Valaris Ltd - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - April 26, 2018

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EX-32.2 - EXHIBIT 32.2 - Valaris Ltdesv-3312018xexhibit322.htm
EX-32.1 - EXHIBIT 32.1 - Valaris Ltdesv-3312018xexhibit321.htm
EX-31.2 - EXHIBIT 31.2 - Valaris Ltdesv-3312018xexhibit312.htm
EX-31.1 - EXHIBIT 31.1 - Valaris Ltdesv-3312018xexhibit311.htm
EX-15.1 - EXHIBIT 15.1 - Valaris Ltdesv-3312018xexhibit151.htm
10-Q - 10-Q - Valaris Ltdesv-3312018x10q.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, 2018
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
Earnings
 
 
 
 
 

 
 

 
 

 
 

Income (loss) from continuing operations before income tax
$
(122.0
)
 
$
(196.0
)
 
$
997.5

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

Fixed charges deducted from income (loss) from continuing operations
87.8

 
308.4

 
284.4

 
323.2

 
260.4

 
245.3

Amortization of capitalized interest
4.3

 
17.6

 
16.4

 
18.2

 
17.0

 
13.3

Less:
 
 
 
 
 
 
 
 
 
 
 
(Income) loss from continuing operations before income tax attributable to noncontrolling interests
0.4

 
0.6

 
(7.7
)
 
(10.5
)
 
(15.5
)
 
(9.7
)
Interest capitalized
(18.4
)
 
(72.5
)
 
(45.7
)
 
(87.4
)
 
(78.2
)
 
(67.7
)
 
(47.9
)
 
58.1

 
1,244.9

 
(1,227.7
)
 
(2,365.1
)
 
1,814.4

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness, including amortization of deferred loan costs
65.6

 
224.2

 
228.8

 
216.3

 
161.4

 
158.8

Estimated interest within rental expense
3.8

 
11.7

 
9.9

 
19.5

 
20.8

 
18.8

Fixed charges deducted from income (loss) from continuing operations
69.4

 
235.9

 
238.7

 
235.8

 
182.2

 
177.6

Interest capitalized
18.4

 
72.5

 
45.7

 
87.4

 
78.2

 
67.7

Total
$
87.8

 
$
308.4

 
$
284.4

 
$
323.2

 
$
260.4

 
$
245.3

Ratio of Earnings to Fixed Charges
(a)

 
(b)

 
4.4

 
(b)

 
(b)

 
7.4


(a) For the quarter ended March 31, 2018, our earnings were inadequate to cover our fixed charges by $135.7 million.
(b)
For the years ended December 31, 2017, December 31, 2015 and December 31, 2014, our earnings were inadequate to cover our fixed charges by $250.3 million, $1,550.9 million and $2,625.5 million, respectively. Net loss from continuing operations before income taxes of $196.0 million, $1,471.2 million and $2,548.8 million for the years ended December 31, 2017, December 31, 2015 and December 31, 2014, respectively, included a non-cash loss on impairment of $182.9 million, $2,746.4 million and $4,218.7 million, respectively.


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