Valaris Ltd - FORM 8-K - EX-99 - EXHIBIT 99

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8-K - 8-K - Valaris Ltd	a10-19x178xkfsr.htm

Exhibit 99.1



			Ensco plc Fleet Status Report 19 October 2017



New Contracts and Extensions Floaters • ENSCO DS-7 awarded a six-well contract with Noble Energy in the Mediterranean Sea that is expected to commence in March 2018 • ENSCO DS-12 (formerly Atwood Achiever) awarded a one-well contract with Kosmos Energy offshore Mauritania/Senegal in direct continuation of well in progress • ENSCO 8505 expected to work under a one-well contract in the U.S. Gulf of Mexico with estimated commencement in November 2017 Jackups • ENSCO 68 awarded a two-well contract with Byron Energy in the U.S. Gulf of Mexico that is expected to commence in November 2017 • ENSCO 75 awarded a one-well contract with Talos in the U.S. Gulf of Mexico that is expected to commence in February 2018 • ENSCO 109 contract with Chevron offshore Angola extended by one year to July 2019, following a five month standby period for customer convenience • ENSCO 67 contract with Pertamina offshore Indonesia extended by one year to December 2018 • ENSCO 101 contract with ENGIE in the North Sea extended by five months to January 2018 • ENSCO 115 (formerly Atwood Orca) contract with Mubadala Petroleum offshore Thailand extended by four months to August 2018 • ENSCO 72 contract with ENGIE in the North Sea extended by two months to December 2017 Other • ENSCO DS-4 commenced a two-year contract with Chevron offshore Nigeria during August 2017 • ENSCO DS-10 delivered from the shipyard in September 2017, prior to expected commencement of its maiden contract with Shell offshore Nigeria in March 2018 • ENSCO DS-7 returned to operations with Total offshore Ivory Coast during August 2017 • ENSCO 5004 returned to operations with Mellitah in the Mediterranean Sea during August 2017 • ENSCO 110 commenced a three-year contract with North Oil Company offshore Qatar during September 2017 • ENSCO 52 sold for scrap value

Page 1 of 11



			Ensco plc Fleet Status Report 19 October 2017



Atwood Acquisition On 6 October 2017, Ensco acquired Atwood Oceanics, Inc. adding 11 high-specification rigs to Ensco's fleet:
Floaters • ENSCO DS-11 (formerly Atwood Advantage) • ENSCO DS-12 (formerly Atwood Achiever) • ENSCO DS-13 (formerly Atwood Admiral) • ENSCO DS-14 (formerly Atwood Archer) • ENSCO DPS-1 (formerly Atwood Condor) • ENSCO MS-1 (formerly Atwood Osprey)	Jackups • ENSCO 111 (formerly Atwood Beacon) • ENSCO 112 (formerly Atwood Aurora) • ENSCO 113 (formerly Atwood Mako) • ENSCO 114 (formerly Atwood Manta) • ENSCO 115 (formerly Atwood Orca)

Page 2 of 11



			Ensco plc Fleet Status Report 19 October 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

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Floaters

North & South America

ENSCO 8503

Semisubmersible DP

8500/10000

Talos

U.S. GOM

Aug. 17

Nov. 17

ENSCO 8505

Semisubmersible DP

8500/10000

Contract Preparations

U.S. GOM

Expect to work in the U.S. Gulf of Mexico for one well (estimated duration Nov. 17 to Jan. 18). Plus three 1-well priced options

ENSCO 8500

Semisubmersible DP

8500/10000

Preservation Stacked⁽³⁾

U.S. GOM

ENSCO 8501

Semisubmersible DP

8500/10000

Preservation Stacked⁽³⁾

U.S. GOM

ENSCO 8502

Semisubmersible DP

8500/10000

Preservation Stacked⁽³⁾

U.S. GOM

ENSCO 8506

Semisubmersible DP

8500/10000

Preservation Stacked⁽³⁾

U.S. GOM

ENSCO 6001

Semisubmersible - DP Megathyst

5600

Petrobras

Brazil

Jun. 13

Jun. 18

Day rate of approx. $284,000, plus approx. $20,000 per day amortized through Jun. 18 for capital upgrades. Plus cost adjustments

ENSCO 6002

Semisubmersible - DP Megathyst

5600

Petrobras

Brazil

Jul. 13

Dec. 19

Day rate of approx. $248,000, plus approx. $17,000 per day amortized through Dec. 19 for capital upgrades. Plus cost adjustments

Page 3 of 11



			Ensco plc Fleet Status Report 19 October 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

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Floaters

Europe & Mediterranean

ENSCO DS-6

Drillship, DP3 Samsung

10000/12000

Egypt

Feb. 13

Feb. 18

Day rate of approx. $485,000, plus approx. $102,000 per day amortized through Feb. 18

ENSCO 5004

Semisubmersible - Conv F & G Enhanced Pacesetter

1500

Mellitah

Mediterranean

Aug. 14

Jul. 18

Day rate of approx. $204,000, plus approx. $9,000 per day for mobilization and reimbursable upgrades amortized through Jul. 18

ENSCO DS-11

Drillship, DP3

DSME

12000

Available

Spain

ENSCO DS-3

Drillship, DP3 Samsung

10000/12000

Preservation

Stacked⁽³⁾

Spain

ENSCO DS-5

Drillship, DP3 Samsung

10000/12000

Preservation

Stacked⁽³⁾

Spain

Africa

ENSCO DS-4

Drillship, DP3 Samsung

10000/12000

Chevron

Nigeria

Aug. 17

Aug. 19

Plus one 1-year priced option

ENSCO DS-7

Drillship, DP3 Samsung

10000/12000

Mobilizing

-----

Rig will continue to receive previously disclosed daily termination fee through Nov. 17. Contracted to Noble Energy in the Mediterranean for six wells (estimated duration Mar. 18 to Dec. 18). Plus two 2-well priced options

ENSCO DS-8

Drillship, DP3 Samsung GF12000

10000/12000

Total

Angola

Nov. 15

Nov. 20

Day rate of approx. $618,000, plus periodic rate increases and approx. $14,000 per day amortized through Nov. 20 for mobilization. Plus one 1-year priced option

ENSCO DS-12

Drillship, DP3

DSME

12000

Kosmos Energy

Mauritania/ Senegal

Oct. 17

Mar. 18

New one well contract to commence in direct continuation of well in progress (estimated duration Jan. 18 to Mar. 18). Plus six 1-well options

Page 4 of 11



			Ensco plc Fleet Status Report 19 October 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

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Floaters

Asia & Pacific Rim

ENSCO DPS-1

Semisubmersible DP

F&G ExD Millennium

10000

Contract Preparations

Singapore

Contracted to Woodside Energy in Australia for 12 wells (estimated duration Jan. 18 to Jul. 19)

ENSCO MS-1

Semisubmersible

F&G ExD Millennium

8200

Woodside Energy

Australia

Oct. 17

Mar. 18

Oct. 17

Jun. 18

Following current contract, contracted to Woodside Energy in Australia for one well (estimated duration Mar. 18 to Jun. 18). Plus one well option

ENSCO 5006

Semisubmersible - Conv Bingo 8,000

7000/7500

INPEX

Australia

Jan. 15

Aug. 19

Day rate of approx. $362,000, 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 8504

Semisubmersible DP

8500/10000

Available

Singapore

ENSCO 5005

Semisubmersible - Conv F & G Enhanced Pacesetter

1500/1700

Preservation Stacked⁽³⁾

Singapore

Under Construction

ENSCO DS-10

Drillship, DP3 Samsung GF12000

10000/12000

Delivered /

Contract Preparations

Singapore

Contracted to Shell in Nigeria from Mar. 18 to Mar. 19. Plus five 1-year priced options

ENSCO DS-13

Drillship, DP3

DSME

12000

Under Construction

South Korea

Scheduled delivery date 3Q19

ENSCO DS-14

Drillship, DP3

DSME

12000

Under Construction

South Korea

Scheduled delivery date 2Q20

Page 5 of 11



			Ensco plc Fleet Status Report 19 October 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

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Jackups

North & South America

ENSCO 68

MLT 84-CE

400

W&T Offshore

Byron Energy

U.S. GOM

Aug. 17

Nov. 17

Oct. 17

Jan. 18

Contracted for two wells (estimated duration Nov. 17 to Jan. 18). Plus one well option

ENSCO 75

MLT Super 116-C

400

Ankor

Talos

U.S. GOM

Aug. 17

Feb. 18

Oct. 17

Apr. 18

Contracted for one well (estimated duration Feb. 18 to Apr. 18). Plus one well option

ENSCO 87

MLT 116-C

350

Available

U.S. GOM

Contracted to Talos in the U.S. Gulf of Mexico for one well with expected commencement before Jun. 18

ENSCO 102

KFELS MOD V-A

400

Contract Preparations

U.S. GOM

Contracted to Arena in the U.S. Gulf of Mexico from Nov. 17 to Dec. 18. Plus one 90-day option

ENSCO 81

MLT 116-C

350

Cold Stacked

U.S. GOM

ENSCO 82

MLT 116-C

300

Cold Stacked

U.S. GOM

Page 6 of 11



			Ensco plc Fleet Status Report 19 October 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

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Jackups

Europe

ENSCO 70

Hitachi K1032N

250

Preservation

Stacked⁽³⁾

ENSCO 71

Hitachi K1032N

225

Available

ENSCO 72

Hitachi K1025N

225

ENGIE

Netherlands

Jan. 17

Dec. 17

Day rate of approx. $67,000. Plus various priced options for up to seven wells in total for ENSCO 72 and ENSCO 101

ENSCO 80

MLT 116-CE

225

Repsol-Sinopec

Jun. 17

Sep. 18

Contracted for 13 wells (estimated duration Jun. 17 to Sep. 18). Plus one 100-day option

ENSCO 92

MLT 116-C

225

ConocoPhillips

Feb. 17

Dec. 22

ENSCO 100

MLT 150-88-C

350

Premier

Jul. 15

Aug. 18

Day rate of approx. $185,000. Contracted for 18 wells (estimated duration Jul. 15 to Aug. 18). Plus four 3-well options

ENSCO 101

KFELS MOD V-A

400

ENGIE

Netherlands

Nov. 16

Jan. 18

Day rate of approx. $74,000. Plus various priced options for up to seven wells in total for ENSCO 72 and ENSCO 101

ENSCO 111

KFELS MOD V-B

400

Cold Stacked

Malta

ENSCO 112

MLT Super 116-E

350

Cold Stacked

Malta

ENSCO 120

ENSCO 120 Series

400

ConocoPhillips

Jul. 17

Jul. 20

Plus two 1-year options

ENSCO 121

ENSCO 120 Series

400

INEOS

Jul. 17

Mar. 18

Contracted for three wells (estimated duration Jul. 17 to Mar. 18). Plus five 1-well priced options

ENSCO 122

ENSCO 120 Series

400

NAM

Netherlands

Sep. 17

Mar. 18

Contracted for two wells (estimated duration Sep. 17 to Mar. 18). Plus various options through Dec. 20

Page 7 of 11



			Ensco plc Fleet Status Report 19 October 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

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Jackups

Middle East

ENSCO 54

F&G L-780 Mod II-C

300

Saudi Aramco

Saudi Arabia

Sep. 14

Sep. 22

Planned inspection for approx. 80 days in 1Q18. Day rate of approx. $72,000, plus approx. $5,000 per day for upgrade costs and mobilization amortized through Sep. 22

ENSCO 76

MLT Super 116-C

350

Saudi Aramco

Saudi Arabia

Jan. 15

Dec. 18

Planned inspection for approx. 14 days in 1Q18. Day rate of approx. $127,000 to year-end 2017. Day rate increases to approx. $170,000 Jan. 18 to Dec. 18

ENSCO 84

MLT 82 SD-C

250

Saudi Aramco

Saudi Arabia

Jan. 17

Aug. 21

Day rate of approx. $72,000

ENSCO 88

MLT 82 SD-C

250

Saudi Aramco

Saudi Arabia

Nov. 13

Nov. 19

Day rate of approx. $65,000. Plus one 1-year priced option

ENSCO 96

Hitachi 250-C

250

Saudi Aramco

Saudi Arabia

Feb. 15

Feb. 19

Planned inspection for approx. 30 days in 4Q17 and approx. 30 days in 1Q18. Day rate of approx. $65,000 to year-end 2017. Day rate increases to approx. $125,000 Jan. 18 to Feb. 19

ENSCO 97

MLT 82 SD-C

250

Saudi Aramco

Saudi Arabia

Jan. 15

Feb. 19

Planned inspection for approx. 21 days in 4Q17. Day rate of approx. $65,000 to year-end 2017. Day rate increases to approx. $125,000 Jan. 18 to Feb. 19

ENSCO 104

KFELS MOD V-B

400

Available

UAE

ENSCO 110

KFELS MOD V-B

400

North Oil Company

Qatar

Sep. 17

Sep. 20

Plus one 1-year priced option

ENSCO 140

ENSCO 140 Series

340/400

Available

UAE

ENSCO 141

ENSCO 140 Series

340/400

Available

UAE

Page 8 of 11



			Ensco plc Fleet Status Report 19 October 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

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Jackups

Africa

ENSCO 109

KFELS MOD V-Super B

350

Chevron

Angola

Dec. 14

Jul. 19

In conjunction with one year extension of contract, rig to go on standby day rate of $20,000 from mid Oct. 17 to mid Mar. 18. Then planned inspection for approx. 30 days from mid Mar. 18 to mid Apr. 18. Next return to day rate of approx. $172,000 from mid Apr. 18 to Jul. 18, followed by undisclosed day rate from Aug. 18 to Jul. 19

Asia & Pacific Rim

ENSCO 67

MLT 84-CE

400

Pertamina

Indonesia

Dec. 16

Dec. 18

ENSCO 105

KFELS MOD V-B

400

Preservation
Stacked⁽³⁾

Singapore

ENSCO 106

KFELS MOD V-B

400

Contract Preparations

Singapore

Contracted to BP in Indonesia from Dec. 17 to Dec. 22. Plus 13 1-well priced options

ENSCO 107

KFELS MOD V-B

400

Available

Singapore

ENSCO 108

KFELS MOD V-B

400

Available

Singapore

ENSCO 113

Pacific Class 400

400

Cold Stacked

Philippines

ENSCO 114

Pacific Class 400

400

Cold Stacked

Philippines

ENSCO 115

Pacific Class 400

400

Mubadala Petroleum

Thailand

Oct. 17

Aug. 18

Plus two 4-month priced options

Page 9 of 11



			Ensco plc Fleet Status Report 19 October 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

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Jackups

Under Construction

ENSCO 123

ENSCO 120 Series

400

Under construction

Singapore

Scheduled delivery date 1Q18

Other

Drilling Management

Thunder Horse

Deepwater Semisubmersible

6000

U.S. GOM

Jan. 17

Jan. 22

Day rate of approx. $95,000, plus cost adjustments and five 1-year options

Mad Dog

Deepwater Spar Drilling Rig

4500

U.S. GOM

Jan. 17

Jan. 22

Day rate of approx. $57,000, plus cost adjustments and five 1-year options

Held for Sale

Continuing Operations

ENSCO 52

F&G L-780 Mod II-C

300

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

⁽¹⁾ For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.

⁽²⁾ Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.

⁽³⁾ 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 the time and lower cost to reactivate the rig when market conditions improve.

Page 10 of 11



			Ensco plc Fleet Status Report 19 October 2017

Additional Information Regarding this Fleet Status Report

Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and 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. Ensco announced in its Fleet Status Report dated 22 February 2017 that going forward it does not expect to release day rates for new contracts in its Fleet Status Reports. Significant zero rate estimates are reflected in the comments section for 2017 and 2018.

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; costs and difficulties related to the integration of Atwood Oceanics, Inc.; 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 or other expected work commitments; 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.

Page 11 of 11

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