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Ensco Plc (ESV) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Ensco Plc

CIK: 314808 Ticker: ESV


 
 
Ensco plc
6 Chesterfield Gardens
London, England W1J 5BQ
www.enscoplc.com
 
 
Press Release

Ensco plc Reports Fourth Quarter and Full-Year 2014 Results

Fourth Quarter Non-Cash Goodwill and Asset Impairments Totaling $3.9 Billion
Cash From Operating Activities of $546 Million in Fourth Quarter and $2.1 Billion for Full Year
Dividend Reduced to Improve Capital Management Flexibility
Expense Management Plans Are Being Implemented to Address Current Market Challenges
#1 in Total Customer Satisfaction for Fifth Consecutive Year
Improved Full-Year Operational Performance
London, England, 25 February 2015 … Ensco plc (NYSE: ESV) today reported fourth quarter 2014 results that included:
$2.998 billion or $12.93 per share of non-cash goodwill impairments in continuing operations
$925 million or $3.77 per share of non-cash asset impairments
$517 million or $2.21 per share in continuing operations
$408 million or $1.56 per share in discontinued operations
Four rigs reclassified into discontinued operations: ENSCO DS-2, ENSCO 58, ENSCO 90 and ENSCO 93
$56 million or $0.24 per share of certain favorable discrete and other tax items in continuing operations
Excluding non-cash losses from goodwill and asset impairments as well as tax items noted above, fourth quarter earnings from continuing operations were $1.68 per share, compared to $1.70 per share in fourth quarter 2013.
The loss from continuing operations in fourth quarter 2014 was $13.22 per share, compared to earnings of $1.70 per share a year ago. The loss from discontinued operations in fourth quarter 2014 was $1.67 per share compared to a loss of $0.16 per share the prior year. The loss of $14.89 per diluted share in fourth quarter 2014 compared to earnings of $1.54 per diluted share in fourth quarter 2013.
To improve capital management flexibility in light of the market downturn, Ensco’s Board of Directors declared a $0.15 cash dividend per Class A ordinary share payable on 20 March 2015, a $0.60 reduction from the prior level. The ex-dividend date is expected to be 5 March 2015 with a record date of 9 March 2015.
To address the current downturn in the offshore drilling market, the Company is also taking several steps to reduce expenses.
Chief Executive Officer and President Carl Trowell said, “Given the severe downturn in the offshore drilling markets, we believe it is prudent to improve capital management flexibility and reduce expenses. First, we have decided to reduce our quarterly dividend to $0.15 per share. Second, we are decreasing our offshore employee base as we cold stack rigs. Third, we are reducing offshore discretionary compensation and onshore support costs. And fourth, we are actively negotiating with vendors and suppliers to lower costs, while maintaining or improving quality. We believe these actions are appropriate given deteriorating market conditions.”
During fourth quarter 2014, the Company classified three rigs — ENSCO DS-2, ENSCO 58 and ENSCO 90 — as held-for-sale with results presented as discontinued operations. All three rigs are in the

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The following information was filed by Ensco Plc (ESV) on Thursday, February 26, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Benefit Plans
Benefit Plans (narrative) (details)
Benefit Plans (summary Of Non-vested Share Award Activity) (details)
Benefit Plans (summary Of Non-vested Share Award Related Compensation Expense Recognized) (details)
Benefit Plans (summary Of Option Activity) (details)
Benefit Plans (summary Of Value Of Non-vested Share Awards Granted And Vested) (details)
Benefit Plans (tables)
Commitments And Contingencies
Commitments And Contingencies (capital Commitments) (details)
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (tables)
Debt
Debt (aggregate Maturities Of Long-term Debt) (details)
Debt (narrative) (details)
Debt (schedule Of Long-term Debt Instruments) (details)
Debt (tables)
Derivative Instruments
Derivative Instruments (gains And Losses On Derivatives Designated As Cash Flow Hedges) (details)
Derivative Instruments (narrative) (details)
Derivative Instruments (schedule Of Derivatives At Fair Value) (details)
Derivative Instruments (schedule Of Estimated Amount Of Net Gains Associated With Derivatives) (details)
Derivative Instruments (tables)
Description Of The Business And Summary Of Significant Accounting Policies
Description Of The Business And Summary Of Significant Accounting Policies (narrative) (details)
Description Of The Business And Summary Of Significant Accounting Policies (policies)
Description Of The Business And Summary Of Significant Accounting Policies (reconciliation Of The Weighted-average Shares Used In Basic And Diluted Earnings Per Share Computations) (details)
Description Of The Business And Summary Of Significant Accounting Policies (schedule Of Income From Continuing Operations Attributable To Ensco) (details)
Description Of The Business And Summary Of Significant Accounting Policies (schedule Of Income From Discontinued Operations Attributable To Ensco) (details)
Description Of The Business And Summary Of Significant Accounting Policies (tables)
Description Of The Business And Summary Of Significant Accounting Policies Description Of The Business And Summary Of Significant Accounting Policies (reconciliation Of Net Income Attributable To Ensco Shares Used In Basic And Diluted Eps Computations) (details)
Discontinued Operations
Discontinued Operations (narrative) (details)
Discontinued Operations (schedule Of Rig Sales) (details)
Discontinued Operations (summary Of Income From Discontinued Operations) (details)
Discontinued Operations (tables)
Fair Value Measurements
Fair Value Measurements (narrative) (details)
Fair Value Measurements (schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (details)
Fair Value Measurements (schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (details)
Fair Value Measurements (tables)
Goodwill And Other Intangible Assets And Liabilities
Goodwill And Other Intangible Assets And Liabilities (details)
Goodwill And Other Intangible Assets And Liabilities (tables)
Guarantee Of Registered Securities
Guarantee Of Registered Securities (condensed Consolidating Balance Sheets) (details)
Guarantee Of Registered Securities (condensed Consolidating Statements Of Cash Flows) (details)
Guarantee Of Registered Securities (condensed Consolidating Statements Of Comprehensive Income) (details)
Guarantee Of Registered Securities (condensed Consolidating Statements Of Income) (details)
Guarantee Of Registered Securities (narrative) (details)
Guarantee Of Registered Securities (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (summary Of Components Of Provision For Income Taxes From Continuing Operations) (details)
Income Taxes (summary Of Effective Income Tax Rate On Continuing Operations) (details)
Income Taxes (summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (details)
Income Taxes (summary Of Significant Components Of Deferred Income Tax Assets (liabilities)) (details)
Income Taxes (tables)
Property And Equipment
Property And Equipment (narrative) (details)
Property And Equipment (schedule Of Property And Equipment) (details)
Property And Equipment (tables)
Sale Leaseback (details)
Sale Leaseback (notes)
Segment Information
Segment Information (narrative) (details)
Segment Information (schedule Of Geographic Distribution Of Rigs By Segment) (details)
Segment Information (schedule Of Revenues And Long-lived Assets By Geographical Segment) (details)
Segment Information (schedule Of Segment Reporting Information) (details)
Segment Information (tables)
Shareholders' Equity
Shareholders' Equity (narrative) (details)
Shareholders' Equity (schedule Of Activity In Our Various Shareholders' Equity) (details)
Shareholders' Equity (tables)
Supplemental Financial Information
Supplemental Financial Information (accounts Receivable, Net) (details)
Supplemental Financial Information (accrued Liabilities And Other) (details)
Supplemental Financial Information (accumulated Other Comprehensive Income) (details)
Supplemental Financial Information (cash Flows Information) (details)
Supplemental Financial Information (cash Paid For Interest And Income Taxes) (details)
Supplemental Financial Information (narrative) (details)
Supplemental Financial Information (other Assets, Net) (details)
Supplemental Financial Information (other Current Assets) (details)
Supplemental Financial Information (other Liabilities) (details)
Supplemental Financial Information (repair And Maintenance Expense Related To Continuing Operations) (details)
Supplemental Financial Information (tables)
Unaudited Quarterly Financial Data
Unaudited Quarterly Financial Data (summary Of Unaudited Quarterly Consolidated Income Statement) (details)
Unaudited Quarterly Financial Data (tables)
Ticker: ESV
CIK: 314808
Form Type: 10-K Annual Report
Accession Number: 0000314808-15-000018
Submitted to the SEC: Mon Mar 02 2015 1:05:02 PM EST
Accepted by the SEC: Mon Mar 02 2015
Period: Wednesday, December 31, 2014
Industry: Drilling Oil And Gas Wells

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