 - EXHIBIT 10.5 - Valaris Ltdesv-3312017xexhibit105.htm
EX-10.4 - EXHIBIT 10.4 - Valaris Ltdesv-3312017xexhibit104.htm
EX-10.2 - EXHIBIT 10.2 - Valaris Ltdesv-3312017xexhibit102.htm
EX-10.1 - EXHIBIT 10.1 - Valaris Ltdesv-3312017xexhibit101.htm
10-Q - 10-Q - Valaris Ltdesv-3312017x10q.htm
Exhibit 12.1


ENSCO PLC AND SUBSIDIARIES
Statement of Calculation of Ratios of Earnings to Fixed Charges
(In millions, except ratios)
(Unaudited)
 
Three Months Ended March 31, 2017
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
Earnings
 
 
 
 
 

 
 

 
 

 
 

Income (loss) from continuing operations before income tax
$
0.1

 
$
997.5

 
$
(1,471.2
)
 
$
(2,548.8
)
 
$
1,633.2

 
$
1,304.7

Fixed charges deducted from income (loss) from continuing operations
76.5

 
284.4

 
323.2

 
260.4

 
245.3

 
247.3

Amortization of capitalized interest
4.2

 
16.4

 
18.2

 
17.0

 
13.3

 
12.3

Less:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income tax attributable to noncontrolling interests
(1.2
)
 
(7.7
)
 
(10.5
)
 
(15.5
)
 
(9.7
)
 
(7.4
)
Interest capitalized
(16.8
)
 
(45.7
)
 
(87.4
)
 
(78.2
)
 
(67.7
)
 
(105.8
)
 
62.8

 
1,244.9

 
(1,227.7
)
 
(2,365.1
)
 
1,814.4

 
1,451.1

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness, including amortization of deferred loan costs
58.6

 
228.8

 
216.3

 
161.4

 
158.8

 
123.6

Estimated interest within rental expense
1.1

 
9.9

 
19.5

 
20.8

 
18.8

 
17.9

Fixed charges deducted from income (loss) from continuing operations
59.7

 
238.7

 
235.8

 
182.2

 
177.6

 
141.5

Interest capitalized
16.8

 
45.7

 
87.4

 
78.2

 
67.7

 
105.8

Total
$
76.5

 
$
284.4

 
$
323.2

 
$
260.4

 
$
245.3

 
$
247.3

 
 
 


 


 


 


 


Ratio of Earnings to Fixed Charges
0.8

 
4.4

 
(a)

 
(a)

 
7.4

 
5.9


(a)
For the years ended December 31, 2015 and December 31, 2014, our earnings were inadequate to cover our fixed charges by $1,550.9 million and $2,625.5 million, respectively. Net loss from continuing operations before income taxes of  $1,471.2 million and $2,548.8 million for the years ended December 31, 2015 and December 31, 2014 included a non-cash loss on impairment of $2,746.4 million and $4,218.7 million, respectively.


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