Ensco Plc (ESV) 10-Q Quarterly Report Thu Apr 27 2017

London, England, 26 April 2017 … Ensco plc (NYSE: ESV) today reported a loss of $0.09 per share for first quarter 2017 compared to earnings per share of $0.74 a year ago. Results from discontinued operations were zero cents per share in both first quarter 2017 and first quarter 2016.

First quarter 2017 results included:


•	$8 million or $0.03 per share of discrete tax expense


•	$6 million or $0.02 per share of other expense to complete a previously announced debt exchange

Adjusted for the items noted above, the loss from continuing operations was $0.04 per share in first quarter 2017 compared to earnings per share of $0.74 a year ago.

Chief Executive Officer and President Carl Trowell said, "While market conditions remain challenging, we recently won several contracts and extensions including a four-year extension for jackup ENSCO 92 in the North Sea. This contracting success demonstrates our ability to leverage a proven operating and safety track record as well as a strong financial position to differentiate Ensco as the offshore driller of choice among customers."

Mr Trowell added, "We remain focused on what we can control — providing safe and efficient operations to our customers and proactively managing our capital structure. During the first quarter, our offshore crews and onshore employees achieved 99% operational utilization across our rig fleet and we took top honors in total customer satisfaction for a seventh consecutive year in the annual EnergyPoint survey. We also completed a transaction exchanging $650 million of our nearest-term maturities for cash and new senior notes giving us additional capital management flexibility."

Mr Trowell concluded, "As customer activity increases, we will continue targeting contracts with strategic clients in key growth markets to further improve utilization for our rig fleet. We are well positioned to capitalize on these new contracting opportunities by virtue of our financial strength, diverse rig fleet and global footprint."

First Quarter Results

Continuing Operations

Revenues were $471 million in first quarter 2017 compared to $814 million a year ago, primarily due to a decline in reported utilization to 58% from 65% in first quarter 2016 as well as previously announced sales of rigs that operated a year ago. The average day rate for the fleet declined to $156,000 in first quarter 2017 from $208,000 in first quarter 2016.

Contract drilling expense declined to $278 million in first quarter 2017 from $364 million a year ago as lower personnel expense and other activity-based costs due to fewer rig operating days more than offset rig reactivation and contract preparation costs.

The following information was filed by Ensco Plc (ESV) on Thursday, April 27, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ensco Plc's 10-Q Quarterly Report:

Revenue - Product Highlight
As current contracts expire, we will likely experience further declines in backlog, which will result in a decline in revenues and operating cash flows over the near-term.

Revenue - Product Highlight
Days under contract equals the total number of days that rigs have earned and recognized day rate revenue, including days associated with early contract terminations, compensated downtime and mobilizations.
Other - Other Highlight
While commodity prices have improved, they have not yet improved to a level that supports increased rig demand sufficient to absorb existing supply and improve pricing power.
Revenue - Product Highlight
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.
Financial - Expense Highlight
Floater contract drilling expense declined
Financial - Expense
Jackup contract drilling expense declined...Read more
Revenue - Geography
We believe that our use...Read more
Financial - Debt
We filed an automatically effective...Read more
Legal - Other
Legally enforceable master netting agreements...Read more
Other - Other
for the construction, enhancement and...Read more
Other - Other
per barrel since late last...Read more
Other - Other
for minor upgrades and improvements...Read more
Financial - Expense
Interest expense declined from the...Read more
Other - Other
The estimated effective date of...Read more
Financial - Income
As a result of frequent...Read more
Financial - Cash Flow
We predominantly structure our drilling...Read more
Other - Other
We believe the current market...Read more
Other - Other
decline in net cash receipts...Read more
Other - Other
Floater demand has declined significantly...Read more
Financial - Debt
The Credit Facility also contains...Read more
Other - Other
Our two reportable segments, Floaters...Read more
Financial - Cash Flow
, we had cash flow...Read more
Other - Other
There can be no assurance...Read more
Financial - Cash Flow
A substantial portion of our...Read more
M & A - Other
For newly-constructed or acquired rigs,...Read more
Other - Other
In March 2017, we repurchased...Read more
Other - Other
of cash on the open...Read more
Other - Other
of cash on the open...Read more
Financial - Income
Income tax rates imposed in...Read more
Other - Other
In April 2017, we sold...Read more
Other - Other
, as compared to the...Read more
Financial - Income
, as compared to the...Read more
Financial - Expense
, as compared to the...Read more
Other - Other
for the construction, enhancement and...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Ensco Plc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 10.4: Material Contract

Exhibit 10.5: Material Contract

Exhibit 10.6: Material Contract

Exhibit 10.7: Material Contract

Exhibit 12.1: Statement Regarding Calculation Of Ratios

Exhibit 15.1: Letter Regards Unaudited Interim Financial Information

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ESV
CIK: 314808
Form Type: 10-Q Quarterly Report
Accession Number: 0000314808-17-000066
Submitted to the SEC: Thu Apr 27 2017 10:02:21 AM EST
Accepted by the SEC: Thu Apr 27 2017
Period: Friday, March 31, 2017
Industry: Drilling Oil And Gas Wells