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Ensco Plc (ESV) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Ensco Plc

CIK: 314808 Ticker: ESV


esvpressreleaselogo1a13.jpg
 
 
Ensco plc
6 Chesterfield Gardens
London, England W1J 5BQ
www.enscoplc.com
 
 
Press Release

Ensco plc Reports Third Quarter 2018 Results

Rowan Merger Announced
Highest-Specification Drillships ENSCO DS-9 and ENSCO DS-12 Awarded New Contracts
New Contracts Secured for ENSCO 8503, ENSCO 8504 and ENSCO 8505
High-Specification, Harsh Environment Jackups ENSCO 121 and ENSCO 122 Win Additional Work

London, England, 30 October 2018 … Ensco plc (NYSE: ESV) today reported a loss of $0.33 per share for third quarter 2018 compared to a loss of $0.08 per share a year ago.

Several items influenced these comparisons:
$7 million or $0.01 per share loss from a bargain purchase gain adjustment related to the Atwood acquisition included in third quarter 2018 other expense
$3 million or $0.01 per share of transaction costs related to the Atwood acquisition and planned merger with Rowan, of which $2 million is included in contract drilling expense and $1 million in general and administrative expense, compared to $6 million or $0.02 per share of transaction costs related to the Atwood acquisition included in third quarter 2017 general and administrative expense
$8 million or $0.02 per share of discrete tax benefit in third quarter 2018 tax provision compared to $3 million or $0.01 per share of discrete tax expense in third quarter 2017 tax provision

Adjusted for the items noted above, the loss was $0.33 per share in third quarter 2018 compared to a loss of $0.05 per share a year ago.

Chief Executive Officer and President Carl Trowell said, “Earlier this month, we announced a planned merger with Rowan, which will create an industry leader in offshore drilling across all water depths that will be well-positioned to better serve customers and capitalize on future growth opportunities. Our combined rig fleet will contain many of the industry's highest-specification assets and, coupled with meaningful synergies, provide our shareholders with even greater upside to improving market conditions as the industry recovery continues gaining momentum."

Mr. Trowell added, "Higher levels of customer demand have led to new contracts and extensions for several rigs in our fleet across a range of water depths and geographies. ENSCO DS-9 and ENSCO DS-12, two of our highest-specification drillships, were awarded contracts in South America and West Africa respectively. We also won new contracts for versatile semisubmersibles ENSCO 8503 and ENSCO 8505 in the Gulf of Mexico along with sister rig ENSCO 8504 offshore Japan. Further, contract awards for high-specification, harsh environment jackups ENSCO 121 and ENSCO 122 in the North Sea demonstrate a clear customer preference for high-quality rigs that can deliver the greatest efficiencies for their offshore well programs.”

Third Quarter Results

Revenues decreased to $431 million in third quarter 2018 from $460 million a year ago primarily due to the sale of three rigs that operated in the year-ago period and a decline in the average day rate to $129,000 from $166,000 in third quarter 2017. This was partly offset by the addition of legacy Atwood rigs and newbuilds ENSCO DS-10, ENSCO 140 and ENSCO 141 to the active fleet. Reported utilization increased to 58% from 55% in third quarter 2017.

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The following information was filed by Ensco Plc (ESV) on Monday, October 29, 2018 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 (Loss) Income
Condensed Consolidated Statements Of Operations
Acquisition Of Atwood
Acquisition Of Atwood (Narrative) (Details)
Acquisition Of Atwood (Tables)
Acquisition Of Atwood Assets Acquired And Liabilities Assumed (Details)
Contingencies
Contingencies (Narrative) (Details)
Debt
Debt (Details)
Debt (Tables)
Debt Schedule Of Extinguishment Of Debt - Tender Offers And Repurchases (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 (Narrative) (Details)
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 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)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers Components Of Contract Assets And Contract Liabilities (Details)
Revenue From Contracts With Customers Future Amortization Of Liabilities And Deferred Costs (Details)
Revenue From Contracts With Customers Schedule Of Contract Assets And Liabilities (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 Revenue By Major Customers, By Reporting Segments (Details)
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements (Details)
Unaudited Condensed Consolidated Financial Statements (Policies)
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: 0000314808-18-000140
Submitted to the SEC: Mon Oct 29 2018 9:03:20 PM EST
Accepted by the SEC: Tue Oct 30 2018
Period: Sunday, September 30, 2018
Industry: Drilling Oil And Gas Wells

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