EX-12.1 3 esv-ex121x12312014.htm EXHIBIT 12.1 ESV-EX12.1-12.31.2014
Exhibit 12.1


ENSCO PLC AND SUBSIDIARIES
Statement of Calculation of Ratios of Earnings to Fixed Charges
(In millions, except ratios)
(Unaudited)
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
Earnings
 
 
 

 
 

 
 

 
 

(Loss) income from continuing operations before income tax
$
(2,548.8
)
 
$
1,633.2

 
$
1,304.7

 
$
673.5

 
$
494.7

Fixed charges deducted from income from continuing operations
260.4

 
245.3

 
247.3

 
187.6

 
26.6

Amortization of capitalized interest
17.0

 
13.3

 
12.3

 
6.7

 
4.5

Less:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income tax attributable to noncontrolling interests
(15.5
)
 
(9.7
)
 
(7.4
)
 
(5.8
)
 
(7.7
)
Interest capitalized
(78.2
)
 
(67.7
)
 
(105.8
)
 
(80.2
)
 
(21.3
)
 
(2,365.1
)
 
1,814.4

 
1,451.1

 
781.8

 
496.8

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest on indebtedness, including amortization of deferred loan costs
161.4

 
158.8

 
123.6

 
95.9

 
—

Estimated interest within rental expense
20.8

 
18.8

 
17.9

 
11.5

 
5.3

Fixed charges deducted from income from continuing operations
182.2

 
177.6

 
141.5

 
107.4

 
5.3

Interest capitalized
78.2

 
67.7

 
105.8

 
80.2

 
21.3

Total
$
260.4

 
$
245.3

 
$
247.3

 
$
187.6

 
$
26.6

 


 


 


 


 


Ratio of Earnings to Fixed Charges
(a)

 
7.4

 
5.9

 
4.2

 
18.7


(a)
For the year ended December 31, 2014, our earnings were inadequate to cover our fixed charges by $2,625.5 million. Net loss from continuing operations before income taxes of $2,548.8 million for the year ended December 31, 2014 included a non-cash loss on impairment of $4,218.7 million recorded during the period.