Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Valaris Ltd | a01-02x198xkfsr.htm |
Exhibit 99.1
 | Ensco plc Fleet Status Report 2 January 2019 | |||||
New Contracts and Extensions Floaters • ENSCO DS-10 contract with Shell offshore Nigeria extended by one year to March 2020• ENSCO 5004 contract with Mellitah in the Mediterranean Sea extended by two wells, with an estimated duration of six monthsJackups • ENSCO 123 awarded a two-well contract with Premier in the North Sea that is expected to commence in July 2019• ENSCO 123 awarded a four-well contract with Premier in the North Sea that is expected to commence in June 2020 (Ensco has the right to provide any ENSCO 120 Series rig to fulfill this contract)• ENSCO 100 awarded a one-well contract with Premier in the North Sea that is expected to commence in March 2020 (Ensco has the right to provide any ENSCO 120 Series rig to fulfill this contract)• ENSCO 76 contract with Saudi Aramco offshore Saudi Arabia extended by four years to December 2022• ENSCO 67 contract with Pertamina offshore Indonesia extended by 500 days to May 2020• ENSCO 102 awarded a one-well contract with Renaissance in the U.S. Gulf of Mexico that is expected to commence in April 2019Other • ENSCO DS-9 commenced a one-well contract with Total offshore French Guiana in December 2018• ENSCO 108 commenced a three-year contract with Saudi Aramco offshore Saudi Arabia in November 2018 | |
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| Ensco plc Fleet Status Report 2 January 2019 | |||||
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 | Mexico | Nov. 18 | Feb. 19 | Contracted for 100 days (estimated duration Nov. 18 to Feb. 19) | |||||||
ENSCO 8505 | Semisubmersible DP | 8500/10000 | Eni | U.S. GOM | Jan. 19 | Oct. 19 | Contracted for six wells in the U.S. GOM and for two wells in Mexico (estimated duration Jan. 19 to Oct. 19) | |||||||
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 DS-9 | Drillship, DP3 DSME | 12000 | Total | French Guiana | Dec. 18 | Mar. 19 | Contracted for one well (estimated duration Dec. 18 to Mar. 19) | |||||||
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 | |||||||
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| Ensco plc Fleet Status Report 2 January 2019 | |||||
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-7 | Drillship, DP3 Samsung | 10000/12000 | Noble Energy Available | Israel Cyprus | Apr. 18 | Dec. 18 | ----- | |||||||
ENSCO 5004 | Semisubmersible - Conv F & G Enhanced Pacesetter | 1500 | Mellitah | Mediterranean | Aug. 14 | Oct. 19 | Day rate of approx. $204,000 to Apr. 19, followed by undisclosed day rate for two wells (estimated duration Apr. 19 to Oct. 19) | |||||||
ENSCO DS-12 | Drillship, DP3 DSME | 12000 | Contract Preparations | Spain | Contracted to BP in Senegal for two wells (estimated duration Apr. 19 to Sep. 19). Plus four 1-well options | |||||||||
ENSCO DS-6 | Drillship, DP3 Samsung | 10000/12000 | Available | Spain | ||||||||||
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-8 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Total | Angola | Nov. 15 | Nov. 20 | Day rate of approx. $620,000, plus approx. $14,000 per day amortized through Nov. 20 for mobilization. Plus one 14-month priced option | |||||||
ENSCO DS-10 | Drillship, DP3 Samsung GF12000 | 10000/12000 | Shell | Nigeria | Mar. 18 | Mar. 20 | Plus four 1-year priced options | |||||||
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| Ensco plc Fleet Status Report 2 January 2019 | |||||
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 | Woodside | Australia | Feb. 18 | Sep. 19 | Contracted for 12 wells (estimated duration Feb. 18 to Sep. 19). Plus two 3-month options or one 3-month and one 6-month 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 8504 | Semisubmersible DP | 8500/10000 | Contract Preparations | Malaysia | Contracted to JAPEX in Japan for one well (estimated duration Apr. 19 to Jul. 19) | |||||||||
ENSCO MS-1 | Semisubmersible F&G ExD Millennium | 8200 | Available | Malaysia | ||||||||||
Under Construction | ||||||||||||||
ENSCO DS-13 | Drillship, DP3 DSME | 12000 | Under Construction | South Korea | Scheduled delivery date 3Q19. Upon delivery, final milestone payment of approx. $84 million and accrued interest charges may be financed through a promissory note that will bear interest at a rate of 5% per annum with a maturity date of December 30, 2022 | |||||||||
ENSCO DS-14 | Drillship, DP3 DSME | 12000 | Under Construction | South Korea | Scheduled delivery date 2Q20. Upon delivery, final milestone payment of approx. $165 million and accrued interest charges may be financed through a promissory note that will bear interest at a rate of 5% per annum with a maturity date of December 30, 2022 | |||||||||
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| Ensco plc Fleet Status Report 2 January 2019 | |||||
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 | Castex Fieldwood | U.S. GOM U.S. GOM | Aug. 18 Apr. 19 | Apr. 19 Jun. 19 | Contracted for three wells (estimated duration Aug. 18 to Apr. 19) Contracted for one well (estimated duration Apr. 19 to Jun. 19) | |||||||
ENSCO 75 | MLT Super 116-C | 400 | Talos | U.S. GOM | May 18 | Sep. 19 | Plus one 90-day option | |||||||
ENSCO 87 | MLT 116-C | 350 | Talos ExxonMobil | U.S. GOM U.S. GOM | Oct. 18 Nov. 18 | Nov. 18 Sep. 19 | Contracted for 13 wells (estimated duration Nov. 18 to Sep. 19) | |||||||
ENSCO 102 | KFELS MOD V-A | 400 | Arena Renaissance Fieldwood | U.S. GOM U.S. GOM U.S. GOM | Nov. 17 Apr. 19 May 19 | Apr. 19 May 19 Oct. 19 | Contracted for one well (estimated duration Apr. 19 to May 19). Plus one 1-well option Contracted for three wells (estimated duration May 19 to Oct. 19). Plus one 2-well option | |||||||
Page 5 of 10
| Ensco plc Fleet Status Report 2 January 2019 | |||||
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) | UK | ||||||||||
ENSCO 71 | Hitachi K1032N | 225 | Preservation Stacked(3) | UK | ||||||||||
ENSCO 72 | Hitachi K1025N | 225 | Petrofac Corallian | UK UK | Apr. 18 Nov. 18 | Oct. 18 Jan. 19 | Contracted for two wells (estimated duration Nov. 18 to Jan. 19) | |||||||
ENSCO 92 | MLT 116-C | 225 | ConocoPhillips | UK | Feb. 17 | Dec. 22 | ||||||||
ENSCO 100 | MLT 150-88-C | 350 | Available | UK | Contracted to Premier in the UK for one well (estimated duration Mar. 20 to May. 20). Plus two 1-well options(4) | |||||||||
ENSCO 101 | KFELS MOD V-A | 400 | Neptune | UK | Oct. 18 | Mar. 19 | Contracted for two wells (estimated duration Oct. 18 to Mar. 19). Plus unlimited unpriced options | |||||||
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 | UK | Jul. 17 | Jul. 20 | Plus two 1-year options | |||||||
ENSCO 121 | ENSCO 120 Series | 400 | Eni | UK | Dec. 18 | May 19 | Contracted for one well (estimated duration Dec. 18 to May 19) | |||||||
ENSCO 122 | ENSCO 120 Series | 400 | NAM | UK | Sep. 17 | May 19 | Contracted for five wells (estimated duration Sep. 17 to May 19). Plus various options through Dec. 20 | |||||||
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| Ensco plc Fleet Status Report 2 January 2019 | |||||
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 | Inspection for 70 days in 4Q18. 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. 22 | Day rate of approx. $127,000 to Dec. 18, followed by undisclosed day rate from Jan. 19 to Dec. 22 | |||||||
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 | |||||||
ENSCO 96 | Hitachi 250-C | 250 | Saudi Aramco | Saudi Arabia | Feb. 15 | Feb. 19 | Day rate of approx. $65,000. ----- | |||||||
ENSCO 97 | MLT 82 SD-C | 250 | Saudi Aramco | Saudi Arabia | Jan. 15 | Feb. 19 | Day rate of approx. $65,000. ----- | |||||||
ENSCO 104 | KFELS MOD V-B | 400 | ADNOC | UAE | Feb. 18 | May 19 | ||||||||
ENSCO 108 | KFELS MOD V-B | 400 | Saudi Aramco | Saudi Arabia | Nov. 18 | Nov. 21 | ||||||||
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 | Saudi Aramco | Saudi Arabia | Jul. 18 | Jun. 21 | ||||||||
ENSCO 141 | ENSCO 140 Series | 340/400 | Saudi Aramco | Saudi Arabia | Aug. 18 | Aug. 21 | ||||||||
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| Ensco plc Fleet Status Report 2 January 2019 | |||||
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 | 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 | May 20 | Rig idled from late Feb. 18 to Dec. 18. Contracted for 500 days (estimated duration Jan. 19 to May 20) | |||||||
ENSCO 105 | KFELS MOD V-B | 400 | Preservation Stacked(3) | Singapore | ||||||||||
ENSCO 106 | KFELS MOD V-B | 400 | BP | Indonesia | Jan. 18 | Jan. 23 | Plus 13 1-well priced options | |||||||
ENSCO 107 | KFELS MOD V-B | 400 | Quadrant Energy/ Vermilion Energy | Australia | May 18 | Jan. 19 | Contracted for 160 days with Quadrant (estimated duration May 18 to Oct. 18). Assigned to Vermilion for two wells (estimated duration Oct. 18 to Jan. 19). Plus two 1-well options with Quadrant thereafter | |||||||
ENSCO 113 | Pacific Class 400 | 400 | Cold Stacked | Philippines | ||||||||||
ENSCO 114 | Pacific Class 400 | 400 | Cold Stacked | Philippines | ||||||||||
ENSCO 115 | Pacific Class 400 | 400 | Contract Preparations | Malaysia | Contracted to Mubadala Petroleum in Thailand from 1Q19 to 4Q19. Plus one 2-month option and three 4-month options | |||||||||
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| Ensco plc Fleet Status Report 2 January 2019 | |||||
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 | Contract Preparations | Singapore | Contracted to Premier in the UK for two wells (estimated duration Jul. 19 to Oct. 19). Plus one 1-well option Contracted to Premier in the UK for four wells (estimated duration (Jun. 20 to Jul. 21). Plus three 1-well options(4) | |||||||||
Other | ||||||||||||||
Drilling Management | ||||||||||||||
Thunder Horse | Deepwater Semisubmersible | 6000 | BP | 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 | BP | U.S. GOM | Jan. 17 | Jan. 22 | Day rate of approx. $57,000, plus cost adjustments and five 1-year options | |||||||
(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.
(4) Ensco has the right to provide any ENSCO 120 Series rig to fulfill this contract.
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| Ensco plc Fleet Status Report 2 January 2019 | |||||
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 2018 and 2019.
Forward Looking Statements. 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, letters of award or other correspondence indicating an 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. and Rowan Companies plc; 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; our ability to enter into, and the terms of, future drilling contracts; the cancellation of letters of intent or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments or awards; 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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