95% Operational Utilization and Excellent
Safety Performance
ENSCO DS-8 Contracted with Total in Angola for
Five-Year Term
ENSCO 121 Commenced Initial Contract with
Wintershall in North Sea
ENSCO 122 Delivered Ahead of Schedule and On
Budget
High-Grading Continues: Ordered Two ENSCO 140
Series Rigs, Sold One Jackup and Will Sell Five Floaters Now Held
For Sale
$1.5 Billion Non-Cash Impairment Charge Taken
for Eight Floaters: Four Held For Sale in Discontinued Operations
and Four in Continuing Operations
Ensco plc (NYSE: ESV) today reported a loss of $5.07 per diluted
share in second quarter 2014 compared to earnings of $1.55 per
diluted share in second quarter 2013. The loss from discontinued
operations for second quarter 2014, which includes a $546 million
pre-tax loss on impairment for four floaters that are now held for
sale, was $2.38 per share compared to a gain of $0.07 per share in
second quarter 2013. The loss from continuing operations in second
quarter 2014 was $2.69 per share, compared to earnings from
continuing operations of $1.48 per share in second quarter 2013.
Excluding a loss on impairment for four floaters in continuing
operations totaling $992 million, or $4.27 per share, second
quarter earnings from continuing operations were $1.58 per share,
compared to $1.48 per share in second quarter 2013.
Chief Executive Officer and President Carl Trowell said, “Our
focus on operational excellence and safety has yielded very good
results with 95% operational utilization for the quarter and a
total recordable incident rate year to date that is even better
than our record safety performance in 2013. We ended the quarter
with near-record revenue backlog for our jackup fleet given
positive contracting across several regions, however, market
conditions for floating rigs have become more challenging. We
believe the fundamental drivers of long-term demand for newer, more
technologically-advanced floaters are still favorable and our
recent contracts for ENSCO DS-8 and ENSCO DS-9 are great examples.
Regardless of what the market brings, Ensco’s strategy of offering
differentiated rig designs and drilling services, coupled with our
strong financial position, give us a competitive advantage.”
Mr. Trowell continued, “Our capital projects team successfully
managed the delivery of ENSCO 122 ahead of schedule and ENSCO 121
has commenced its initial contract for Wintershall in the North
Sea. Given our positive outlook for key shallow water markets where
Ensco has the number one position, we ordered two ENSCO 140 Series
jackups. These rigs have enhanced operational capabilities as well
as our patented Canti-Leverage AdvantageSM technology that will
translate into significant logistical efficiencies and cost savings
for customers.”
“Fleet high-grading during the quarter also included our
decision to sell five floaters with an average age of 32 years,”
added Mr. Trowell. “This decision followed an in-depth review of
our fleet given more challenging floater market conditions,
particularly for older midwater rigs. These actions will allow us
to more quickly reduce expenses and focus on our go-forward fleet
of floaters that has an average age of just nine years. As part of
our fleet review, we recorded a $1.5 billion non-cash impairment
charge during the quarter for eight floaters.”
Second Quarter Results
“The loss of $5.07 per diluted share in second quarter 2014
reflects write-downs to the carrying values of eight floaters
following a comprehensive review of our fleet in light of more
challenging market conditions,” said EVP and Chief Financial
Officer Jay Swent. “When you exclude the impact of our decision to
sell five rigs, the impairment charges and the gain on sale of
ENSCO 85, earnings per share were $1.35 in second quarter
2014.”
As detailed below, impairment charges in continuing operations
and discontinued operations totaled $6.47 per share in second
quarter 2014. Depreciation expense was reduced by a total of $0.04
per share in connection with these impairment charges and there was
a $0.01 per share gain on the sale of ENSCO 85. Excluding these
items from the reported loss of $5.07 per diluted share, earnings
were $1.35 per share in second quarter 2014.
Mr. Swent continued, “Since the $1.5 billion impairment charge
is a non-cash item, it did not reduce cash flows from operating
activities that totaled nearly $1 billion for the first six months
of 2014.”
Continuing Operations
Excluding a loss on impairment for four floaters in continuing
operations totaling $992 million, or $4.27 per share, second
quarter earnings from continuing operations were $1.58 per share,
compared to $1.48 per share in second quarter 2013.
Revenues grew 6% to $1.203 billion in second quarter 2014, up
from $1.130 billion a year ago, due to the addition of ENSCO DS-7,
ENSCO 120 and ENSCO 121 to the active fleet. The average day rate
for the fleet increased 7% to $242,000.
Reported utilization, which includes the impact of uncontracted
rigs and planned downtime, declined to 85% from 87% in second
quarter 2013. The decline was due to year-over-year increases in
shipyard upgrade projects and uncontracted rigs. Adjusted for
uncontracted rigs and planned downtime such as rig upgrades and
surveys, operational utilization increased to 95% in second quarter
2014, up from 94% a year ago.
Contract drilling expense increased 9% to $576 million, compared
to $527 million a year ago. This increase was due mostly to adding
three new rigs to the active fleet, as well as a previously
anticipated increase in unit labor costs.
Second quarter 2014 results included a loss on impairment of
$992 million, or $4.27 per share, related to four floaters
remaining in continuing operations: ENSCO DS-1, ENSCO DS-2, ENSCO
5004 and ENSCO 5005.
Depreciation expense was $139 million compared to $132 million
in second quarter 2013. The $7 million increase was mostly due to
adding three rigs to the active fleet, partially offset by a $3
million, or $0.01 per share, reduction in depreciation expense
related to lower carrying values for four assets impaired during
second quarter 2014.
General and administrative expense was $36 million in second
quarter 2014, unchanged from a year ago. Interest expense in second
quarter 2014 was $36 million, net of $19 million of interest that
was capitalized, compared to interest expense of $44 million in
second quarter 2013, net of $13 million of interest that was
capitalized.
Excluding the loss on impairment in continuing operations, the
effective tax rate was 11.4% compared to 12.2% a year ago.
Discontinued Operations
The net loss from discontinued operations for second quarter
2014 was $2.38 per share compared to net income of $0.07 per share
a year ago. These results included five floaters classified as held
for sale, four of which had a pre-tax loss on impairment totaling
$546 million, or $2.20 per share, in second quarter 2014. Three of
these rigs - ENSCO 5000, ENSCO 5001 and ENSCO 5002 - were built
prior to 1976, and a fourth, ENSCO 6000, is a workover unit without
a drilling package. The fifth rig, ENSCO 7500, had no loss on
impairment.
Depreciation expense on the four held-for-sale rigs classified
in discontinued operations was reduced by approximately $0.03 per
share in second quarter 2014 due to writing down the carrying
values of these rigs.
Second quarter 2014 discontinued operations includes a $0.01 per
share gain on the sale of ENSCO 85. Second quarter 2013
discontinued operations includes the results of two jackup rigs,
ENSCO 69 and the Wisconsin, sold in first quarter 2014 that were
reclassified to discontinued operations, as well as ENSCO 85.
Excluding the $2.20 per share loss on impairment and $0.01 per
share gain on the sale of ENSCO 85 noted above, the net loss from
discontinued operations was $0.19 per share in second quarter 2014
compared to earnings of $0.07 per share a year ago.
Segment Highlights
Floaters
Floater revenues grew 1% to $721 million in second quarter 2014
from $717 million a year ago, primarily due to ENSCO DS-7
commencing its initial contract. The average day rate increased 11%
to $479,000 from $430,000 in second quarter 2013.
Reported utilization declined to 77% from 87% a year ago, mostly
due to shipyard upgrades and surveys. ENSCO 5004 and ENSCO 5006,
which operated during second quarter 2013, were undergoing major
shipyard upgrades in preparation for multi-year contracts
commencing later this year. ENSCO 8503 was contracted for a partial
quarter in second quarter 2014 compared to a full quarter a year
ago. Adjusted for uncontracted rigs and planned downtime,
operational utilization improved to 93% from 92% last year.
Floater contract drilling expense was $330 million in second
quarter 2014, up 9% from $303 million in second quarter 2013,
primarily due to the commencement of drilling operations for ENSCO
DS-7 in fourth quarter 2013. As noted above, second quarter 2014
floater results included a loss on impairment of $992 million.
Jackups
Jackup revenues grew 19% to $466 million, up from $393 million a
year ago. The increase was mostly due to a $12,000 increase in the
average day rate to $134,000. A full quarter of operations for
ENSCO 120 and a partial quarter of operations for ENSCO 121 also
contributed to this increase.
Reported utilization was 89%, compared to 87% in second quarter
2013, as the number of planned days for shipyard upgrades or
inspections declined year to year. Adjusted for uncontracted rigs
and planned downtime, operational utilization in second quarter
2014 was 99%, unchanged from a year ago.
Contract drilling expense increased 12% to $234 million, mostly
due to the commencement of drilling operations for ENSCO 120 during
first quarter 2014 and ENSCO 121 during second quarter 2014. A
previously anticipated increase in labor costs also contributed to
this increase. The jackup segment had no loss on impairment.
Other
Other is composed of managed drilling rig operations. The
expiration of a managed drilling contract during third quarter 2013
caused revenues and contract drilling expense to decline year to
year. Revenues decreased to $17 million from $20 million in second
quarter 2013. Contract drilling expense declined to $12 million
from $16 million a year ago.
Second Quarter
(in millions of $,
Floaters
Jackups Other
ReconcilingItems
Consolidated Total except %)
2014
2013 Chg 2014
2013 Chg
2014 2013 Chg
2014 2013
2014 2013 Chg
Revenues
720.6 716.9 1 %
465.9 393.1 19 %
16.5 20.3 (19 )%
— —
1,203.0 1,130.3 6 %
Operating expenses Contract drilling
330.3 302.6 9 %
234.0 208.6 12 %
11.7 16.0 (27 )%
— —
576.0 527.2 9 % Loss on impairment
991.5 — — %
— — — %
— — —
— —
991.5 — — %
Depreciation
93.2 91.7 2 %
44.1 38.7 14 %
— —
—
2.1 1.6
139.4 132.0 6 % General and admin.
—
— —
— — —
— — —
36.2 36.4
36.2 36.4 (1 )%
Operating (loss) income
(694.4 ) 322.6 (315 )%
187.8 145.8 29 %
4.8 4.3 12 %
(38.3 ) (38.0 )
(540.1 ) 434.7
(224 )%
Strong Financial Position - 30 June 2014
Ensco maintained a strong financial position:
- $11 billion of contracted revenue
backlog excluding bonus opportunities
- Long-term debt-to-capital ratio of
29%
- $2.0 billion in available revolving
credit facility
- $145 million of cash and cash
equivalents
Mr. Swent added, “We remain committed to our $3.00 per share
annualized dividend and continue to have significant financial
flexibility with $11 billion of contracted revenue backlog and a
leverage ratio under 30% - even as we grow our fleet with seven
rigs under construction.”
Mr. Swent concluded, “Our decision to sell five additional rigs
as part of our high-grading strategy will drive down expenses for
these rigs more quickly. While second quarter 2014 results were
negatively influenced by a non-cash loss on impairment, this has no
impact on our liquidity and we believe we are well positioned to
capitalize on future demand in the deepwater and ultra-deepwater
markets with our remaining fleet of 24 high-quality floaters in
continuing operations.”
Ensco will conduct a conference call at 10:00 a.m. Central Time
(4:00 p.m. London time) on Thursday, 31 July 2014, to discuss
second quarter 2014 results. The call will be webcast live at
www.enscoplc.com. Interested parties
may listen to the call by dialing (866) 652-5200 from within the
United States and +1 (412) 317-6060 from outside the U.S. Please
ask for the Ensco conference call. It is recommended that
participants call fifteen minutes before the scheduled start
time.
A replay of the conference call will be available by telephone
one hour after the completion of the call through 21 August 2014 by
dialing (877) 344-7529 or, if calling from outside the U.S. +1
(412) 317-0088 (conference ID 10047652). A webcast replay, MP3
download and transcript of the call will be available at
www.enscoplc.com.
Ensco plc (NYSE: ESV) brings energy to the world as a global
provider of offshore drilling services to the petroleum industry.
For more than 25 years, the company has focused on operating safely
and going beyond customer expectations. Ensco is ranked first in
total customer satisfaction in the latest independent survey by
EnergyPoint Research - the fourth consecutive year that Ensco has
earned this distinction. Operating one of the newest
ultra-deepwater rig fleets and the largest premium jackup fleet,
Ensco has a major presence in the most strategic offshore basins
across six continents. In terms of dividend yield, Ensco is among
the top dividend payers of S&P 500® companies. Ensco plc is an
English limited company (England No. 7023598) with its registered
office and corporate headquarters located at 6 Chesterfield
Gardens, London W1J 5BQ. To learn more, visit our website at
www.enscoplc.com.
Statements contained in this press release 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 regarding expected financial performance,
effective tax rate, day rates and backlog; the timing of delivery,
mobilization, contract commencement, relocation or other movement
of rigs; and general market, business and industry conditions,
trends and outlook. Such statements are subject to numerous risks,
uncertainties and assumptions that may cause actual results to vary
materially from those indicated, including 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 or suspension of drilling
contracts as a result of mechanical difficulties, performance,
customer finances or other reasons; 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; our
ability to realize the expected benefits from our redomestication
and actual contract commencement dates. 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 speaks only as of the date of the
particular statement, and we undertake no obligation to publicly
update or revise any forward-looking statements, except as required
by law.
ENSCO PLC AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in millions, except per share
amounts)(Unaudited)
Three Months EndedJune
30,
Six Months EndedJune 30,
2014
2013
2014
2013
OPERATING REVENUES $ 1,203.0 $ 1,130.3 $ 2,332.9 $ 2,170.6
OPERATING EXPENSES Contract drilling (exclusive of
depreciation) 576.0 527.2 1,128.6 1,007.0 Loss on impairment 991.5
— 991.5 — Depreciation 139.4 132.0 278.6 259.9 General and
administrative 36.2
36.4 74.3
74.2 1,743.1
695.6 2,473.0
1,341.1 OPERATING (LOSS)
INCOME (540.1 ) 434.7 (140.1 ) 829.5 OTHER INCOME (EXPENSE)
Interest income 3.5 4.7 7.1 8.0 Interest expense, net (36.4 ) (44.2
) (71.0 ) (83.4 ) Other, net 2.1
(.3 ) 4.0
5.8 (30.8 )
(39.8 ) (59.9 )
(69.6 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES (570.9 ) 394.9 (200.0 ) 759.9 PROVISION FOR INCOME
TAXES 48.0 48.5
100.9 99.3
(LOSS) INCOME FROM CONTINUING OPERATIONS (618.9 ) 346.4
(300.9 ) 660.6 (LOSS) INCOME FROM DISCONTINUED OPERATIONS,
NET (550.7 ) 16.2
(572.0 ) 21.9 NET
(LOSS) INCOME (1,169.6 ) 362.6 (872.9 ) 682.5 NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS (3.1
) (1.7 ) (7.3 )
(4.5 ) NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO
$ (1,172.7 ) $ 360.9 $
(880.2 ) $ 678.0 (LOSS) EARNINGS PER SHARE -
BASIC AND DILUTED Continuing Operations $ (2.69 ) $ 1.48 $ (1.34 )
$ 2.82 Discontinued Operations (2.38 )
0.07 (2.48 )
0.09 $ (5.07 )
$ 1.55 $ (3.82 ) $ 2.91
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND
DILUTED $ (1,174.8 ) $ 357.0 $ (884.1 ) $ 670.8
WEIGHTED-AVERAGE SHARES OUTSTANDING Basic 231.5 230.8 231.4 230.6
Diluted 231.5 231.0 231.4 230.8
ENSCO PLC AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in
millions)
June 30, 2014
December 31,2013
(Unaudited) ASSETS CURRENT ASSETS Cash and
cash equivalents $ 145.0 $ 165.6 Accounts receivable, net 843.6
855.7 Other 787.2 513.9
Total current assets 1,775.8
1,535.2 PROPERTY AND EQUIPMENT, NET 12,881.2 14,311.0
GOODWILL 3,274.0 3,274.0 OTHER ASSETS, NET
340.2 352.7
$ 18,271.2 $ 19,472.9
LIABILITIES AND SHAREHOLDERS’
EQUITY
CURRENT LIABILITIES Accounts payable and accrued liabilities
and other $ 1,042.5 $ 999.8 Current maturities of long-term debt
47.5 47.5 Total current
liabilities 1,090.0
1,047.3 LONG-TERM DEBT 4,679.1 4,718.9 DEFERRED
INCOME TAXES 317.0 362.1 OTHER LIABILITIES 592.3 545.7
TOTAL EQUITY 11,592.8
12,798.9 $ 18,271.2
$ 19,472.9
ENSCO PLC AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(in millions)(Unaudited)
Six Months Ended June 30,
2014
2013
OPERATING ACTIVITIES Net (loss) income $ (872.9 ) $ 682.5
Adjustments to reconcile net (loss) income to net cash provided by
operating activities of continuing operations: Discontinued
operations, net 572.0 (21.9 ) Loss on Impairment 991.5 —
Depreciation expense 278.6 259.9 Other 8.3 (5.3 ) Changes in
operating assets and liabilities 11.8
(183.9 ) Net cash provided by operating
activities of continuing operations 989.3
731.3 INVESTING
ACTIVITIES Additions to property and equipment (631.8 ) (591.4 )
Maturities of short-term investments 50.0 50.0 Purchases of
short-term investments (33.3 ) — Other 2.4
1.5 Net cash used in investing
activities of continuing operations (612.7 )
(539.9 ) FINANCING ACTIVITIES Cash
dividends paid (351.2 ) (233.3 ) Reduction of long-term borrowings
(23.7 ) (23.7 ) Proceeds from exercise of share options 2.4 22.0
Other (15.8 ) (13.8 ) Net
cash used in financing activities (388.3 )
(248.8 ) DISCONTINUED OPERATIONS
Operating activities (67.9 ) 52.6 Investing activities
58.8 8.5 Net cash
(used in) provided by discontinued operations
(9.1 ) 61.1 Effect of exchange
rate changes on cash and cash equivalents .2 (1.0 )
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (20.6 ) 2.7
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
165.6 487.1 CASH AND CASH
EQUIVALENTS, END OF PERIOD $ 145.0
$ 489.8
ENSCO PLC AND
SUBSIDIARIESOPERATING STATISTICS(Unaudited)
Second Quarter
FirstQuarter
2014
2013
2014
Rig Utilization(1) Floaters 77 % 87 %
76 % Jackups 89 % 87 % 87 %
Total 85 %
87 % 83 %
Average Day Rates(2) Floaters $ 479,176 $
430,281 $ 465,859 Jackups 134,456 121,631 130,898
Total
$ 241,756 $ 225,991
$ 238,151 (1) Rig utilization is
derived by dividing the number of days under contract by the number
of days in the period. Days under contract equals the total number
of days that rigs have earned and recognized day rate revenue,
including days associated with compensated downtime and
mobilizations. When revenue is earned but is deferred and amortized
over a future period, for example when a rig earns revenue while
mobilizing to commence a new contract or while being upgraded in a
shipyard, the related days are excluded from days under contract.
For newly-constructed or acquired rigs, the number of days
in the period begins upon commencement of drilling operations for
rigs with a contract or when the rig becomes available for drilling
operations for rigs without a contract. (2) Average day
rates are derived by dividing contract drilling revenues, adjusted
to exclude certain types of non-recurring reimbursable revenues,
lump sum revenues and revenues attributable to amortization of
drilling contract intangibles, by the aggregate number of contract
days, adjusted to exclude contract days associated with certain
mobilizations, demobilizations, shipyard contracts and standby
contracts.
The table below reconciles earnings per share amounts reported
in our statement of operations for the quarter ended June 30, 2014
to adjusted earnings per share amounts referenced in this earnings
release. Reported earnings per share amounts have been adjusted to
exclude: 1) impairment charges, 2) the tax-effected reduction in
depreciation expense realized in connection with the aforementioned
impairment charges as carrying values were adjusted effective May
31, 2014 and 3) the after-tax gain on sale of ENSCO 85, which is
included in discontinued operations.
DILUTED EARNINGS PER SHARE RECONCILIATION: Three
Months Ended June 30, 2014 Earnings per share from
continuing operations
As
reported(1)
Loss
onimpairment
Lowerdepreciationdue
toimpairments
Gain
onSale ofENSCO 85
Adjusted(1)
Net (loss) income from continuing operations attributable to
Ensco(2) $ (622.0 ) $ 991.5 $ — $ — $ 369.5 Net income allocated to
non-vested share awards(3) (2.1 ) (1.7 ) —
— (3.8 ) Net (loss) income from
continuing operations attributable to Ensco shares $ (624.1
) $ 989.8 $ — $ —
$ 365.7
Earnings per share from continuing
operations $ (2.69 )
$ 4.27 $ —
$ — $
1.58
Earnings per share from discontinued operations
Net (loss) income from discontinued operations attributable
to Ensco $ (550.7 ) $ 508.8 $ — $ (2.3 ) $ (44.2 ) Net income
allocated to non-vested share awards(3) — —
— — — Net (loss)
income from discontinued operations attributable to Ensco shares
$ (550.7 ) $ 508.8 $ — $
(2.3 ) $ (44.2 )
Earnings per share from
discontinued operations $ (2.38 )
$ 2.20 $ —
$ (0.01 ) $ (0.19
)
Lower depreciation due to impairments $ — $ —
$ (8.3 ) $ — $ (8.3 )
Earnings per share from lower depreciation due to
impairments $ — $
— $ (0.04 )
$ — $ (0.04 )
Earnings per share Net (loss) income
attributable to Ensco $ (1,172.7 ) $ 1,500.3 $ (8.3 ) $ (2.3 ) $
317.0 Net income allocated to non-vested share awards(3)
(2.1 ) (1.7 ) — — (3.8 )
Net (loss) income attributable to Ensco shares $ (1,174.8 )
$ 1,498.6 $ (8.3 ) $ (2.3 ) $
313.2
Earnings per share $
(5.07 ) $ 6.47
$ (0.04 ) $ (0.01
) $ 1.35 (1) Diluted
weighted-average shares are 231.5 million for "as reported"
earnings per share and 231.7 million for all adjustments and
"adjusted" earnings per share. (2) Net loss from continuing
operations attributable to Ensco is exclusive of income
attributable to non-controlling interest of $3.1 million.
(3) Represents income allocable to non-vested share awards, which
are considered participating securities under the two-class method
required by US GAAP.
Ensco plcSean O’Neill, 713-430-4607Vice President - Investor
Relations and CommunicationsorNick Georgas, 713-430-4490Manager -
Investor Relations
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