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Ensco Plc (ESV) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Ensco Plc

CIK: 314808 Ticker: ESV


esvpressreleaselogo1a07.jpg
 
 
Ensco plc
6 Chesterfield Gardens
London, England W1J 5BQ
www.enscoplc.com
 
 
Press Release

Ensco plc Reports First Quarter 2017 Results

ENSCO 92 Earns Four-Year Contract Extension in North Sea
Strong Operational and Safety Performance
#1 in Total Customer Satisfaction for Seventh Consecutive Year
Completed Exchange Offer for $650 Million Aggregate Principal Amount of Senior Notes
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.

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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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Contingencies
Contingencies (narrative) (details)
Debt
Debt (details)
Debt (tables)
Debt Schedule Of Extinguishment Of Debt - Exchange Offers (details)
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 (tables)
Earnings Per Share
Earnings Per Share (reconciliation Of Net Income Attributable To Ensco Shares) (details)
Earnings Per Share (tables)
Fair Value Measurements
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)
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 Income) (details)
Guarantee Of Registered Securities (narrative) (details)
Guarantee Of Registered Securities (tables)
Guarantee Of Registered Securities Guarantee Of Registered Securities (condensed Consolidating Statements Of Comprehensive Income) (details)
Income Taxes
Income Taxes (narrative) (details)
Noncontrolling Interests (notes)
Noncontrolling Interests (tables)
Noncontrolling Interests Reconciliation Of Income From Continuing Operations (details)
Segment Information
Segment Information (narrative) (details)
Segment Information (schedule Of Geographic Distribution Of Rigs By Segment) (details)
Segment Information (schedule Of Segment Reporting Information) (details)
Segment Information (tables)
Supplemental Financial Information
Supplemental Financial Information (accounts Receivable, Net) (details)
Supplemental Financial Information (accrued Liabilities) (details)
Supplemental Financial Information (accumulated Other Comprehensive Income) (details)
Supplemental Financial Information (other Assets, Net) (details)
Supplemental Financial Information (other Current Assets) (details)
Supplemental Financial Information (other Liabilities) (details)
Supplemental Financial Information (tables)
Supplemental Financial Information Revenue From External Customers By Geographic Areas (details)
Supplemental Financial Information Schedule Of Revenues By Major Customer (details)
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements New Accounting Pronouncements Or Changes In Accounting Principle (details)
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

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