(Mark One) | |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2017 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to |
England and Wales (State or other jurisdiction of incorporation or organization) 6 Chesterfield Gardens London, England (Address of principal executive offices) | 98-0635229 (I.R.S. Employer Identification No.) W1J 5BQ (Zip Code) |
Large accelerated filer | x | Accelerated filer | o | |||
Non-Accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o | |||
Emerging-growth company | o |
• | our ability to complete the merger with Atwood; |
• | failure, difficulties and delays in meeting conditions required for closing set forth in the Atwood merger agreement; |
• | our ability to obtain requisite regulatory and shareholder approval and satisfy the other conditions to the consummation of the merger with Atwood; |
• | the potential impact of the announcement or consummation of the merger with Atwood on relationships, including with employees, suppliers, customers, competitors, lenders and credit rating agencies; |
• | our ability to successfully integrate Atwood's operations and employees and to realize synergies and cost savings; |
• | changes in future levels of drilling activity and expenditures by our customers, whether as a result of global capital markets and liquidity, prices of oil and natural gas or otherwise, which may cause us to idle or stack additional rigs; |
• | changes in worldwide rig supply and demand, competition or technology, including as a result of delivery of newbuild drilling rigs; |
• | downtime and other risks associated with offshore rig operations, including rig or equipment failure, damage and other unplanned repairs, the limited availability of transport vessels, hazards, self-imposed drilling limitations and other delays due to severe storms and hurricanes and the limited availability or high cost of insurance coverage for certain offshore perils, such as hurricanes in the Gulf of Mexico or associated removal of wreckage or debris; |
• | governmental action, terrorism, piracy, military action and political and economic uncertainties, including uncertainty or instability resulting from civil unrest, political demonstrations, mass strikes, or an escalation or additional outbreak of armed hostilities or other crises in oil or natural gas producing areas of the Middle East, North Africa, West Africa or other geographic areas, which may result in expropriation, nationalization, confiscation or deprivation of our assets or suspension and/or termination of contracts based on force majeure events; |
• | risks inherent to shipyard rig construction, repair, modification or upgrades, unexpected delays in equipment delivery, engineering, design or commissioning issues following delivery, or changes in the commencement, completion or service dates; |
• | possible cancellation, suspension, renegotiation or termination (with or without cause) of drilling contracts as a result of general and industry-specific economic conditions, mechanical difficulties, performance or other reasons; |
• | our ability to enter into, and the terms of, future drilling contracts, including contracts for our newbuild units, for rigs currently idled and for rigs whose contracts are expiring; |
• | the outcome of litigation, legal proceedings, investigations or other claims or contract disputes, including any inability to collect receivables or resolve significant contractual or day rate disputes, any renegotiation, nullification, cancellation or breach of contracts with customers or other parties and any failure to execute definitive contracts following announcements of letters of intent; |
• | governmental regulatory, legislative and permitting requirements affecting drilling operations, including limitations on drilling locations (such as the Gulf of Mexico during hurricane season); |
• | new and future regulatory, legislative or permitting requirements, future lease sales, changes in laws, rules and regulations that have or may impose increased financial responsibility, additional oil spill abatement contingency plan capability requirements and other governmental actions that may result in claims of force majeure or otherwise adversely affect our existing drilling contracts, operations or financial results; |
• | our ability to attract and retain skilled personnel on commercially reasonable terms, whether due to labor regulations, unionization or otherwise; |
• | environmental or other liabilities, risks, damages or losses, whether related to storms or hurricanes (including wreckage or debris removal), collisions, groundings, blowouts, fires, explosions, other accidents, terrorism or otherwise, for which insurance coverage and contractual indemnities may be insufficient, unenforceable or otherwise unavailable; |
• | our ability to obtain financing and pursue other business opportunities may be limited by our debt levels, debt agreement restrictions and the credit ratings assigned to our debt by independent credit rating agencies; |
• | tax matters, including our effective tax rates, tax positions, results of audits, changes in tax laws, treaties and regulations, tax assessments and liabilities for taxes; |
• | delays in contract commencement dates or the cancellation of drilling programs by operators; |
• | adverse changes in foreign currency exchange rates, including their effect on the fair value measurement of our derivative instruments; and |
• | potential long-lived asset impairments. |
Three Months Ended June 30, | |||||||
2017 | 2016 | ||||||
OPERATING REVENUES | $ | 457.5 | $ | 909.6 | |||
OPERATING EXPENSES | |||||||
Contract drilling (exclusive of depreciation) | 291.3 | 350.2 | |||||
Depreciation | 107.9 | 112.4 | |||||
General and administrative | 30.5 | 27.4 | |||||
429.7 | 490.0 | ||||||
OPERATING INCOME | 27.8 | 419.6 | |||||
OTHER INCOME (EXPENSE) | |||||||
Interest income | 7.6 | 2.5 | |||||
Interest expense, net | (60.3 | ) | (54.0 | ) | |||
Other, net | (.5 | ) | 261.4 | ||||
(53.2 | ) | 209.9 | |||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (25.4 | ) | 629.5 | ||||
PROVISION FOR INCOME TAXES | |||||||
Current income tax expense | 13.1 | 48.6 | |||||
Deferred income tax expense (benefit) | 6.2 | (11.9 | ) | ||||
19.3 | 36.7 | ||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS | (44.7 | ) | 592.8 | ||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET | .4 | (.2 | ) | ||||
NET (LOSS) INCOME | (44.3 | ) | 592.6 | ||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2 | ) | (2.0 | ) | |||
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ | (45.5 | ) | $ | 590.6 | ||
(LOSS) EARNINGS PER SHARE - BASIC AND DILUTED | |||||||
Continuing operations | $ | (0.15 | ) | $ | 2.04 | ||
Discontinued operations | — | — | |||||
$ | (0.15 | ) | $ | 2.04 | |||
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ | (45.6 | ) | $ | 580.8 | ||
WEIGHTED-AVERAGE SHARES OUTSTANDING | |||||||
Basic and Diluted | 300.9 | 284.6 | |||||
CASH DIVIDENDS PER SHARE | $ | 0.01 | $ | 0.01 |
Six Months Ended June 30, | |||||||
2017 | 2016 | ||||||
OPERATING REVENUES | $ | 928.6 | $ | 1,723.6 | |||
OPERATING EXPENSES | |||||||
Contract drilling (exclusive of depreciation) | 569.4 | 713.9 | |||||
Depreciation | 217.1 | 225.7 | |||||
General and administrative | 56.5 | 50.8 | |||||
843.0 | 990.4 | ||||||
OPERATING INCOME | 85.6 | 733.2 | |||||
OTHER INCOME (EXPENSE) | |||||||
Interest income | 14.8 | 4.8 | |||||
Interest expense, net | (118.9 | ) | (119.1 | ) | |||
Other, net | (6.8 | ) | 259.6 | ||||
(110.9 | ) | 145.3 | |||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (25.3 | ) | 878.5 | ||||
PROVISION FOR INCOME TAXES | |||||||
Current income tax expense | 17.4 | 86.7 | |||||
Deferred income tax expense | 26.0 | 21.4 | |||||
43.4 | 108.1 | ||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS | (68.7 | ) | 770.4 | ||||
LOSS FROM DISCONTINUED OPERATIONS, NET | (.2 | ) | (1.1 | ) | |||
NET (LOSS) INCOME | (68.9 | ) | 769.3 | ||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (2.3 | ) | (3.4 | ) | |||
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ | (71.2 | ) | $ | 765.9 | ||
(LOSS) EARNINGS PER SHARE - BASIC AND DILUTED | |||||||
Continuing operations | $ | (0.24 | ) | $ | 2.92 | ||
Discontinued operations | — | — | |||||
$ | (0.24 | ) | $ | 2.92 | |||
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ | (71.4 | ) | $ | 753.9 | ||
WEIGHTED-AVERAGE SHARES OUTSTANDING | |||||||
Basic and Diluted | 300.7 | 258.5 | |||||
CASH DIVIDENDS PER SHARE | $ | 0.02 | $ | 0.02 |
Three Months Ended June 30, | |||||||
2017 | 2016 | ||||||
NET (LOSS) INCOME | $ | (44.3 | ) | $ | 592.6 | ||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||
Net change in derivative fair value | 2.9 | (4.1 | ) | ||||
Reclassification of net losses on derivative instruments from other comprehensive income into net (loss) income | .3 | 2.0 | |||||
Other | .2 | .1 | |||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 3.4 | (2.0 | ) | ||||
COMPREHENSIVE (LOSS) INCOME | (40.9 | ) | 590.6 | ||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2 | ) | (2.0 | ) | |||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ | (42.1 | ) | $ | 588.6 |
Six Months Ended June 30, | |||||||
2017 | 2016 | ||||||
NET (LOSS) INCOME | $ | (68.9 | ) | $ | 769.3 | ||
OTHER COMPREHENSIVE INCOME, NET | |||||||
Net change in derivative fair value | 6.0 | (.6 | ) | ||||
Reclassification of net losses on derivative instruments from other comprehensive income into net (loss) income | 1.2 | 7.9 | |||||
Other | .7 | — | |||||
NET OTHER COMPREHENSIVE INCOME | 7.9 | 7.3 | |||||
COMPREHENSIVE (LOSS) INCOME | (61.0 | ) | 776.6 | ||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (2.3 | ) | (3.4 | ) | |||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ | (63.3 | ) | $ | 773.2 |
June 30, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 169.6 | $ | 1,159.7 | |||
Short-term investments | 1,680.4 | 1,442.6 | |||||
Accounts receivable, net | 366.4 | 361.0 | |||||
Other | 315.4 | 316.0 | |||||
Total current assets | 2,531.8 | 3,279.3 | |||||
PROPERTY AND EQUIPMENT, AT COST | 13,346.8 | 12,992.5 | |||||
Less accumulated depreciation | 2,287.8 | 2,073.2 | |||||
Property and equipment, net | 11,059.0 | 10,919.3 | |||||
OTHER ASSETS, NET | 133.1 | 175.9 | |||||
$ | 13,723.9 | $ | 14,374.5 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable - trade | $ | 188.0 | $ | 145.9 | |||
Accrued liabilities and other | 315.0 | 376.6 | |||||
Current maturities of long-term debt | — | 331.9 | |||||
Total current liabilities | 503.0 | 854.4 | |||||
LONG-TERM DEBT | 4,744.7 | 4,942.6 | |||||
OTHER LIABILITIES | 285.9 | 322.5 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
ENSCO SHAREHOLDERS' EQUITY | |||||||
Class A ordinary shares, U.S. $.10 par value, 314.9 million and 310.3 million shares issued as of June 30, 2017 and December 31, 2016 | 31.0 | 31.0 | |||||
Class B ordinary shares, £1 par value, 50,000 shares authorized and issued as of June 30, 2017 and December 31, 2016 | .1 | .1 | |||||
Additional paid-in capital | 6,422.2 | 6,402.2 | |||||
Retained earnings | 1,772.8 | 1,864.1 | |||||
Accumulated other comprehensive income | 26.9 | 19.0 | |||||
Treasury shares, at cost, 11.0 million and 7.3 million shares as of June 30, 2017 and December 31, 2016 | (68.4 | ) | (65.8 | ) | |||
Total Ensco shareholders' equity | 8,184.6 | 8,250.6 | |||||
NONCONTROLLING INTERESTS | 5.7 | 4.4 | |||||
Total equity | 8,190.3 | 8,255.0 | |||||
$ | 13,723.9 | $ | 14,374.5 |
Six Months Ended June 30, | |||||||
2017 | 2016 | ||||||
OPERATING ACTIVITIES | |||||||
Net (loss) income | $ | (68.9 | ) | $ | 769.3 | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities of continuing operations: | |||||||
Depreciation expense | 217.1 | 225.7 | |||||
Deferred income tax expense | 26.0 | 21.4 | |||||
Share-based compensation expense | 20.9 | 18.6 | |||||
Amortization of intangibles and other, net | (6.5 | ) | (11.2 | ) | |||
Loss (gain) on debt extinguishment | 2.6 | (260.8 | ) | ||||
Other | .4 | (4.4 | ) | ||||
Changes in operating assets and liabilities | (61.1 | ) | 41.6 | ||||
Net cash provided by operating activities of continuing operations | 130.5 | 800.2 | |||||
INVESTING ACTIVITIES | |||||||
Purchases of short-term investments | (1,134.8 | ) | (862.0 | ) | |||
Maturities of short-term investments | 897.0 | 1,032.0 | |||||
Additions to property and equipment | (332.6 | ) | (209.4 | ) | |||
Other | 1.7 | 7.6 | |||||
Net cash used in investing activities of continuing operations | (568.7 | ) | (31.8 | ) | |||
FINANCING ACTIVITIES | |||||||
Reduction of long-term borrowings | (537.0 | ) | (684.8 | ) | |||
Cash dividends paid | (6.2 | ) | (5.5 | ) | |||
Debt financing costs | (5.5 | ) | — | ||||
Proceeds from equity issuance | — | 585.5 | |||||
Other | (3.6 | ) | (1.9 | ) | |||
Net cash used in financing activities | (552.3 | ) | (106.7 | ) | |||
Net cash (used in) provided by discontinued operations | (.2 | ) | 7.7 | ||||
Effect of exchange rate changes on cash and cash equivalents | .6 | (.4 | ) | ||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (990.1 | ) | 669.0 | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,159.7 | 121.3 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 169.6 | $ | 790.3 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of June 30, 2017 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 29.4 | $ | — | $ | — | $ | 29.4 | |||||||
Derivatives, net | — | 4.9 | — | 4.9 | |||||||||||
Total financial assets | $ | 29.4 | $ | 4.9 | $ | — | $ | 34.3 | |||||||
As of December 31, 2016 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 27.7 | $ | — | $ | — | $ | 27.7 | |||||||
Total financial assets | $ | 27.7 | $ | — | $ | — | $ | 27.7 | |||||||
Derivatives, net | $ | — | $ | (8.8 | ) | $ | — | $ | (8.8 | ) | |||||
Total financial liabilities | $ | — | $ | (8.8 | ) | $ | — | $ | (8.8 | ) |
June 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
8.50% Senior notes due 2019 | $ | 256.0 | $ | 255.0 | $ | 480.2 | $ | 485.0 | |||||||
6.875% Senior notes due 2020 | 482.7 | 461.8 | 735.9 | 727.5 | |||||||||||
4.70% Senior notes due 2021 | 266.7 | 264.0 | 674.4 | 658.9 | |||||||||||
3.00% Exchangeable senior notes due 2024(1) | 620.7 | 666.9 | 604.3 | 874.7 | |||||||||||
4.50% Senior notes due 2024 | 619.0 | 487.2 | 618.6 | 536.0 | |||||||||||
8.00% Senior notes due 2024 | 338.4 | 314.7 | — | — | |||||||||||
5.20% Senior notes due 2025 | 663.2 | 543.9 | 662.8 | 582.3 | |||||||||||
7.20% Debentures due 2027 | 149.2 | 137.3 | 149.2 | 138.7 | |||||||||||
7.875% Senior notes due 2040 | 377.5 | 246.5 | 378.3 | 270.6 | |||||||||||
5.75% Senior notes due 2044 | 971.3 | 669.6 | 970.8 | 728.0 | |||||||||||
Total | $ | 4,744.7 | $ | 4,046.9 | $ | 5,274.5 | $ | 5,001.7 |
(1) | Our exchangeable senior notes due 2024 (the "2024 Convertible Notes") were issued with a conversion feature. The 2024 Convertible Notes were separated into their liability and equity components on our condensed consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount that will be amortized to interest expense over the life of the instrument. Excluding the unamortized discount, the carrying amount of the 2024 Convertible Notes was $832.9 million and $830.1 million as of June 30, 2017 and December 31, 2016, respectively. |
Derivative Assets | Derivative Liabilities | ||||||||||||||
June 30, 2017 | December 31, 2016 | June 30, 2017 | December 31, 2016 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 4.5 | $ | 4.1 | $ | 1.7 | $ | 11.4 | |||||||
Foreign currency forward contracts - non-current(2) | .6 | .2 | .1 | .8 | |||||||||||
5.1 | 4.3 | 1.8 | 12.2 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | 1.8 | .4 | .2 | 1.3 | |||||||||||
1.8 | .4 | .2 | 1.3 | ||||||||||||
Total | $ | 6.9 | $ | 4.7 | $ | 2.0 | $ | 13.5 |
(1) | Derivative assets and liabilities with maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. |
(2) | Derivative assets and liabilities with maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
Gain (Loss) Recognized in Other Comprehensive (Loss) Income (Effective Portion) | Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1) | (Loss) Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.1 | ) | $ | — | $ | — | $ | — | ||||||||||
Foreign currency forward contracts(4) | 2.9 | (4.1 | ) | (.2 | ) | (2.0 | ) | (.5 | ) | .8 | |||||||||||||
Total | $ | 2.9 | $ | (4.1 | ) | $ | (.3 | ) | $ | (2.0 | ) | $ | (.5 | ) | $ | .8 |
Gain (Loss) Recognized in Other Comprehensive (Loss) Income (Effective Portion) | Loss Reclassified from AOCI into Income (Effective Portion)(1) | (Loss) Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.2 | ) | $ | (.1 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(5) | 6.0 | (.6 | ) | (1.0 | ) | (7.8 | ) | (.4 | ) | 1.9 | |||||||||||||
Total | $ | 6.0 | $ | (.6 | ) | $ | (1.2 | ) | $ | (7.9 | ) | $ | (.4 | ) | $ | 1.9 |
(1) | Changes in the effective portion of cash flow hedge fair values are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. |
(2) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. |
(4) | During the three-month period ended June 30, 2017, $400,000 of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended June 30, 2016, $2.2 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
(5) | During the six-month period ended June 30, 2017, $1.4 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six-month period ended June 30, 2016, $8.2 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Loss) income from continuing operations | $ | (44.7 | ) | $ | 592.8 | $ | (68.7 | ) | $ | 770.4 | |||||
Income from continuing operations attributable to noncontrolling interests | (1.2 | ) | (2.0 | ) | (2.3 | ) | (3.4 | ) | |||||||
(Loss) income from continuing operations attributable to Ensco | $ | (45.9 | ) | $ | 590.8 | $ | (71.0 | ) | $ | 767.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Loss) income from continuing operations attributable to Ensco | $ | (45.9 | ) | $ | 590.8 | $ | (71.0 | ) | $ | 767.0 | |||||
Income from continuing operations allocated to non-vested share awards(1) | (.1 | ) | (9.8 | ) | (.2 | ) | (12.0 | ) | |||||||
(Loss) income from continuing operations attributable to Ensco shares | $ | (46.0 | ) | $ | 581.0 | $ | (71.2 | ) | $ | 755.0 |
(1) | Losses are not allocated to non-vested share awards. Therefore, only dividends attributable to the our non-vested share awards are included in the three-month and six-month periods ended June 30, 2017. |
Aggregate Principal Amount Repurchased | 8.00% Senior notes due 2024 Consideration | Cash Consideration(1) | Total Consideration | |||||||||||||
8.50% Senior notes due 2019 | $ | 145.8 | $ | 81.6 | $ | 81.7 | $ | 163.3 | ||||||||
6.875% Senior notes due 2020 | 129.8 | 69.3 | 69.4 | 138.7 | ||||||||||||
4.70% Senior notes due 2021 | 373.9 | 181.1 | 181.4 | 362.5 | ||||||||||||
Total | $ | 649.5 | $ | 332.0 | $ | 332.5 | $ | 664.5 |
(1) | As of December 31, 2016, the aggregate amount of principal repurchased with cash of $332.5 million, along with associated premiums, was classified as current maturities of long-term debt on our condensed consolidated balance sheet. |
Aggregate Principal Amount Repurchased | Aggregate Repurchase Price(1) | ||||||
8.50% Senior notes due 2019 | $ | 54.6 | $ | 60.1 | |||
6.875% Senior notes due 2020 | 100.1 | 105.1 | |||||
4.70% Senior notes due 2021 | 39.4 | 39.3 | |||||
Total | $ | 194.1 | $ | 204.5 |
(1) | Excludes accrued interest paid to holders of the repurchased senior notes. |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 264.0 | $ | 178.9 | $ | 14.6 | $ | 457.5 | $ | — | $ | 457.5 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 145.6 | 132.3 | 13.4 | 291.3 | — | 291.3 | |||||||||||||||||
Depreciation | 72.0 | 31.6 | — | 103.6 | 4.3 | 107.9 | |||||||||||||||||
General and administrative | — | — | — | — | 30.5 | 30.5 | |||||||||||||||||
Operating income | $ | 46.4 | $ | 15.0 | $ | 1.2 | $ | 62.6 | $ | (34.8 | ) | $ | 27.8 | ||||||||||
Property and equipment, net | $ | 8,493.2 | $ | 2,515.3 | $ | — | $ | 11,008.5 | $ | 50.5 | $ | 11,059.0 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 636.4 | $ | 251.3 | $ | 21.9 | $ | 909.6 | $ | — | $ | 909.6 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 208.6 | 122.3 | 19.3 | 350.2 | — | 350.2 | |||||||||||||||||
Depreciation | 77.8 | 30.1 | — | 107.9 | 4.5 | 112.4 | |||||||||||||||||
General and administrative | — | — | — | — | 27.4 | 27.4 | |||||||||||||||||
Operating income | $ | 350.0 | $ | 98.9 | $ | 2.6 | $ | 451.5 | $ | (31.9 | ) | $ | 419.6 | ||||||||||
Property and equipment, net | $ | 8,414.1 | $ | 2,543.0 | $ | — | $ | 10,957.1 | $ | 64.1 | $ | 11,021.2 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 548.8 | $ | 350.7 | $ | 29.1 | $ | 928.6 | $ | — | $ | 928.6 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 292.0 | 250.9 | 26.5 | 569.4 | — | 569.4 | |||||||||||||||||
Depreciation | 144.8 | 63.7 | — | 208.5 | 8.6 | 217.1 | |||||||||||||||||
General and administrative | — | — | — | — | 56.5 | 56.5 | |||||||||||||||||
Operating income | $ | 112.0 | $ | 36.1 | $ | 2.6 | $ | 150.7 | $ | (65.1 | ) | $ | 85.6 | ||||||||||
Property and equipment, net | $ | 8,493.2 | $ | 2,515.3 | $ | — | $ | 11,008.5 | $ | 50.5 | $ | 11,059.0 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,149.0 | $ | 529.2 | $ | 45.4 | $ | 1,723.6 | $ | — | $ | 1,723.6 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 419.9 | 256.8 | 37.2 | 713.9 | — | 713.9 | |||||||||||||||||
Depreciation | 158.1 | 58.7 | — | 216.8 | 8.9 | 225.7 | |||||||||||||||||
General and administrative | — | — | — | — | 50.8 | 50.8 | |||||||||||||||||
Operating income | $ | 571.0 | $ | 213.7 | $ | 8.2 | $ | 792.9 | $ | (59.7 | ) | $ | 733.2 | ||||||||||
Property and equipment, net | $ | 8,414.1 | $ | 2,543.0 | $ | — | $ | 10,957.1 | $ | 64.1 | $ | 11,021.2 |
Floaters | Jackups | Total(1) | |||
North & South America | 8 | 5 | 13 | ||
Europe & Mediterranean | 6 | 11 | 17 | ||
Middle East & Africa | 1 | 11 | 12 | ||
Asia & Pacific Rim | 4 | 5 | 9 | ||
Asia & Pacific Rim (under construction) | 1 | 1 | 2 | ||
Held-for-sale | 1 | 1 | 2 | ||
Total | 21 | 34 | 55 |
(1) | We provide management services on two rigs owned by third-parties not included in the table above. |
June 30, 2017 | December 31, 2016 | ||||||
Trade | $ | 359.9 | $ | 358.4 | |||
Other | 28.1 | 24.5 | |||||
388.0 | 382.9 | ||||||
Allowance for doubtful accounts | (21.6 | ) | (21.9 | ) | |||
$ | 366.4 | $ | 361.0 |
June 30, 2017 | December 31, 2016 | ||||||
Inventory | $ | 219.2 | $ | 225.2 | |||
Prepaid taxes | 41.1 | 30.7 | |||||
Deferred costs | 26.9 | 32.4 | |||||
Prepaid expenses | 11.0 | 7.9 | |||||
Other | 17.2 | 19.8 | |||||
$ | 315.4 | $ | 316.0 |
June 30, 2017 | December 31, 2016 | ||||||
Deferred tax assets | $ | 63.5 | $ | 69.3 | |||
Deferred costs | 30.8 | 35.7 | |||||
Supplemental executive retirement plan assets | 29.4 | 27.7 | |||||
Prepaid taxes on intercompany transfers of property | — | 33.0 | |||||
Other | 9.4 | 10.2 | |||||
$ | 133.1 | $ | 175.9 |
June 30, 2017 | December 31, 2016 | ||||||
Deferred revenue | $ | 100.1 | $ | 116.7 | |||
Accrued interest | 85.2 | 71.7 | |||||
Personnel costs | 82.1 | 124.0 | |||||
Taxes | 38.3 | 40.7 | |||||
Derivative liabilities | 1.9 | 12.7 | |||||
Other | 7.4 | 10.8 | |||||
$ | 315.0 | $ | 376.6 |
June 30, 2017 | December 31, 2016 | ||||||
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 138.5 | $ | 142.9 | |||
Deferred revenue | 80.5 | 120.9 | |||||
Supplemental executive retirement plan liabilities | 30.3 | 28.9 | |||||
Personnel costs | 13.8 | 13.5 | |||||
Other | 22.8 | 16.3 | |||||
$ | 285.9 | $ | 322.5 |
June 30, 2017 | December 31, 2016 | ||||||
Derivative instruments | $ | 20.8 | $ | 13.6 | |||
Currency translation adjustment | 7.8 | 7.6 | |||||
Other | (1.7 | ) | (2.2 | ) | |||
$ | 26.9 | $ | 19.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Total(1) | 22 | % | 13 | % | 22 | % | 14 | % | |||
BP (2) | 15 | % | 10 | % | 15 | % | 12 | % | |||
Petrobras(1) | 11 | % | 9 | % | 10 | % | 12 | % | |||
ConocoPhillips(3) | 2 | % | 23 | % | 2 | % | 15 | % | |||
Other | 50 | % | 45 | % | 51 | % | 47 | % | |||
100 | % | 100 | % | 100 | % | 100 | % |
(1) | During the three-month and six-month periods ended June 30, 2017 and 2016, all revenues were attributable to our Floater segment. |
(2) | During the three-month periods ended June 30, 2017 and 2016, 79% and 75% of the revenues provided by BP, respectively, were attributable to our Floaters segment and no revenue was attributable to our Jackups segment. During the six-month periods ended June 30, 2017 and 2016, 79% and 76% of the revenues provided by BP, respectively, were attributable to our Floaters segment and no revenue was attributable to our Jackups segment. |
(3) | During the three-month and six-month periods ended June 30, 2016, excluding the impact of the lump-sum termination payment of $185.0 million for ENSCO DS-9, revenues from ConocoPhillips represented 3% and 4%, respectively, of our consolidated revenues. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Angola(1) | $ | 115.9 | $ | 132.4 | $ | 237.6 | $ | 268.6 | |||||||
Australia(2) | 55.3 | 62.3 | 109.9 | 124.8 | |||||||||||
Egypt(3) | 53.4 | 36.5 | 106.6 | 36.5 | |||||||||||
Brazil(3) | 48.7 | 81.7 | 96.5 | 202.7 | |||||||||||
United Kingdom(4) | 36.7 | 69.7 | 67.9 | 143.5 | |||||||||||
U.S. Gulf of Mexico(5)(6) | 33.0 | 304.5 | 77.3 | 464.7 | |||||||||||
Other | 114.5 | 222.5 | 232.8 | 482.8 | |||||||||||
$ | 457.5 | $ | 909.6 | $ | 928.6 | $ | 1,723.6 |
(1) | During the three-month periods ended June 30, 2017 and 2016, 87% and 88% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2017 and 2016, 86% and 87% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. |
(2) | During the three-month and six-month periods ended June 30, 2017, 78% of the revenues earned in Australia were attributable to our Floaters segment. For the three-month and six-month periods ended June 30, 2016, all revenues were attributable to our Floaters segment. |
(3) | During the three-month and six-month periods ended June 30, 2017 and 2016, all revenues were attributable to our Floaters segment. |
(4) | During the three-month and six-month periods ended June 30, 2017 and 2016, all revenues were attributable to our Jackups segment. |
(5) | During the three-month periods ended June 30, 2017 and 2016, 46% and 3% of the revenues earned, respectively, were attributable to our Jackups segment and 10% and 92% of the revenues earned, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2017 and 2016, 37% and 4% of the revenues earned, respectively, were attributable to our Jackups segment and 25% and 89% earned, respectively, were attributable to our Floaters segment. |
(6) | Revenue recognized during the three-month and six-month periods ended June 30, 2016 related to the U.S. Gulf of Mexico included termination fees totaling $205.0 million as discussed in "Note 1 - Unaudited Condensed Consolidated Financial Statements." ENSCO DS-9 termination revenues were attributed to the U.S. Gulf of Mexico as the related drilling contract was intended for operations in that region. |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2017 (In millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 12.8 | $ | 43.9 | $ | — | $ | 486.5 | $ | (85.7 | ) | $ | 457.5 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 11.1 | 41.4 | — | 324.5 | (85.7 | ) | 291.3 | ||||||||||||||||
Depreciation | — | 4.3 | — | 103.6 | — | 107.9 | |||||||||||||||||
General and administrative | 12.1 | 4.2 | — | 14.2 | — | 30.5 | |||||||||||||||||
OPERATING (LOSS) INCOME | (10.4 | ) | (6.0 | ) | — | 44.2 | — | 27.8 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (7.1 | ) | (26.9 | ) | (16.9 | ) | (4.9 | ) | 2.6 | (53.2 | ) | ||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (17.5 | ) | (32.9 | ) | (16.9 | ) | 39.3 | 2.6 | (25.4 | ) | |||||||||||||
INCOME TAX PROVISION | — | 4.3 | — | 15.0 | — | 19.3 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | .4 | — | .4 | |||||||||||||||||
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (28.0 | ) | 28.7 | 19.9 | — | (20.6 | ) | — | |||||||||||||||
NET (LOSS) INCOME | (45.5 | ) | (8.5 | ) | 3.0 | 24.7 | (18.0 | ) | (44.3 | ) | |||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.2 | ) | — | (1.2 | ) | |||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ | (45.5 | ) | $ | (8.5 | ) | $ | 3.0 | $ | 23.5 | $ | (18.0 | ) | $ | (45.5 | ) |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (In millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 7.6 | $ | 36.5 | $ | — | $ | 937.4 | $ | (71.9 | ) | $ | 909.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 6.7 | 36.4 | — | 379.0 | (71.9 | ) | 350.2 | ||||||||||||||||
Depreciation | — | 4.4 | — | 108.0 | — | 112.4 | |||||||||||||||||
General and administrative | 10.5 | — | — | 16.9 | — | 27.4 | |||||||||||||||||
OPERATING (LOSS) INCOME | (9.6 | ) | (4.3 | ) | — | 433.5 | — | 419.6 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 175.8 | (8.3 | ) | (18.8 | ) | 1.3 | 59.9 | 209.9 | |||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 166.2 | (12.6 | ) | (18.8 | ) | 434.8 | 59.9 | 629.5 | |||||||||||||||
INCOME TAX PROVISION | — | (15.6 | ) | — | 52.3 | — | 36.7 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (.2 | ) | — | (.2 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 424.4 | 20.0 | 10.2 | — | (454.6 | ) | — | ||||||||||||||||
NET INCOME (LOSS) | 590.6 | 23.0 | (8.6 | ) | 382.3 | (394.7 | ) | 592.6 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 590.6 | $ | 23.0 | $ | (8.6 | ) | $ | 380.3 | $ | (394.7 | ) | $ | 590.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2017 (In millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 25.5 | $ | 89.9 | $ | — | $ | 987.2 | $ | (174.0 | ) | $ | 928.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 22.4 | 83.4 | — | 637.6 | (174.0 | ) | 569.4 | ||||||||||||||||
Depreciation | — | 8.5 | — | 208.6 | — | 217.1 | |||||||||||||||||
General and administrative | 23.6 | 4.3 | — | 28.6 | — | 56.5 | |||||||||||||||||
OPERATING (LOSS) INCOME | (20.5 | ) | (6.3 | ) | — | 112.4 | — | 85.6 | |||||||||||||||
OTHER EXPENSE, NET | (13.6 | ) | (58.2 | ) | (35.6 | ) | (12.6 | ) | 9.1 | (110.9 | ) | ||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (34.1 | ) | (64.5 | ) | (35.6 | ) | 99.8 | 9.1 | (25.3 | ) | |||||||||||||
INCOME TAX PROVISION | — | 18.9 | — | 24.5 | — | 43.4 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (.2 | ) | — | (.2 | ) | |||||||||||||||
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (37.1 | ) | 83.6 | 46.2 | — | (92.7 | ) | — | |||||||||||||||
NET (LOSS) INCOME | (71.2 | ) | .2 | 10.6 | 75.1 | (83.6 | ) | (68.9 | ) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ | (71.2 | ) | $ | .2 | $ | 10.6 | $ | 72.8 | $ | (83.6 | ) | $ | (71.2 | ) |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (In millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 14.8 | $ | 72.1 | $ | — | $ | 1,780.7 | $ | (144.0 | ) | $ | 1,723.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 13.9 | 72.1 | — | 771.9 | (144.0 | ) | 713.9 | ||||||||||||||||
Depreciation | — | 8.7 | — | 217.0 | — | 225.7 | |||||||||||||||||
General and administrative | 16.7 | .1 | — | 34.0 | — | 50.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (15.8 | ) | (8.8 | ) | — | 757.8 | — | 733.2 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 139.0 | (6.7 | ) | (37.9 | ) | (9.0 | ) | 59.9 | 145.3 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 123.2 | (15.5 | ) | (37.9 | ) | 748.8 | 59.9 | 878.5 | |||||||||||||||
INCOME TAX PROVISION | — | 15.4 | — | 92.7 | — | 108.1 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (1.1 | ) | — | (1.1 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 642.7 | 53.5 | 63.8 | — | (760.0 | ) | — | ||||||||||||||||
NET INCOME | 765.9 | 22.6 | 25.9 | 655.0 | (700.1 | ) | 769.3 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (3.4 | ) | — | (3.4 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 765.9 | $ | 22.6 | $ | 25.9 | $ | 651.6 | $ | (700.1 | ) | $ | 765.9 |
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET (LOSS) INCOME | $ | (45.5 | ) | $ | (8.5 | ) | $ | 3.0 | $ | 24.7 | $ | (18.0 | ) | $ | (44.3 | ) | |||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | 2.9 | — | — | — | 2.9 | |||||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net (loss) income | — | .3 | — | — | — | .3 | |||||||||||||||||
Other | — | — | — | .2 | — | .2 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 3.2 | — | .2 | — | 3.4 | |||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | (45.5 | ) | (5.3 | ) | 3.0 | 24.9 | (18.0 | ) | (40.9 | ) | |||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.2 | ) | — | (1.2 | ) | |||||||||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ | (45.5 | ) | $ | (5.3 | ) | $ | 3.0 | $ | 23.7 | $ | (18.0 | ) | $ | (42.1 | ) |
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME (LOSS) | $ | 590.6 | $ | 23.0 | $ | (8.6 | ) | $ | 382.3 | $ | (394.7 | ) | $ | 592.6 | |||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (4.1 | ) | — | — | — | (4.1 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) | — | 2.0 | — | — | — | 2.0 | |||||||||||||||||
Other | — | — | — | .1 | — | .1 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (2.1 | ) | — | .1 | — | (2.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | 590.6 | 20.9 | (8.6 | ) | 382.4 | (394.7 | ) | 590.6 | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 590.6 | $ | 20.9 | $ | (8.6 | ) | $ | 380.4 | $ | (394.7 | ) | $ | 588.6 |
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET (LOSS) INCOME | $ | (71.2 | ) | $ | .2 | $ | 10.6 | $ | 75.1 | $ | (83.6 | ) | $ | (68.9 | ) | ||||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | 6.0 | — | — | — | 6.0 | |||||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net (loss) income | — | 1.2 | — | — | — | 1.2 | |||||||||||||||||
Other | — | — | — | .7 | — | .7 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 7.2 | — | .7 | — | 7.9 | |||||||||||||||||
COMPREHENSIVE (LOSS) INCOME | (71.2 | ) | 7.4 | 10.6 | 75.8 | (83.6 | ) | (61.0 | ) | ||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ | (71.2 | ) | $ | 7.4 | $ | 10.6 | $ | 73.5 | $ | (83.6 | ) | $ | (63.3 | ) |
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 765.9 | $ | 22.6 | $ | 25.9 | $ | 655.0 | $ | (700.1 | ) | $ | 769.3 | ||||||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (.6 | ) | — | — | — | (.6 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 7.9 | — | — | — | 7.9 | |||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 7.3 | — | — | — | 7.3 | |||||||||||||||||
COMPREHENSIVE INCOME | 765.9 | 29.9 | 25.9 | 655.0 | (700.1 | ) | 776.6 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (3.4 | ) | — | (3.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 765.9 | $ | 29.9 | $ | 25.9 | $ | 651.6 | $ | (700.1 | ) | $ | 773.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2017 (In millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 73.3 | $ | — | $ | 3.8 | $ | 92.5 | $ | — | $ | 169.6 | |||||||||||
Short-term investments | 1,663.0 | 5.5 | — | 11.9 | — | 1,680.4 | |||||||||||||||||
Accounts receivable, net | 11.8 | — | — | 354.6 | — | 366.4 | |||||||||||||||||
Accounts receivable from affiliates | 282.4 | 279.4 | — | 217.7 | (779.5 | ) | — | ||||||||||||||||
Other | .3 | 9.6 | — | 305.5 | — | 315.4 | |||||||||||||||||
Total current assets | 2,030.8 | 294.5 | 3.8 | 982.2 | (779.5 | ) | 2,531.8 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 122.3 | — | 13,222.7 | — | 13,346.8 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 72.3 | — | 2,213.7 | — | 2,287.8 | |||||||||||||||||
Property and equipment, net | — | 50.0 | — | 11,009.0 | — | 11,059.0 | |||||||||||||||||
DUE FROM AFFILIATES | 1,978.5 | 4,245.9 | 2,042.1 | 7,065.4 | (15,331.9 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 8,535.8 | 3,545.9 | 1,107.5 | — | (13,189.2 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | — | 51.4 | — | 162.4 | (80.7 | ) | 133.1 | ||||||||||||||||
$ | 12,545.1 | $ | 8,187.7 | $ | 3,153.4 | $ | 19,219.0 | $ | (29,381.3 | ) | $ | 13,723.9 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 53.2 | $ | 28.8 | $ | 21.7 | $ | 399.3 | $ | — | $ | 503.0 | |||||||||||
Accounts payable to affiliates | 73.0 | 287.5 | 12.5 | 406.5 | (779.5 | ) | $ | — | |||||||||||||||
Total current liabilities | 126.2 | 316.3 | 34.2 | 805.8 | (779.5 | ) | 503.0 | ||||||||||||||||
DUE TO AFFILIATES | 1,389.1 | 5,093.3 | 2,601.7 | 6,247.8 | (15,331.9 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,839.5 | 149.2 | 1,116.1 | 639.9 | — | 4,744.7 | |||||||||||||||||
OTHER LIABILITIES | — | 8.8 | — | 357.8 | (80.7 | ) | 285.9 | ||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 8,190.3 | 2,620.1 | (598.6 | ) | 11,162.0 | (13,189.2 | ) | 8,184.6 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 5.7 | — | 5.7 | |||||||||||||||||
Total equity | 8,190.3 | 2,620.1 | (598.6 | ) | 11,167.7 | (13,189.2 | ) | 8,190.3 | |||||||||||||||
$ | 12,545.1 | $ | 8,187.7 | $ | 3,153.4 | $ | 19,219.0 | $ | (29,381.3 | ) | $ | 13,723.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016 (In millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 892.6 | $ | — | $ | 19.8 | $ | 247.3 | $ | — | $ | 1,159.7 | |||||||||||
Short-term investments | 1,165.1 | 5.5 | — | 272.0 | — | $ | 1,442.6 | ||||||||||||||||
Accounts receivable, net | 6.8 | — | — | 354.2 | — | 361.0 | |||||||||||||||||
Accounts receivable from affiliates | 486.5 | 251.2 | — | 152.2 | (889.9 | ) | — | ||||||||||||||||
Other | .1 | 6.8 | — | 309.1 | — | 316.0 | |||||||||||||||||
Total current assets | 2,551.1 | 263.5 | 19.8 | 1,334.8 | (889.9 | ) | 3,279.3 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 121.0 | — | 12,869.7 | — | 12,992.5 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 63.8 | — | 2,007.6 | — | 2,073.2 | |||||||||||||||||
Property and equipment, net | — | 57.2 | — | 10,862.1 | — | 10,919.3 | |||||||||||||||||
DUE FROM AFFILIATES | 1,512.2 | 4,513.8 | 1,978.8 | 7,234.4 | (15,239.2 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 8,557.7 | 3,462.3 | 1,061.3 | — | (13,081.3 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | — | 81.5 | — | 181.1 | (86.7 | ) | 175.9 | ||||||||||||||||
$ | 12,621.0 | $ | 8,378.3 | $ | 3,059.9 | $ | 19,612.4 | $ | (29,297.1 | ) | $ | 14,374.5 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 44.1 | $ | 45.2 | $ | 28.3 | $ | 404.9 | $ | — | $ | 522.5 | |||||||||||
Accounts payable to affiliates | 38.8 | 208.4 | 5.9 | 636.8 | (889.9 | ) | — | ||||||||||||||||
Current maturities of long-term debt | 187.1 | — | 144.8 | — | — | 331.9 | |||||||||||||||||
Total current liabilities | 270.0 | 253.6 | 179.0 | 1,041.7 | (889.9 | ) | 854.4 | ||||||||||||||||
DUE TO AFFILIATES | 1,375.8 | 5,367.6 | 2,040.7 | 6,455.1 | (15,239.2 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,720.2 | 149.2 | 1,449.5 | 623.7 | — | 4,942.6 | |||||||||||||||||
OTHER LIABILITIES | — | 2.9 | — | 406.3 | (86.7 | ) | 322.5 | ||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 8,255.0 | 2,605.0 | (609.3 | ) | 11,081.2 | (13,081.3 | ) | 8,250.6 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 4.4 | — | 4.4 | |||||||||||||||||
Total equity | 8,255.0 | 2,605.0 | (609.3 | ) | 11,085.6 | (13,081.3 | ) | 8,255.0 | |||||||||||||||
$ | 12,621.0 | $ | 8,378.3 | $ | 3,059.9 | $ | 19,612.4 | $ | (29,297.1 | ) | $ | 14,374.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2017 (In millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (17.8 | ) | $ | (50.5 | ) | $ | (53.9 | ) | $ | 252.7 | $ | — | $ | 130.5 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Purchases of short-term investments | (563.0 | ) | — | — | (571.8 | ) | — | (1,134.8 | ) | ||||||||||||||
Maturities of short-term investments | 65.1 | — | — | 831.9 | — | 897.0 | |||||||||||||||||
Additions to property and equipment | — | — | — | (332.6 | ) | — | (332.6 | ) | |||||||||||||||
Purchase of affiliate debt | (316.3 | ) | — | — | — | 316.3 | — | ||||||||||||||||
Other | — | — | — | 1.7 | — | 1.7 | |||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | (814.2 | ) | — | — | (70.8 | ) | 316.3 | (568.7 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Reduction of long-term borrowings | (220.7 | ) | — | — | — | (316.3 | ) | (537.0 | ) | ||||||||||||||
Cash dividends paid | (6.2 | ) | — | — | — | — | (6.2 | ) | |||||||||||||||
Debt financing costs | (5.5 | ) | — | — | — | — | (5.5 | ) | |||||||||||||||
Advances from (to) affiliates | 247.7 | 50.5 | 37.9 | (336.1 | ) | — | — | ||||||||||||||||
Other | (2.6 | ) | — | — | (1.0 | ) | — | (3.6 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 12.7 | 50.5 | 37.9 | (337.1 | ) | (316.3 | ) | (552.3 | ) | ||||||||||||||
Net cash used in discontinued operations | — | — | — | (.2 | ) | — | (.2 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | .6 | — | .6 | |||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (819.3 | ) | — | (16.0 | ) | (154.8 | ) | — | (990.1 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 892.6 | — | 19.8 | 247.3 | — | 1,159.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 73.3 | $ | — | $ | 3.8 | $ | 92.5 | $ | — | $ | 169.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (In millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (83.4 | ) | $ | 130.8 | $ | (60.4 | ) | $ | 813.2 | $ | — | $ | 800.2 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Maturities of short-term investments | 1,032.0 | — | — | — | — | 1,032.0 | |||||||||||||||||
Purchases of short-term investments | (862.0 | ) | — | — | — | — | (862.0 | ) | |||||||||||||||
Additions to property and equipment | — | — | — | (209.4 | ) | — | (209.4 | ) | |||||||||||||||
Purchase of affiliate debt | (142.0 | ) | — | — | — | 142.0 | — | ||||||||||||||||
Other | — | — | — | 7.6 | — | 7.6 | |||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | 28.0 | — | — | (201.8 | ) | 142.0 | (31.8 | ) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 585.5 | — | — | — | — | 585.5 | |||||||||||||||||
Reduction of long-term borrowings | (542.8 | ) | — | — | — | (142.0 | ) | (684.8 | ) | ||||||||||||||
Cash dividends paid | (5.5 | ) | — | — | — | — | (5.5 | ) | |||||||||||||||
Advances from (to) affiliates | 638.9 | (130.8 | ) | 84.5 | (592.6 | ) | — | — | |||||||||||||||
Other | (1.9 | ) | — | — | — | — | (1.9 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 674.2 | (130.8 | ) | 84.5 | (592.6 | ) | (142.0 | ) | (106.7 | ) | |||||||||||||
Net cash provided by discontinued operations | — | — | — | 7.7 | — | 7.7 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.4 | ) | — | (.4 | ) | |||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 618.8 | — | 24.1 | 26.1 | — | 669.0 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 94.0 | — | 2.0 | 25.3 | — | 121.3 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 712.8 | $ | — | $ | 26.1 | $ | 51.4 | $ | — | $ | 790.3 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 457.5 | $ | 909.6 | $ | 928.6 | $ | 1,723.6 | |||||||
Operating expenses | |||||||||||||||
Contract drilling (exclusive of depreciation) | 291.3 | 350.2 | 569.4 | 713.9 | |||||||||||
Depreciation | 107.9 | 112.4 | 217.1 | 225.7 | |||||||||||
General and administrative | 30.5 | 27.4 | 56.5 | 50.8 | |||||||||||
Operating income | 27.8 | 419.6 | 85.6 | 733.2 | |||||||||||
Other (expense) income, net | (53.2 | ) | 209.9 | (110.9 | ) | 145.3 | |||||||||
Provision for income taxes | 19.3 | 36.7 | 43.4 | 108.1 | |||||||||||
(Loss) income from continuing operations | (44.7 | ) | 592.8 | (68.7 | ) | 770.4 | |||||||||
Income (loss) from discontinued operations, net | .4 | (.2 | ) | (.2 | ) | (1.1 | ) | ||||||||
Net (loss) income | (44.3 | ) | 592.6 | (68.9 | ) | 769.3 | |||||||||
Net income attributable to noncontrolling interests | (1.2 | ) | (2.0 | ) | (2.3 | ) | (3.4 | ) | |||||||
Net (loss) income attributable to Ensco | $ | (45.5 | ) | $ | 590.6 | $ | (71.2 | ) | $ | 765.9 |
2017 | 2016 | ||
Floaters | 19 | 19 | |
Jackups(1) (2) | 32 | 36 | |
Under construction(2) | 2 | 4 | |
Held-for-sale(1) (3) | 2 | 2 | |
Total | 55 | 61 |
(1) | During the third quarter of 2016, we classified ENSCO 53 and ENSCO 94 as held-for-sale. During the first quarter of 2017, we classified ENSCO 56, ENSCO 86 and ENSCO 99 as held-for-sale. During the second quarter of 2017, we classified ENSCO 52 as held-for-sale. |
(2) | During the third and fourth quarter of 2016, we accepted delivery of ENSCO 140 and ENSCO 141, respectively. |
(3) | During the fourth quarter of 2016, we sold ENSCO 53 and ENSCO 94. During the second quarter of 2017, we sold ENSCO 56, ENSCO 86, ENSCO 90 and ENSCO 99. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Rig Utilization(1) | |||||||||||||||
Floaters | 43 | % | 57 | % | 45 | % | 60 | % | |||||||
Jackups | 64 | % | 63 | % | 64 | % | 65 | % | |||||||
Total | 56 | % | 61 | % | 57 | % | 63 | % | |||||||
Average Day Rates(2) | |||||||||||||||
Floaters | $ | 338,675 | $ | 359,575 | $ | 337,611 | $ | 362,427 | |||||||
Jackups | 88,583 | 111,791 | 87,468 | 115,067 | |||||||||||
Total | $ | 155,946 | $ | 194,754 | $ | 156,200 | $ | 201,805 |
(1) | Rig utilization is derived by dividing the number of days under contract by the number of days in the period. 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. 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 the shipyard, the related days are excluded from days under contract. |
(2) | Average day rates are derived by dividing contract drilling revenues, adjusted to exclude certain types of non-recurring reimbursable revenues, lump-sum revenues and revenues attributable to amortization of drilling contract intangibles, by the aggregate number of contract days, adjusted to exclude contract days associated with certain mobilizations, demobilizations, shipyard contracts and standby contracts. |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 264.0 | $ | 178.9 | $ | 14.6 | $ | 457.5 | $ | — | $ | 457.5 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 145.6 | 132.3 | 13.4 | 291.3 | — | 291.3 | |||||||||||||||||
Depreciation | 72.0 | 31.6 | — | 103.6 | 4.3 | 107.9 | |||||||||||||||||
General and administrative | — | — | — | — | 30.5 | 30.5 | |||||||||||||||||
Operating income | $ | 46.4 | $ | 15.0 | $ | 1.2 | $ | 62.6 | $ | (34.8 | ) | $ | 27.8 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 636.4 | $ | 251.3 | $ | 21.9 | $ | 909.6 | $ | — | $ | 909.6 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 208.6 | 122.3 | 19.3 | 350.2 | — | 350.2 | |||||||||||||||||
Depreciation | 77.8 | 30.1 | — | 107.9 | 4.5 | 112.4 | |||||||||||||||||
General and administrative | — | — | — | — | 27.4 | 27.4 | |||||||||||||||||
Operating income | $ | 350.0 | $ | 98.9 | $ | 2.6 | $ | 451.5 | $ | (31.9 | ) | $ | 419.6 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 548.8 | $ | 350.7 | $ | 29.1 | $ | 928.6 | $ | — | $ | 928.6 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 292.0 | 250.9 | 26.5 | 569.4 | — | 569.4 | |||||||||||||||||
Depreciation | 144.8 | 63.7 | — | 208.5 | 8.6 | 217.1 | |||||||||||||||||
General and administrative | — | — | — | — | 56.5 | 56.5 | |||||||||||||||||
Operating income | $ | 112.0 | $ | 36.1 | $ | 2.6 | $ | 150.7 | $ | (65.1 | ) | $ | 85.6 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,149.0 | $ | 529.2 | $ | 45.4 | $ | 1,723.6 | $ | — | $ | 1,723.6 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 419.9 | 256.8 | 37.2 | 713.9 | — | 713.9 | |||||||||||||||||
Depreciation | 158.1 | 58.7 | — | 216.8 | 8.9 | 225.7 | |||||||||||||||||
General and administrative | — | — | — | — | 50.8 | 50.8 | |||||||||||||||||
Operating income | $ | 571.0 | $ | 213.7 | $ | 8.2 | $ | 792.9 | $ | (59.7 | ) | $ | 733.2 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income | $ | 7.6 | $ | 2.5 | $ | 14.8 | $ | 4.8 | |||||||
Interest expense, net: | |||||||||||||||
Interest expense | (73.9 | ) | (66.7 | ) | (149.3 | ) | (143.9 | ) | |||||||
Capitalized interest | 13.6 | 12.7 | 30.4 | 24.8 | |||||||||||
(60.3 | ) | (54.0 | ) | (118.9 | ) | (119.1 | ) | ||||||||
Other, net | (.5 | ) | 261.4 | (6.8 | ) | 259.6 | |||||||||
$ | (53.2 | ) | $ | 209.9 | $ | (110.9 | ) | $ | 145.3 |
2017 | 2016 | ||||||
Cash flow from operating activities of continuing operations | $ | 130.5 | $ | 800.2 | |||
Capital expenditures | |||||||
New rig construction | $ | 286.6 | $ | 123.1 | |||
Rig enhancements | 15.5 | 14.3 | |||||
Minor upgrades and improvements | 30.5 | 72.0 | |||||
$ | 332.6 | $ | 209.4 |
Cumulative Paid(1) | Remaining 2017 | 2018 | 2019 | Total(2) | ||||||||||||||||
ENSCO DS-10 | $ | 481.2 | $ | 75.0 | $ | — | $ | — | $ | 556.2 | ||||||||||
ENSCO 123 | 61.5 | 4.0 | 215.3 | — | 280.8 | |||||||||||||||
$ | 542.7 | $ | 79.0 | $ | 215.3 | $ | — | $ | 837.0 |
(1) | Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through June 30, 2017. |
(2) | Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management and capitalized interest. |
Aggregate Principal Amount Repurchased | 8.00% Senior notes due 2024 Consideration | Cash Consideration(1) | Total Consideration | |||||||||||||
8.50% Senior notes due 2019 | $ | 145.8 | $ | 81.6 | $ | 81.7 | $ | 163.3 | ||||||||
6.875% Senior notes due 2020 | 129.8 | 69.3 | 69.4 | 138.7 | ||||||||||||
4.70% Senior notes due 2021 | 373.9 | 181.1 | 181.4 | 362.5 | ||||||||||||
Total | $ | 649.5 | $ | 332.0 | $ | 332.5 | $ | 664.5 |
(1) | As of December 31, 2016, the aggregate amount of principal repurchased with cash of $332.5 million, along with associated premiums, was classified as current maturities of long-term debt on our condensed consolidated balance sheet. |
Aggregate Principal Amount Repurchased | Aggregate Repurchase Price(1) | ||||||
8.50% Senior notes due 2019 | $ | 54.6 | $ | 60.1 | |||
6.875% Senior notes due 2020 | 100.1 | 105.1 | |||||
4.70% Senior notes due 2021 | 39.4 | 39.3 | |||||
Total | $ | 194.1 | $ | 204.5 |
(1) | Excludes accrued interest paid to holders of the repurchased senior notes. |
June 30, 2017 | December 31, 2016 | ||||||
Total debt | $ | 4,744.7 | $ | 5,274.5 | |||
Total capital (1) | $ | 12,929.3 | $ | 13,525.1 | |||
Total debt to total capital | 36.7 | % | 39.0 | % |
(1) | Total capital consists of total debt and Ensco shareholders' equity. |
June 30, 2017 | December 31, 2016 | ||||||
Cash and cash equivalents | $ | 169.6 | $ | 1,159.7 | |||
Short-term investments | $ | 1,680.4 | $ | 1,442.6 | |||
Working capital | $ | 2,028.8 | $ | 2,424.9 | |||
Current ratio | 5.0 | 3.8 |
• | global macroeconomic and political environment, |
• | historical utilization, day rate and operating expense trends by asset class, |
• | regulatory requirements such as surveys, inspections and recertification of our rigs, |
• | remaining useful lives of our rigs, |
• | expectations on the use and eventual disposition of our rigs, |
• | weighted-average cost of capital, |
• | oil price projections, |
• | sanctioned and unsanctioned offshore project data, |
• | offshore project break-even economic data, |
• | global rig supply and construction orders, |
• | global rig fleet capabilities and relative rankings, and |
• | expectations of global rig fleet attrition. |
• | changes in global economic conditions, |
• | production levels of the Organization of Petroleum Exporting Countries (“OPEC”), |
• | production levels of non-OPEC countries, |
• | advances in exploration and development technology, |
• | offshore and onshore project break-even economics, |
• | development and exploitation of alternative fuels, |
• | natural disasters or other operational hazards, |
• | changes in relevant law and governmental regulations, |
• | political instability and/or escalation of military actions in the areas we operate, |
• | changes in the timing and rate of global newbuild rig construction, and |
• | changes in the timing and rate of global rig fleet attrition. |
• | certain damages for which we may be liable to Atwood under the terms and conditions of the Merger Agreement; |
• | negative reactions from the financial markets, including declines in the price of our shares due to the fact that current prices may reflect a market assumption that the Merger will be completed; |
• | certain significant costs relating to the Merger, including, in certain circumstances, the reimbursement by us of up to $10.0 million of Atwood’s expenses and a termination fee payable by us of $50.0 million less any previous expense reimbursements by us; and |
• | the attention of our management will have been diverted to the Merger rather than our own operations and pursuit of other opportunities that could have been beneficial to us. |
Issuer Purchases of Equity Securities | |||||||||||||
Period | Total Number of Securities Purchased(1) | Average Price Paid per Security | Total Number of Securities Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Securities that May Yet Be Purchased Under Plans or Programs | |||||||||
April 1 - April 30 | 1,352 | $ | 8.95 | — | $ | 2,000,000,000 | |||||||
May 1 - May 31 | 10,496 | $ | 7.42 | — | $ | 2,000,000,000 | |||||||
June 1 - June 30 | 180,291 | $ | 6.21 | — | $ | 2,000,000,000 | |||||||
Total | 192,139 | $ | 6.30 | — |
(1) | During the quarter ended June 30, 2017, equity securities were repurchased from employees and non-employee directors by an affiliated employee benefit trust in connection with the settlement of income tax withholding obligations arising from the vesting of share awards. Such securities remain available for re-issuance in connection with employee share awards. |
(2) | During 2013, our shareholders approved a new share repurchase program. Subject to certain provisions under English law, including the requirement of Ensco plc to have sufficient distributable reserves, we may repurchase up to a maximum of $2.0 billion in the aggregate under the program, but in no case more than 35.0 million shares. As of June 30, 2017, no shares have been repurchased under the program. The program terminates in May 2018. |
Exhibit Number | Exhibit | |
2.1 | Agreement and Plan of Merger, dated as of May 29, 2017, by and among Ensco plc, Echo Merger Sub LLC and Atwood Oceanics, Inc. (incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on May 30, 2017, File No. 1-08097). | |
10.1 | Fifth Amendment to the Ensco plc 2012 Long-Term Incentive Plan, effective March 24, 2017 (incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on May 23, 2017, File No. 1-08097). | |
*12.1 | Computation of ratio of earnings to fixed charges. | |
*15.1 | Letter regarding unaudited interim financial information. | |
*31.1 | Certification of the Chief Executive Officer of Registrant Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
*31.2 | Certification of the Chief Financial Officer of Registrant Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
**32.1 | Certification of the Chief Executive Officer of Registrant Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
**32.2 | Certification of the Chief Financial Officer of Registrant Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
*101.INS | XBRL Instance Document | |
*101.SCH | XBRL Taxonomy Extension Schema | |
*101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
*101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
*101.LAB | XBRL Taxonomy Extension Label Linkbase | |
*101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Ensco plc | |||
Date: | July 27, 2017 | /s/ JONATHAN H. BAKSHT | |
Jonathan H. Baksht Senior Vice President and Chief Financial Officer (principal financial officer) | |||
/s/ ROBERT W. EDWARDS III | |||
Robert W. Edwards III Vice President - Finance (principal accounting officer) |
Exhibit Number | Exhibit | |
2.1 | Agreement and Plan of Merger, dated as of May 29, 2017, by and among Ensco plc, Echo Merger Sub LLC and Atwood Oceanics, Inc. (incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on May 30, 2017, File No. 1-08097). | |
10.1 | Fifth Amendment to the Ensco plc 2012 Long-Term Incentive Plan, effective March 24, 2017 (incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on May 23, 2017, File No. 1-08097). | |
*12.1 | Computation of ratio of earnings to fixed charges. | |
*15.1 | Letter regarding unaudited interim financial information. | |
*31.1 | Certification of the Chief Executive Officer of Registrant Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
*31.2 | Certification of the Chief Financial Officer of Registrant Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
**32.1 | Certification of the Chief Executive Officer of Registrant Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
**32.2 | Certification of the Chief Financial Officer of Registrant Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
*101.INS | XBRL Instance Document | |
*101.SCH | XBRL Taxonomy Extension Schema | |
*101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
*101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
*101.LAB | XBRL Taxonomy Extension Label Linkbase | |
*101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Six Months Ended June 30, 2017 | Year Ended December 31, | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Earnings | |||||||||||||||||||||||
(Loss) income from continuing operations before income tax | $ | (25.3 | ) | $ | 997.5 | $ | (1,471.2 | ) | $ | (2,548.8 | ) | $ | 1,633.2 | $ | 1,304.7 | ||||||||
Fixed charges deducted from income from continuing operations | 154.2 | 284.4 | 323.2 | 260.4 | 245.3 | 247.3 | |||||||||||||||||
Amortization of capitalized interest | 8.5 | 16.4 | 18.2 | 17.0 | 13.3 | 12.3 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Income from continuing operations before income tax attributable to noncontrolling interests | (2.6 | ) | (7.7 | ) | (10.5 | ) | (15.5 | ) | (9.7 | ) | (7.4 | ) | |||||||||||
Interest capitalized | (30.4 | ) | (45.7 | ) | (87.4 | ) | (78.2 | ) | (67.7 | ) | (105.8 | ) | |||||||||||
104.4 | 1,244.9 | (1,227.7 | ) | (2,365.1 | ) | 1,814.4 | 1,451.1 | ||||||||||||||||
Fixed Charges | |||||||||||||||||||||||
Interest on indebtedness, including amortization of deferred loan costs | 118.9 | 228.8 | 216.3 | 161.4 | 158.8 | 123.6 | |||||||||||||||||
Estimated interest within rental expense | 4.9 | 9.9 | 19.5 | 20.8 | 18.8 | 17.9 | |||||||||||||||||
Fixed charges deducted from income from continuing operations | 123.8 | 238.7 | 235.8 | 182.2 | 177.6 | 141.5 | |||||||||||||||||
Interest capitalized | 30.4 | 45.7 | 87.4 | 78.2 | 67.7 | 105.8 | |||||||||||||||||
Total | $ | 154.2 | $ | 284.4 | $ | 323.2 | $ | 260.4 | $ | 245.3 | $ | 247.3 | |||||||||||
Ratio of Earnings to Fixed Charges | (a) | 4.4 | (b) | (b) | 7.4 | 5.9 |
(a) | For the six month period ended June 30, 2017, our earnings were inadequate to cover our fixed charges by $49.8 million. |
(b) | For the year ended December 31, 2015 and December 31, 2014, our earnings were inadequate to cover our fixed charges by $1,550.9 and $2,625.5 million, respectively. Net loss from continuing operations before income taxes of $1,471.2 million and $2,548.8 million for the years ended December 31, 2015 and December 31, 2014 included a non-cash loss on impairment of $2,746.4 million and $4,218.7 million, respectively. |
1. | I have reviewed this report on Form 10-Q for the fiscal quarter ending June 30, 2017 of Ensco plc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | July 27, 2017 | ||
/s/ Carl G. Trowell | |||
Carl G. Trowell Chief Executive Officer and President |
1. | I have reviewed this report on Form 10-Q for the fiscal quarter ending June 30, 2017 of Ensco plc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: | July 27, 2017 | ||
/s/ Jonathan H. Baksht | |||
Jonathan H. Baksht Senior Vice President and Chief Financial Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"); and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Carl G. Trowell | ||
Carl G. Trowell Chief Executive Officer and President | ||
Dated: | July 27, 2017 |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"); and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Jonathan H. Baksht | ||
Jonathan H. Baksht Senior Vice President and Chief Financial Officer | ||
Dated: | July 27, 2017 |
Document And Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jul. 20, 2017 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Ensco plc | |
Entity Central Index Key | 0000314808 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Shares, Shares Outstanding | 303,873,924 |
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
NET (LOSS) INCOME | $ (44.3) | $ 592.6 | $ (68.9) | $ 769.3 |
OTHER COMPREHENSIVE INCOME (LOSS), NET | ||||
Net change in derivative fair value | 2.9 | (4.1) | 6.0 | (0.6) |
Reclassification of net losses on derivative instruments from other comprehensive income into net (loss) income | 0.3 | 2.0 | 1.2 | 7.9 |
Other | 0.2 | 0.1 | 0.7 | 0.0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 3.4 | (2.0) | 7.9 | 7.3 |
COMPREHENSIVE (LOSS) INCOME | (40.9) | 590.6 | (61.0) | 776.6 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2.0) | (2.3) | (3.4) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ (42.1) | $ 588.6 | $ (63.3) | $ 773.2 |
Condensed Consolidated Balance Sheets (Parenthetical) |
Jun. 30, 2017
£ / shares
shares
|
Jun. 30, 2017
$ / shares
shares
|
Dec. 31, 2016
£ / shares
shares
|
Dec. 31, 2016
$ / shares
shares
|
---|---|---|---|---|
Treasury shares, shares held (in shares) | 6,500,000 | 6,500,000 | 7,300,000 | 7,300,000 |
Class A ordinary shares, U.S. [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | $ / shares | $ 0.1 | $ 0.10 | ||
Common shares, shares issued (in shares) | 310,400,000 | 310,400,000 | 310,300,000 | 310,300,000 |
Common Class B, Par Value In GBP [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | £ / shares | £ 1 | £ 1 | ||
Common shares, shares issued (in shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Common shares, shares authorized (in shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Unaudited Condensed Consolidated Financial Statements |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Unaudited Condensed Consolidated Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | Unaudited Condensed Consolidated Financial Statements We prepared the accompanying condensed consolidated financial statements of Ensco plc and subsidiaries (the "Company," "Ensco," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2016 condensed consolidated balance sheet data were derived from our 2016 audited consolidated financial statements, but do not include all disclosures required by GAAP. Certain previously reported amounts have been reclassified to conform to the current year presentation. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. The financial data for the three-month and six-month periods ended June 30, 2017 and 2016 included herein have been subjected to a limited review by KPMG LLP, our independent registered public accounting firm. The accompanying independent registered public accounting firm's review report is not a report within the meaning of Sections 7 and 11 of the Securities Act, and the independent registered public accounting firm's liability under Section 11 does not extend to it. Results of operations for the three-month and six-month periods ended June 30, 2017 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2017. We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 28, 2017 and our quarterly report on Form 10-Q filed with the SEC on April 27, 2017. Proposed Atwood Merger On May 29, 2017, Ensco plc entered into an Agreement and Plan of Merger ("Merger Agreement") with Echo Merger Sub LLC ("Merger Sub"), a wholly-owned subsidiary of Ensco plc, and Atwood Oceanics, Inc. ("Atwood"), pursuant to which Ensco plc will acquire Atwood in an all-stock transaction. The Merger Agreement provides that Merger Sub will merge with and into Atwood (the "Merger"), with Atwood continuing as the surviving company and a wholly-owned subsidiary of Ensco plc. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each share of Atwood common stock will be converted into the right to receive 1.60 Class A ordinary shares of Ensco plc ("Ensco shares"). We estimate the total consideration to be delivered in the Merger to be approximately $711 million, consisting of the delivery of approximately 134 million Ensco shares based on the closing price of Ensco shares of $5.32 on July 18, 2017. The value of the Merger consideration will fluctuate based on changes in the price of Ensco shares and the number of shares of Atwood common stock outstanding on the closing date. Completion of the Merger is subject to certain customary conditions, including approval of the allotment and issuance of Ensco shares by Ensco plc shareholders and approval of the Merger by Atwood's shareholders. On June 27, 2017, Ensco and Atwood received notice from the Antitrust Division of the Department of Justice and the Federal Trade Commission granting early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The Merger is expected to close during the third quarter of 2017, subject to satisfaction of all conditions to closing. Operating Revenues and Expenses During the three-month and six-month periods ended June 30, 2016, operating revenues included $185.0 million for the lump-sum consideration received in settlement and release of the ENSCO DS-9 customer's ongoing early termination obligations and $20.0 million for the lump-sum consideration received in settlement of the ENSCO 8503 customer's remaining obligations under the contract. The ENSCO DS-9 contract was terminated for convenience by the customer in July 2015, whereby our customer was obligated to pay us monthly termination fees for two years under the termination provisions of the contract. The ENSCO 8503 contract was originally scheduled to expire in August 2017. New Accounting Pronouncements In October 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“Update 2016-16”), which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transaction occurs as opposed to deferring tax consequences and amortizing them into future periods. We adopted Update 2016-16 on a modified retrospective basis effective January 1, 2017. As a result of modified retrospective application, we reduced prepaid taxes on intercompany transfers of property and related deferred tax liabilities resulting in the recognition of a cumulative-effect reduction in retained earnings of $14.1 million on our condensed consolidated balance sheet as of January 1, 2017. We do not expect a material impact to our 2017 operating results as a result of the adoption of Update 2016-16. In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting("Update 2016-09"), which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. We adopted Update 2016-09 effective January 1, 2017. Our adoption of Update 2016-09 did not result in any cumulative effect on retained earnings and no adjustments have been made to prior periods. The new standard will cause volatility in our effective tax rates primarily due to the new requirement that companies recognize additional tax benefits or expenses in earnings related to the vesting or settlement of employee share-based awards, rather than in additional paid-in capital, during the period in which they occur. Furthermore, forfeitures are now recorded as they occur as opposed to estimating an allowance for future forfeitures. During 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Update 2014-09 is effective for annual and interim periods for fiscal years beginning after December 15, 2017. Subsequent to the issuance of Update 2014-09, the FASB issued several additional Accounting Standards Updates to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. Update 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP and may be adopted using a retrospective, modified retrospective or prospective with a cumulative catch-up approach. Due to the significant interaction between Update 2014-09 and Accounting Standards Update 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification ("Update 2016-02"), we expect to adopt Update 2014-09 and Update 2016-02 concurrently with an effective date of January 1, 2018. We expect to apply the modified retrospective approach to our adoption. We are currently evaluating the effect that Update 2014-09 and Update 2016-02 will have on our consolidated financial statements and related disclosures. In February 2016, the Financial Accounting Standards Board issued Update 2016-02, which requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key qualitative and quantitative information about the entity's leasing arrangements. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective approach is required. During our evaluation of Update 2016-02, we have concluded that our drilling contracts contain a lease component, and upon adoption, we will be required to separately recognize revenues associated with the lease of our drilling rigs and the provision of contract drilling services. Due to the significant interaction between Update 2016-02 and Update 2014-09, we expect to adopt both updates concurrently with an effective date of January 1, 2018. We expect to apply the modified retrospective approach to our adoption. Adoption will result in increased disclosure of the nature of our leasing arrangements and may result in variability in our revenue recognition patterns relative to current U.S. GAAP based on the provisions in each of our drilling contracts. With respect to leases whereby we are the lessee, we expect to recognize lease liabilities and offsetting "right of use" assets ranging from approximately $60 million to $80 million upon adoption, based on our portfolio of leases as of June 30, 2017. We are currently evaluating the other impacts that Update 2016-02 and Update 2014-09 will have on our consolidated financial statements and related disclosures. |
Fair Value Measurements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (in millions):
Supplemental Executive Retirement Plan Assets Our supplemental executive retirement plans (the "SERP") are non-qualified plans that provide eligible employees an opportunity to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our condensed consolidated balance sheets. The fair value measurement of assets held in the SERP was based on quoted market prices. Derivatives Our derivatives were measured at fair value on a recurring basis using Level 2 inputs. See "Note 3 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurement of our derivatives was based on market prices that are generally observable for similar assets or liabilities at commonly-quoted intervals. Other Financial Instruments The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
The estimated fair values of our senior notes and debentures were determined using quoted market prices. The decline in the carrying value of long-term debt instruments from December 31, 2016 to June 30, 2017 is primarily due to the January 2017 debt exchange and debt repurchases as discussed in "Note 6 - Debt." The estimated fair values of our cash and cash equivalents, short-term investments, receivables, trade payables and other liabilities approximated their carrying values as of June 30, 2017 and December 31, 2016. Our short-term investments consisted of time deposits with initial maturities in excess of three months but less than one year as of each respective balance sheet date. |
Derivative Instruments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar. These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. We use foreign currency forward contracts to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. All derivatives were recorded on our condensed consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset in our condensed consolidated balance sheets. Accounting for the gains and losses resulting from changes in derivative fair value depends on the use of the derivative and whether it qualifies for hedge accounting. Net assets of $4.9 million and net liabilities of $8.8 million associated with our foreign currency forward contracts were included on our condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016, respectively. All of our derivatives mature during the next 18 months. See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives. Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions):
We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expenses and capital expenditures denominated in various currencies. As of June 30, 2017, we had cash flow hedges outstanding to exchange an aggregate $173.7 million for various foreign currencies, including $81.7 million for British pounds, $33.7 million for Australian dollars, $22.8 million for euros, $22.3 million for Brazilian reais and $13.2 million for other currencies. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive (loss) income were as follows (in millions): Three Months Ended June 30, 2017 and 2016
Six Months Ended June 30, 2017 and 2016
We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments. In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of June 30, 2017, we held derivatives not designated as hedging instruments to exchange an aggregate $131.3 million for various foreign currencies, including $86.5 million for euros, $9.6 million for Indonesian rupiah, $8.4 million for Australian dollars, $6.9 million for British pounds, $6.6 million for Brazilian reais, $6.5 million for Swiss francs and $6.8 million for other currencies. Net gains of $5.7 million and net losses of $3.5 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the three-month periods ended June 30, 2017 and 2016, respectively. Net gains of $6.2 million and $900,000 associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the six-month periods ended June 30, 2017 and 2016, respectively. These gains and losses were largely offset by net foreign currency exchange gains and losses during the respective periods. As of June 30, 2017, the estimated amount of net gains associated with derivative instruments, net of tax, that would be reclassified into earnings during the next twelve months totaled $1.7 million. |
Noncontrolling Interests |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Noncontrolling Interests Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our condensed consolidated balance sheets, and net income attributable to noncontrolling interests is presented separately in our condensed consolidated statements of operations. (Loss) income from continuing operations attributable to Ensco for the three-month and six-month periods ended June 30, 2017 and 2016 was as follows (in millions):
|
Earnings Per Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net (loss) income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and excludes non-vested shares. The following table is a reconciliation of (loss) income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the three-month and six-month periods ended June 30, 2017 and 2016 (in millions):
Antidilutive share awards totaling 400,000 were excluded from the computation of diluted EPS for the three-month and six-month periods ended June 30, 2017. Additionally, due to our net loss position, potentially dilutive share awards totaling 900,000 were also excluded from the computation of diluted EPS for the three-month and six-month periods ended June 30, 2017. Antidilutive share awards totaling 500,000 and 600,000 were excluded from the computation of diluted EPS for the three-month and six-month ended June 30, 2016. We have the option to settle our 2024 Convertible Notes in cash, shares or a combination thereof for the aggregate amount due upon conversion. Our intent is to settle the principal amount of the 2024 Convertible Notes in cash upon conversion. If the conversion value exceeds the principal amount (i.e., our share price exceeds the exchange price on the date of conversion), we expect to deliver shares equal to the remainder of our conversion obligation in excess of the principal amount. During each reporting period that our average share price exceeds the exchange price, an assumed number of shares required to settle the conversion obligation in excess of the principal amount will be included in our denominator for the computation of diluted EPS using the treasury stock method. Our average share price did not exceed the exchange price during the three-month or six-month periods ended June 30, 2017. |
Debt |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Exchange Offers In January 2017, we completed exchange offers (the "Exchange Offers") to exchange our outstanding 8.50% senior notes due 2019, 6.875% senior notes due 2020 and 4.70% senior notes due 2021 for 8.00% senior notes due 2024 and cash. The Exchange Offers resulted in the tender of $649.5 million aggregate principal amount of our outstanding senior notes that were settled and exchanged as follows (in millions):
During the first quarter of 2017, we recognized a net pre-tax loss on the Exchange Offers of $6.2 million, consisting of a loss of $3.5 million that includes the write-off of premiums on tendered debt and $2.7 million of transaction costs. Open Market Repurchases During the first six months of 2017, we repurchased certain of our outstanding senior notes with cash on hand and recognized an insignificant pre-tax gain, net of discounts, premiums and debt issuance costs. The aggregate repurchases were as follows (in millions):
Maturities Our next debt maturity is $237.6 million during 2019, followed by $450.9 million and $269.7 million during 2020 and 2021, respectively. Revolving Credit We have a $2.25 billion senior unsecured revolving credit facility with a syndicate of banks to be used for general corporate purposes, of which $1.12 billion of availability expires on September 30, 2019 and $1.13 billion expires on September 30, 2020 (the "Credit Facility"). Advances under the Credit Facility bear interest at Base Rate or LIBOR plus an applicable margin rate (currently 0.50% per annum for Base Rate advances and 1.50% per annum for LIBOR advances) depending on our credit rating. Also, our quarterly commitment fee is 0.225% per annum on the undrawn portion of the $2.25 billion commitment, which is also based on our credit rating. Recent credit rating actions have resulted in the highest applicable margin rate on borrowings and our quarterly commitment fee. The Credit Facility requires us to maintain a total debt to total capitalization ratio that is less than or equal to 60%. The Credit Facility also contains customary restrictive covenants, including, among others, prohibitions on creating, incurring or assuming certain debt and liens; entering into certain merger arrangements; selling, leasing, transferring or otherwise disposing of all or substantially all of our assets; making a material change in the nature of the business; and entering into certain transactions with affiliates. We have the right, subject to receipt of commitments from new or existing lenders, to increase the commitments under the Credit Facility by an amount not exceeding $500 million and to extend the maturity of the commitments under the Credit Facility by one additional year. As of June 30, 2017, we were in compliance in all material respects with our covenants under the Credit Facility. We had no amounts outstanding under the Credit Facility as of June 30, 2017 and December 31, 2016. Our access to credit and capital markets depends on the credit ratings assigned to our debt. As a result of recent rating actions, we no longer maintain an investment-grade status. Our current credit ratings, and any additional actual or anticipated downgrades in our credit ratings, could limit our available options when accessing credit and capital markets, or when restructuring or refinancing our debt. In addition, future financings or refinancings may result in higher borrowing costs and require more restrictive terms and covenants, which may further restrict our operations. With a credit rating below investment grade, we have no access to the commercial paper market. |
Shareholders' Equity |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders' Equity As a U.K. company governed in part by the Companies Act, we cannot issue new shares (other than in limited circumstances) without being authorized by our shareholders. At our last annual general meeting held on May 22, 2017, our shareholders authorized the allotment of 101.1 million Class A ordinary shares (or 202.2 million Class A ordinary shares in connection with an offer by way of a rights issue or other similar issue) for a period up to the conclusion of our 2018 annual general meeting (or, if earlier, at the close of business on August 22, 2018). |
Benefit Plans |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Benefit Plans | Benefit Plans During the quarter ended June 30, 2017, we granted 5.2 million non-vested share awards to our employees pursuant to our 2012 Long-Term Incentive Plan, of which 4.5 million will be settled in cash upon vesting. Grants of our non-vested share awards generally vest at rates of 20% or 33% per year, as determined by a committee or subcommittee of the Board of Directors at the time of grant. The non-vested share awards have dividend rights effective on the date of grant. Compensation expense for awards to be settled in cash is remeasured each quarter with a cumulative adjustment to compensation cost during the period based on changes in our share price. The weighted-average grant date fair value for our non-vested share awards that were granted during the quarter ended June 30, 2017 was $6.33. |
Income Taxes |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes We have historically calculated our provision for income taxes during interim reporting periods by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items, for the reporting period. We determined that since small changes in estimated pre-tax income or loss would result in significant changes in our estimated annual effective tax rate, the historical method utilized would not provide a reliable estimate of income taxes for the three-month and six-month periods ended June 30, 2017. We used a discrete effective tax rate method to calculate income taxes for the three-month and six-month periods ended June 30, 2017. We will continue to evaluate income tax estimates under the historical method in subsequent quarters and employ a discrete effective tax rate method if warranted. Discrete income tax expense for the three-month and six-month periods ended June 30, 2017 was $2.2 million and $9.8 million, respectively, and was primarily attributable to the Exchange Offers and debt repurchases, a restructuring transaction, the effective settlement of a liability for unrecognized tax benefits associated with a tax position taken in prior years and a settlement of a previously disclosed legal contingency. Discrete income tax expense of $2.0 million and $5.4 million for the three-month and six-month periods ended June 30, 2016, respectively, resulted primarily from the gain on debt extinguishment, income from the ENSCO DS-9 lump-sum consideration and restructuring transactions involving certain of our subsidiaries. |
Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Brazil Internal Investigation Pride International LLC, formerly Pride International, Inc. (“Pride”), a company we acquired in 2011, commenced drilling operations in Brazil in 2001. In 2008, Pride entered into a drilling services agreement with Petrobras (the "DSA") for ENSCO DS-5, a drillship ordered from Samsung Heavy Industries, a shipyard in South Korea ("SHI"). Beginning in 2006, Pride conducted periodic compliance reviews of its business with Petrobras, and, after the acquisition of Pride, Ensco conducted similar compliance reviews. We commenced a compliance review in early 2015 after media reports were released regarding ongoing investigations of various kickback and bribery schemes in Brazil involving Petrobras. While conducting our compliance review, we became aware of an internal audit report by Petrobras alleging irregularities in relation to the DSA. Upon learning of the Petrobras internal audit report, our Audit Committee appointed independent counsel to lead an investigation into the alleged irregularities. Further, in June and July 2015, we voluntarily contacted the SEC and the U.S. Department of Justice ("DOJ"), respectively, to advise them of this matter and our Audit Committee’s investigation. Independent counsel, under the direction of our Audit Committee, has substantially completed its investigation by reviewing and analyzing available documents and correspondence and interviewing current and former employees involved in the DSA negotiations and the negotiation of the ENSCO DS-5 construction contract with SHI (the "DS-5 Construction Contract"). To date, our Audit Committee has found no evidence that Pride or Ensco or any of their current or former employees were aware of or involved in any wrongdoing, and our Audit Committee has found no evidence linking Ensco or Pride to any illegal acts committed by our former marketing consultant, who provided services to Pride and Ensco in connection with the DSA. Independent counsel has continued to provide the SEC and DOJ with updates throughout the investigation, including detailed briefings regarding its investigation and findings. We entered into one-year tolling agreement with the DOJ that expired in December 2016. We extended a tolling agreement with the SEC for 12 months until March 2018. Subsequent to initiating our Audit Committee investigation, Brazilian court documents connected to the prosecution of former Petrobras directors and employees as well as certain other third parties, including our former marketing consultant, referenced the alleged irregularities cited in the Petrobras internal audit report. Our former marketing consultant has entered into a plea agreement with the Brazilian authorities. On January 10, 2016, Brazilian authorities filed an indictment against a former Petrobras director. This indictment states that the former Petrobras director received bribes paid out of proceeds from a brokerage agreement entered into for purposes of intermediating a drillship construction contract between SHI and Pride, which we believe to be the DS-5 Construction Contract. The parties to the brokerage agreement were a company affiliated with a person acting on behalf of the former Petrobras director, a company affiliated with our former marketing consultant, and SHI. The indictment alleges that amounts paid by SHI under the brokerage agreement ultimately were used to pay bribes to the former Petrobras director. The indictment does not state that Pride or Ensco or any of their current or former employees were involved in the bribery scheme or had any knowledge of the bribery scheme. On January 4, 2016, we received a notice from Petrobras declaring the DSA void effective immediately. Petrobras’ notice alleges that our former marketing consultant both received and procured improper payments from SHI for employees of Petrobras and that Pride had knowledge of this activity and assisted in the procurement of and/or facilitated these improper payments. We disagree with Petrobras’ allegations. See "-DSA Dispute" below for additional information. Outside of Petrobras’ allegations, we have not been contacted by any Brazil governmental authority regarding alleged wrongdoing by Pride or Ensco or any of their current or former employees related to this matter. We cannot predict whether any U.S., Brazilian or other governmental authority will seek to investigate Pride's involvement in this matter, or if a proceeding were opened, the scope or ultimate outcome of any such investigation. If the SEC or DOJ determines that violations of the FCPA have occurred, or if any governmental authority determines that we have violated applicable anti-bribery laws, they could seek civil and criminal sanctions, including monetary penalties, against us, as well as changes to our business practices and compliance programs, any of which could have a material adverse effect on our business and financial condition. Although our internal investigation is substantially complete, we cannot predict whether any additional allegations will be made or whether any additional facts relevant to the investigation will be uncovered during the course of the investigation and what impact those allegations and additional facts will have on the timing or conclusions of the investigation. Our Audit Committee will examine any such additional allegations and additional facts and the circumstances surrounding them. DSA Dispute As described above, on January 4, 2016, Petrobras sent a notice to us declaring the DSA void effective immediately, reserving its rights and stating its intention to seek any restitution to which it may be entitled. We disagree with Petrobras’ declaration that the DSA is void. We believe that Petrobras repudiated the DSA and have therefore accepted the DSA as terminated on April 8, 2016 (the "Termination Date"). At this time, we cannot reasonably determine the validity of Petrobras' claim or the range of our potential exposure, if any. As a result, there can be no assurance as to how this dispute will ultimately be resolved. We did not recognize revenue for amounts owed to us under the DSA from the beginning of the fourth quarter of 2015 through the Termination Date, as we concluded that collectability of these amounts was not reasonably assured. Additionally, our receivables from Petrobras related to the DSA from prior to the fourth quarter of 2015 are fully reserved in our condensed consolidated balance sheet as of June 30, 2017. We have initiated arbitration proceedings in the U.K. against Petrobras seeking payment of all amounts owed to us under the DSA, in addition to any other amounts to which we are entitled, and intend to vigorously pursue our claims. Petrobras subsequently filed a counterclaim seeking restitution of certain sums paid under the DSA less value received by Petrobras under the DSA. We have also initiated separate arbitration proceedings in the U.K. against SHI for any losses we have incurred in connection with the foregoing. SHI subsequently filed a statement of defense disputing our claim. There can be no assurance as to how these arbitration proceedings will ultimately be resolved. Customer Dispute A customer filed a lawsuit in Texas federal court against one of our subsidiaries claiming damages based on allegations that our subsidiary breached and was negligent in the performance of a drilling contract during the period beginning in mid-2011 through May 2012. The customer's court documents alleged damages totaling approximately $40 million. During the second quarter, we settled the lawsuit and agreed to pay the customer $9.8 million, which was recognized in contract drilling expense in our condensed consolidated statements of operations for the three-month and six-month periods ended June 30, 2017. Proposed Atwood Merger On June 23, 2017, a putative class action captioned Bernard Stern v. Atwood Oceanics, Inc., et al, was filed in the U.S. District Court for the Southern District of Texas against Atwood, Atwood’s directors, Ensco plc and Merger Sub. The Stern complaint generally alleges that Atwood and the Atwood directors disseminated a false or misleading registration statement on Form S-4 (the “Registration Statement”) on June 16, 2017, which omitted material information regarding the proposed Merger, in violation of Section 14(a) of the Exchange Act. Specifically, the Stern complaint alleges that Atwood and the Atwood directors omitted material information regarding the parties’ financial projections, the analysis performed by Atwood’s financial advisor, Goldman Sachs & Co. LLC (“Goldman Sachs”), in support of its fairness opinion, the timing and nature of communications regarding post-transaction employment of Atwood's directors and officers, potential conflicts of interest of Goldman Sachs, and whether there were further discussions with another potential acquirer of Atwood following the May 30, 2017 announcement of the Merger. The Stern complaint further alleges that the Atwood directors, Ensco plc and Merger Sub are liable for these violations as “control persons” of Atwood under Section 20(a) of the Exchange Act. With respect to Ensco plc, the Stern complaint alleges that Ensco plc had direct supervisory control over the composition of the Registration Statement. The Stern complaint seeks injunctive relief, including to enjoin the Merger, rescission or rescissory damages in the event the Merger is consummated, and an award of attorneys’ fees, in addition to other relief. On June 27, 2017, June 29, 2017 and June 30, 2017, additional putative class actions captioned Joseph Composto v. Atwood Oceanics, Inc., et al, Booth Family Trust v. Atwood Oceanics, Inc., et al and Mary Carter v. Atwood Oceanics, Inc., respectively, were filed in the U.S. District Court for the Southern District of Texas against Atwood and Atwood’s directors. These actions allege violations of Sections 14(a) and 20(a) of the Exchange Act by Atwood and Atwood’s directors similar to those alleged in the Stern complaint; however, neither Ensco plc nor Merger Sub is named as a defendant in these actions. Additional lawsuits arising out of the Merger may be filed in the future. There can be no assurance that we or any of the other defendants will be successful in the outcome of these or any potential future lawsuits. A preliminary injunction could delay or jeopardize the completion of the Merger, and an adverse judgment granting permanent injunctive relief could indefinitely enjoin the completion of the Merger. We believe that the lawsuits are without merit and intend to defend vigorously against the lawsuit filed against us and any other future lawsuits challenging the transaction. Other Matters In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results or cash flows. In the ordinary course of business with customers and others, we have entered into letters of credit and surety bonds to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit and surety bonds outstanding as of June 30, 2017 totaled $50.6 million and were issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit and surety bonds are not normally called as we typically comply with the underlying performance requirement. As of June 30, 2017, we had not been required to make collateral deposits with respect to these agreements. |
Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling. Segment information for the three-month and six-month periods ended 2017 and 2016 is presented below (in millions). General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income and are included in "Reconciling Items." We measure segment assets as property and equipment. Three Months Ended June 30, 2017
Three Months Ended June 30, 2016
Six Months Ended June 30, 2017
Six Months Ended June 30, 2016
Information about Geographic Areas As of June 30, 2017, the geographic distribution of our drilling rigs by reportable segment was as follows:
|
Supplemental Financial Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information | Supplemental Financial Information Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions):
Other current assets consisted of the following (in millions):
Other assets, net, consisted of the following (in millions):
Accrued liabilities and other consisted of the following (in millions):
Other liabilities consisted of the following (in millions):
Accumulated other comprehensive income consisted of the following (in millions):
Concentration of Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents, our short-term investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within management's expectations. We mitigate our credit risk relating to cash and cash equivalents by focusing on diversification and quality of instruments. Cash equivalents consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions. We mitigate our credit risk relating to derivative counterparties through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement, with our derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events or set-off provisions. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. See "Note 3 - Derivative Instruments" for additional information on our derivatives. Consolidated revenues by customer for the three-month and six-month periods ended June 30, 2017 and 2016 were as follows:
Consolidated revenues by region for the three-month and six-month periods ended June 30, 2017 and 2016 were as follows:
|
Guarantee Of Registered Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantee Of Registered Securities | Guarantee of Registered Securities In connection with the Pride acquisition, Ensco plc and Pride entered into a supplemental indenture to the indenture dated July 1, 2004 between Pride and New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Ensco plc of Pride's 8.5% unsecured senior notes due 2019, 6.875% unsecured senior notes due 2020 and 7.875% unsecured senior notes due 2040, which had an aggregate outstanding principal balance of $1.0 billion as of June 30, 2017. The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the note holders. Ensco plc is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by ENSCO International Incorporated, a wholly-owned subsidiary of Ensco plc, during 1997, which had an aggregate outstanding principal balance of $150.0 million as of June 30, 2017. Pride International LLC (formerly Pride International, Inc.) and Ensco International Incorporated are 100% owned subsidiaries of Ensco plc. All guarantees are unsecured obligations of Ensco plc ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The following tables present the unaudited condensed consolidating statements of operations for the three-month and six-month periods ended June 30, 2017 and 2016; the unaudited condensed consolidating statements of comprehensive (loss) income for the three-month and six-month periods ended June 30, 2017 and 2016; the condensed consolidating balance sheets as of June 30, 2017 (unaudited) and December 31, 2016; and the unaudited condensed consolidating statements of cash flows for the six-month periods ended June 30, 2017 and 2016, in accordance with Rule 3-10 of Regulation S-X.
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended June 30, 2017 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2016 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Six Months Ended June 30, 2017 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Six Months Ended June 30, 2016 (In millions) (Unaudited)
|
Unaudited Condensed Consolidated Financial Statements (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Unaudited Condensed Consolidated Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In October 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“Update 2016-16”), which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transaction occurs as opposed to deferring tax consequences and amortizing them into future periods. We adopted Update 2016-16 on a modified retrospective basis effective January 1, 2017. As a result of modified retrospective application, we reduced prepaid taxes on intercompany transfers of property and related deferred tax liabilities resulting in the recognition of a cumulative-effect reduction in retained earnings of $14.1 million on our condensed consolidated balance sheet as of January 1, 2017. We do not expect a material impact to our 2017 operating results as a result of the adoption of Update 2016-16. In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting("Update 2016-09"), which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. We adopted Update 2016-09 effective January 1, 2017. Our adoption of Update 2016-09 did not result in any cumulative effect on retained earnings and no adjustments have been made to prior periods. The new standard will cause volatility in our effective tax rates primarily due to the new requirement that companies recognize additional tax benefits or expenses in earnings related to the vesting or settlement of employee share-based awards, rather than in additional paid-in capital, during the period in which they occur. Furthermore, forfeitures are now recorded as they occur as opposed to estimating an allowance for future forfeitures. During 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Update 2014-09 is effective for annual and interim periods for fiscal years beginning after December 15, 2017. Subsequent to the issuance of Update 2014-09, the FASB issued several additional Accounting Standards Updates to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. Update 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP and may be adopted using a retrospective, modified retrospective or prospective with a cumulative catch-up approach. Due to the significant interaction between Update 2014-09 and Accounting Standards Update 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification ("Update 2016-02"), we expect to adopt Update 2014-09 and Update 2016-02 concurrently with an effective date of January 1, 2018. We expect to apply the modified retrospective approach to our adoption. We are currently evaluating the effect that Update 2014-09 and Update 2016-02 will have on our consolidated financial statements and related disclosures. In February 2016, the Financial Accounting Standards Board issued Update 2016-02, which requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key qualitative and quantitative information about the entity's leasing arrangements. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective approach is required. During our evaluation of Update 2016-02, we have concluded that our drilling contracts contain a lease component, and upon adoption, we will be required to separately recognize revenues associated with the lease of our drilling rigs and the provision of contract drilling services. Due to the significant interaction between Update 2016-02 and Update 2014-09, we expect to adopt both updates concurrently with an effective date of January 1, 2018. We expect to apply the modified retrospective approach to our adoption. Adoption will result in increased disclosure of the nature of our leasing arrangements and may result in variability in our revenue recognition patterns relative to current U.S. GAAP based on the provisions in each of our drilling contracts. With respect to leases whereby we are the lessee, we expect to recognize lease liabilities and offsetting "right of use" assets ranging from approximately $60 million to $80 million upon adoption, based on our portfolio of leases as of June 30, 2017. We are currently evaluating the other impacts that Update 2016-02 and Update 2014-09 will have on our consolidated financial statements and related disclosures. |
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments | The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
|
Derivative Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivatives At Fair Value | Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains And Losses On Derivatives Designated As Cash Flow Hedges | Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive (loss) income were as follows (in millions): Three Months Ended June 30, 2017 and 2016
Six Months Ended June 30, 2017 and 2016
|
Noncontrolling Interests (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Income from Continuing Operations | (Loss) income from continuing operations attributable to Ensco for the three-month and six-month periods ended June 30, 2017 and 2016 was as follows (in millions):
|
Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation Of Net Income Attributable To Ensco Shares | The following table is a reconciliation of (loss) income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the three-month and six-month periods ended June 30, 2017 and 2016 (in millions):
|
Debt Schedule of Extinguishment of Debt (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Extinguishment of Debt | The aggregate repurchases were as follows (in millions):
The Exchange Offers resulted in the tender of $649.5 million aggregate principal amount of our outstanding senior notes that were settled and exchanged as follows (in millions):
|
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Segment Reporting Information | Three Months Ended June 30, 2017
Three Months Ended June 30, 2016
Six Months Ended June 30, 2017
Six Months Ended June 30, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Geographic Distribution Of Rigs By Segment | As of June 30, 2017, the geographic distribution of our drilling rigs by reportable segment was as follows:
|
Supplemental Financial Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets | Other current assets consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets, Net | Other assets, net, consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities And Other | Accrued liabilities and other consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | Other liabilities consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income consisted of the following (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Consolidated revenues by customer for the three-month and six-month periods ended June 30, 2017 and 2016 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Geographic Areas [Table Text Block] | Consolidated revenues by region for the three-month and six-month periods ended June 30, 2017 and 2016 were as follows:
|
Guarantee Of Registered Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements Of Operations |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements Of Comprehensive Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended June 30, 2017 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2016 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Six Months Ended June 30, 2017 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Six Months Ended June 30, 2016 (In millions) (Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements Of Cash Flows |
|
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||||||||||||
Interest Rate Lock Contracts [Member] | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [1],[2] | (100,000) | 0 | (200,000) | (100,000) | ||||||||||||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [1],[3] | 0 | 0 | 0 | 0 | ||||||||||||||
Foreign Exchange Forward [Member] | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | 2,900,000 | [4] | (4,100,000) | [4] | 6,000,000 | [5] | (600,000) | [5] | |||||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2] | (200,000) | [4] | (2,000,000) | [4] | (1,000,000) | [5] | (7,800,000) | [5] | ||||||||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | (500,000) | [4] | 800,000 | [4] | (400,000) | [5] | 1,900,000 | [5] | ||||||||||
Foreign Exchange Forward [Member] | Contract Drilling [Member] | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | (400,000) | (2,200,000) | (1,400,000) | (8,200,000) | |||||||||||||||
Foreign Exchange Forward [Member] | Depreciation Expense [Member] | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | 200,000 | 200,000 | 400,000 | 400,000 | |||||||||||||||
Cash Flow Hedges [Member] | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | 2,900,000 | (4,100,000) | 6,000,000 | (600,000) | |||||||||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2] | (300,000) | (2,000,000) | (1,200,000) | (7,900,000) | ||||||||||||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | $ (500,000) | $ 800,000 | $ (400,000) | $ 1,900,000 | ||||||||||||||
|
Noncontrolling Interests Reconciliation of income from continuing operations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Noncontrolling Interest [Abstract] | ||||
(Loss) income from continuing operations | $ (44.7) | $ 592.8 | $ (68.7) | $ 770.4 |
Income from continuing operations attributable to noncontrolling interests | (1.2) | (2.0) | (2.3) | (3.4) |
(Loss) income from continuing operations attributable to Ensco | $ (45.9) | $ 590.8 | $ (71.0) | $ 767.0 |
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
(Loss) income from continuing operations attributable to Ensco | $ (45.9) | $ 590.8 | $ (71.0) | $ 767.0 |
Income from continuing operations allocated to non-vested share awards(1) | (0.1) | (9.8) | (0.2) | (12.0) |
(Loss) income from continuing operations attributable to Ensco shares | $ (46.0) | $ 581.0 | $ (71.2) | $ 755.0 |
Earnings Per Share (Narrative) (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive share options excluded from computation of diluted earnings per share (in shares) | 400,000 | 500,000 | 400,000 | 600,000 |
Potentially Dilutive Securities Excluded from EPS due to Net Loss Position | 900,000 | 900,000 |
Debt (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | ||||
Loss (gain) on debt extinguishment | $ (2,600,000) | $ 260,800,000 | ||
Amortization of Debt Discount (Premium) | (6,500,000) | $ (11,200,000) | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 237,600,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 450,900,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 269,700,000 | |||
8.50% Senior notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | ||
6.875% Senior notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | ||
4.70% Senior notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% | ||
8.00% Senior notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss (gain) on debt extinguishment | $ 6,200,000 | |||
Revolving Credit Facility [Member] | Five Year Credit Facility Member | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,250,000,000 | |||
Line of Credit Facility, Commitment Fee Percentage | 0.225% | |||
Maximum Percent of Debt to Total Capitalization Ratio | 60.00% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | $ 0 | ||
Revolving Credit Facility [Member] | Credit Facility due 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | 1,120,000,000 | |||
Revolving Credit Facility [Member] | Credit Facility due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,130,000,000 | |||
Revolving Credit Facility [Member] | Base Rate [Member] | Five Year Credit Facility Member | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Five Year Credit Facility Member | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Five Year Credit Facility Member | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Amortization of Debt Discount (Premium) | 3,500,000 | |||
Amortization of Debt Issuance Costs | $ 2,700,000 |
Debt Schedule of Extinguishment of Debt - Exchange Offers (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Amount Paid in Cash | $ 332.5 | ||
Debt Instrument, Repurchase Amount | 664.5 | ||
8.50% senior notes due 2019 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Amount Paid in Cash | 81.7 | ||
Debt Instrument, Repurchase Amount | 163.3 | ||
6.875% senior notes due 2024 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Amount Paid in Cash | 69.4 | ||
Debt Instrument, Repurchase Amount | 138.7 | ||
4.70% senior notes due 2021 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Amount Paid in Cash | 181.4 | ||
Debt Instrument, Repurchase Amount | 362.5 | ||
Senior Notes [Member] | Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | $ 194.1 | 649.5 | |
Debt Instrument, Repurchase Amount | 204.5 | ||
Senior Notes [Member] | 8.50% Senior notes due 2019 | Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 54.6 | 145.8 | |
Debt Instrument, Repurchase Amount | 60.1 | ||
Senior Notes [Member] | 8.50% senior notes due 2019 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Face Amount | 81.6 | ||
Senior Notes [Member] | 6.875% Senior notes due 2020 | Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 100.1 | 129.8 | |
Debt Instrument, Repurchase Amount | 105.1 | ||
Senior Notes [Member] | 6.875% senior notes due 2024 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Face Amount | 69.3 | ||
Senior Notes [Member] | 4.70% Senior notes due 2021 | Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 39.4 | 373.9 | |
Debt Instrument, Repurchase Amount | $ 39.3 | ||
Senior Notes [Member] | 4.70% senior notes due 2021 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Face Amount | 181.1 | ||
Senior Notes [Member] | 8.00% Senior notes due 2024 | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Face Amount | $ 332.0 | ||
Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Amount Paid in Cash | $ 332.5 |
Debt Schedule of Extinguishment of Debt - Open Market Repurchases (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Mar. 31, 2017 |
---|---|---|
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchase Amount | $ 664.5 | |
Senior Notes [Member] | Senior Notes [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | $ 194.1 | 649.5 |
Debt Instrument, Repurchase Amount | 204.5 | |
Senior Notes [Member] | 8.50% Senior notes due 2019 | Senior Notes [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | 54.6 | 145.8 |
Debt Instrument, Repurchase Amount | 60.1 | |
Senior Notes [Member] | 6.875% Senior notes due 2020 | Senior Notes [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | 100.1 | 129.8 |
Debt Instrument, Repurchase Amount | 105.1 | |
Senior Notes [Member] | 4.70% Senior notes due 2021 | Senior Notes [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | 39.4 | $ 373.9 |
Debt Instrument, Repurchase Amount | $ 39.3 |
Shareholders' Equity (Details) - Class A ordinary shares, U.S. [Member] shares in Millions |
May 22, 2017
shares
|
---|---|
Class of Stock [Line Items] | |
Shares authorized under UK law (in shares) | 101.1 |
Shares authorized, offered by way of a rights issue or similar issue under UK law (in shares) | 202.2 |
Benefit Plans (Details) shares in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2017
$ / shares
shares
|
Jun. 30, 2017
$ / shares
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement to be paid in Cash, Liability Award, Grants in period, Weighted Average Grant Date Fair Value | $ / shares | $ 6.33 | $ 6.33 |
Cash-based restricted share unit awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted | 5.2 | |
Awards to be settled in cash upon vesting | 4.5 | 4.5 |
Restricted share awards and share unit awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting rate | 20.00% | |
Vesting rate for certain officers and non-employee directors | 33.00% |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Income Tax Expense (Benefit), Discrete Item | $ 2.2 | $ 2.0 | $ 9.8 | $ 5.4 |
Contingencies (Narrative) (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 40.0 |
Litigation Settlement, Expense | 9.8 |
Letters of Credit Outstanding, Amount | $ 50.6 |
Segment Information (Narrative) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2017
segments
| |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Number of operating segments (in segments) | 3 |
Number of reportable segments (in segments) | 2 |
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||||
Revenues | $ 457.5 | $ 909.6 | $ 928.6 | $ 1,723.6 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 291.3 | 350.2 | 569.4 | 713.9 | |
Depreciation | 107.9 | 112.4 | 217.1 | 225.7 | |
General and administrative | 30.5 | 27.4 | 56.5 | 50.8 | |
OPERATING INCOME | 27.8 | 419.6 | 85.6 | 733.2 | |
Property and equipment, net | 11,059.0 | 11,021.2 | 11,059.0 | 11,021.2 | $ 10,919.3 |
Floaters [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 264.0 | 636.4 | 548.8 | 1,149.0 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 145.6 | 208.6 | 292.0 | 419.9 | |
Depreciation | 72.0 | 77.8 | 144.8 | 158.1 | |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | |
OPERATING INCOME | 46.4 | 350.0 | 112.0 | 571.0 | |
Property and equipment, net | 8,493.2 | 8,414.1 | 8,493.2 | 8,414.1 | |
Jackup [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 178.9 | 251.3 | 350.7 | 529.2 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 132.3 | 122.3 | 250.9 | 256.8 | |
Depreciation | 31.6 | 30.1 | 63.7 | 58.7 | |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | |
OPERATING INCOME | 15.0 | 98.9 | 36.1 | 213.7 | |
Property and equipment, net | 2,515.3 | 2,543.0 | 2,515.3 | 2,543.0 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 14.6 | 21.9 | 29.1 | 45.4 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 13.4 | 19.3 | 26.5 | 37.2 | |
Depreciation | 0.0 | 0.0 | 0.0 | 0.0 | |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | |
OPERATING INCOME | 1.2 | 2.6 | 2.6 | 8.2 | |
Property and equipment, net | 0.0 | 0.0 | 0.0 | 0.0 | |
Operating Segments Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 457.5 | 909.6 | 928.6 | 1,723.6 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 291.3 | 350.2 | 569.4 | 713.9 | |
Depreciation | 103.6 | 107.9 | 208.5 | 216.8 | |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | |
OPERATING INCOME | 62.6 | 451.5 | 150.7 | 792.9 | |
Property and equipment, net | 11,008.5 | 10,957.1 | 11,008.5 | 10,957.1 | |
Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0.0 | 0.0 | 0.0 | 0.0 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 0.0 | 0.0 | 0.0 | 0.0 | |
Depreciation | 4.3 | 4.5 | 8.6 | 8.9 | |
General and administrative | 30.5 | 27.4 | 56.5 | 50.8 | |
OPERATING INCOME | (34.8) | (31.9) | (65.1) | (59.7) | |
Property and equipment, net | $ 50.5 | $ 64.1 | $ 50.5 | $ 64.1 |
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details) |
Jun. 30, 2017 |
|||
---|---|---|---|---|
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 55 | [1] | ||
Floaters [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 21 | |||
Jackup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 34 | |||
North & South America (Excl. Brazil) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 13 | [1] | ||
North & South America (Excl. Brazil) [Member] | Floaters [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 8 | |||
North & South America (Excl. Brazil) [Member] | Jackup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 5 | |||
Europe & Mediterranean [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 17 | [1] | ||
Europe & Mediterranean [Member] | Floaters [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 6 | |||
Europe & Mediterranean [Member] | Jackup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 11 | |||
Middle East & Africa [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 12 | [1] | ||
Middle East & Africa [Member] | Floaters [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 1 | |||
Middle East & Africa [Member] | Jackup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 11 | |||
Asia & Pacific Rim [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 9 | [1] | ||
Asia & Pacific Rim [Member] | Floaters [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 4 | |||
Asia & Pacific Rim [Member] | Jackup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 5 | |||
Discontinued Operations, Held-for-sale [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 2 | [1] | ||
Discontinued Operations, Held-for-sale [Member] | Floaters [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 1 | |||
Discontinued Operations, Held-for-sale [Member] | Jackup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 1 | |||
Construction in Progress [Member] | Asia & Pacific Rim [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 2 | [1] | ||
Construction in Progress [Member] | Asia & Pacific Rim [Member] | Floaters [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 1 | |||
Construction in Progress [Member] | Asia & Pacific Rim [Member] | Jackup [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of contract drilling rigs (in rigs) | 1 | |||
|
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 388.0 | $ 382.9 |
Allowance for doubtful accounts | (21.6) | (21.9) |
Accounts receivable, net | 366.4 | 361.0 |
Trade [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | 359.9 | 358.4 |
Other [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 28.1 | $ 24.5 |
Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Supplemental Financial Information [Abstract] | ||
Inventory | $ 219.2 | $ 225.2 |
Prepaid taxes | 41.1 | 30.7 |
Deferred costs | 26.9 | 32.4 |
Prepaid Expense | 11.0 | 7.9 |
Other | 17.2 | 19.8 |
Other current assets | $ 315.4 | $ 316.0 |
Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Supplemental Financial Information [Abstract] | ||
Deferred tax assets | $ 63.5 | $ 69.3 |
Deferred costs | 30.8 | 35.7 |
Supplemental executive retirement plan assets | 29.4 | 27.7 |
Prepaid taxes on intercompany transfers of property | 0.0 | 33.0 |
Other | 9.4 | 10.2 |
Other Assets, Net | $ 133.1 | $ 175.9 |
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Supplemental Financial Information [Abstract] | ||
Deferred revenue | $ 100.1 | $ 116.7 |
Accrued interest | 85.2 | 71.7 |
Personnel costs | 82.1 | 124.0 |
Taxes | 38.3 | 40.7 |
Derivative Liability, Current | 1.9 | 12.7 |
Other | 7.4 | 10.8 |
Accrued liabilities and other | $ 315.0 | $ 376.6 |
Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Supplemental Financial Information [Abstract] | ||
Unrecognized tax benefits (inclusive of interest and penalties) | $ 138.5 | $ 142.9 |
Deferred revenue | 80.5 | 120.9 |
Supplemental executive retirement plan liabilities | 30.3 | 28.9 |
Personnel costs | 13.8 | 13.5 |
Other | 22.8 | 16.3 |
Other liabilities | $ 285.9 | $ 322.5 |
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Supplemental Financial Information [Abstract] | ||
Derivative Instruments | $ 20.8 | $ 13.6 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 7.8 | 7.6 |
Other | (1.7) | (2.2) |
Accumulated other comprehensive income | $ 26.9 | $ 19.0 |
Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) - Sales Revenue, Services, Net [Member] - Customer Concentration Risk [Member] |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Total S.A. [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 22.00% | 13.00% | 22.00% | 14.00% |
BP [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 15.00% | 10.00% | 15.00% | 12.00% |
Petrobras [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 11.00% | 9.00% | 10.00% | 12.00% |
ConocoPhillips [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 2.00% | 23.00% | 2.00% | 15.00% |
Concentration Risk excl Termination Fee, Percentage | 3.00% | 4.00% | ||
Other Customers [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 50.00% | 45.00% | 51.00% | 47.00% |
Floaters [Member] | BP [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 79.00% | 75.00% | 79.00% | 76.00% |
Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 457.5 | $ 909.6 | $ 928.6 | $ 1,723.6 |
Angola [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 115.9 | 132.4 | 237.6 | 268.6 |
AUSTRALIA | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 55.3 | 62.3 | 109.9 | 124.8 |
EGYPT | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 53.4 | 36.5 | 106.6 | 36.5 |
Brazil [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 48.7 | 81.7 | 96.5 | 202.7 |
United Kingdom [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 36.7 | 69.7 | 67.9 | 143.5 |
US Gulf Of Mexico [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 33.0 | 304.5 | 77.3 | 464.7 |
Other Geographic Areas [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 114.5 | $ 222.5 | $ 232.8 | $ 482.8 |
Floaters [Member] | Angola [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 87.00% | 88.00% | 86.00% | 87.00% |
Floaters [Member] | AUSTRALIA | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 78.00% | |||
Floaters [Member] | US Gulf Of Mexico [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 25.00% | 92.00% | 89.00% |
Jackup [Member] | US Gulf Of Mexico [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 46.00% | 3.00% | 37.00% | 4.00% |
Sales Revenue, Net [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Gain (Loss) on Contract Termination | $ 205.0 |
Guarantee Of Registered Securities (Narrative) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Guarantor Obligations [Line Items] | ||
Subsidiary, Ownership Percentage by Parent | 100.00% | |
8.50% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 8.50% | 8.50% |
Senior note, maturity year | 2019 | |
6.875% Senior Notes due 2020 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 6.875% | 6.875% |
Senior note, maturity year | 2020 | |
7.875% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 7.875% | 7.875% |
Senior note, maturity year | 2040 | |
Pride Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Face Amount | $ 1,000.0 | |
7.20% Debentures Due 2027 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 7.20% | |
Senior note, maturity year | 2027 | |
Senior notes aggregate outstanding principal balance | $ 150.0 |
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | $ 457.5 | $ 909.6 | $ 928.6 | $ 1,723.6 |
Contract drilling (exclusive of depreciation) | 291.3 | 350.2 | 569.4 | 713.9 |
Depreciation | 107.9 | 112.4 | 217.1 | 225.7 |
General and administrative | 30.5 | 27.4 | 56.5 | 50.8 |
OPERATING INCOME | 27.8 | 419.6 | 85.6 | 733.2 |
OTHER INCOME (EXPENSE), NET | (53.2) | 209.9 | (110.9) | 145.3 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (25.4) | 629.5 | (25.3) | 878.5 |
INCOME TAX PROVISION | 19.3 | 36.7 | 43.4 | 108.1 |
DISCONTINUED OPERATIONS, NET | 0.4 | (0.2) | (0.2) | (1.1) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0.0 | 0.0 | 0.0 | 0.0 |
NET (LOSS) INCOME | (44.3) | 592.6 | (68.9) | 769.3 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2.0) | (2.3) | (3.4) |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (45.5) | 590.6 | (71.2) | 765.9 |
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 12.8 | 7.6 | 25.5 | 14.8 |
Contract drilling (exclusive of depreciation) | 11.1 | 6.7 | 22.4 | 13.9 |
Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
General and administrative | 12.1 | 10.5 | 23.6 | 16.7 |
OPERATING INCOME | (10.4) | (9.6) | (20.5) | (15.8) |
OTHER INCOME (EXPENSE), NET | (7.1) | 175.8 | (13.6) | 139.0 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (17.5) | 166.2 | (34.1) | 123.2 |
INCOME TAX PROVISION | 0.0 | 0.0 | 0.0 | 0.0 |
DISCONTINUED OPERATIONS, NET | 0.0 | 0.0 | 0.0 | 0.0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (28.0) | 424.4 | (37.1) | 642.7 |
NET (LOSS) INCOME | (45.5) | 590.6 | (71.2) | 765.9 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (45.5) | 590.6 | (71.2) | 765.9 |
ENSCO International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 43.9 | 36.5 | 89.9 | 72.1 |
Contract drilling (exclusive of depreciation) | 41.4 | 36.4 | 83.4 | 72.1 |
Depreciation | 4.3 | 4.4 | 8.5 | 8.7 |
General and administrative | 4.2 | 0.0 | 4.3 | 0.1 |
OPERATING INCOME | (6.0) | (4.3) | (6.3) | (8.8) |
OTHER INCOME (EXPENSE), NET | (26.9) | (8.3) | (58.2) | (6.7) |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (32.9) | (12.6) | (64.5) | (15.5) |
INCOME TAX PROVISION | 4.3 | (15.6) | 18.9 | 15.4 |
DISCONTINUED OPERATIONS, NET | 0.0 | 0.0 | 0.0 | 0.0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 28.7 | 20.0 | 83.6 | 53.5 |
NET (LOSS) INCOME | (8.5) | 23.0 | 0.2 | 22.6 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (8.5) | 23.0 | 0.2 | 22.6 |
Pride International, Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 0.0 | 0.0 | 0.0 | 0.0 |
Contract drilling (exclusive of depreciation) | 0.0 | 0.0 | 0.0 | 0.0 |
Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 |
OPERATING INCOME | 0.0 | 0.0 | 0.0 | 0.0 |
OTHER INCOME (EXPENSE), NET | (16.9) | (18.8) | (35.6) | (37.9) |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (16.9) | (18.8) | (35.6) | (37.9) |
INCOME TAX PROVISION | 0.0 | 0.0 | 0.0 | 0.0 |
DISCONTINUED OPERATIONS, NET | 0.0 | 0.0 | 0.0 | 0.0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 19.9 | 10.2 | 46.2 | 63.8 |
NET (LOSS) INCOME | 3.0 | (8.6) | 10.6 | 25.9 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | 3.0 | (8.6) | 10.6 | 25.9 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 486.5 | 937.4 | 987.2 | 1,780.7 |
Contract drilling (exclusive of depreciation) | 324.5 | 379.0 | 637.6 | 771.9 |
Depreciation | 103.6 | 108.0 | 208.6 | 217.0 |
General and administrative | 14.2 | 16.9 | 28.6 | 34.0 |
OPERATING INCOME | 44.2 | 433.5 | 112.4 | 757.8 |
OTHER INCOME (EXPENSE), NET | (4.9) | 1.3 | (12.6) | (9.0) |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 39.3 | 434.8 | 99.8 | 748.8 |
INCOME TAX PROVISION | 15.0 | 52.3 | 24.5 | 92.7 |
DISCONTINUED OPERATIONS, NET | 0.4 | (0.2) | (0.2) | (1.1) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0.0 | 0.0 | 0.0 | 0.0 |
NET (LOSS) INCOME | 24.7 | 382.3 | 75.1 | 655.0 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2.0) | (2.3) | (3.4) |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | 23.5 | 380.3 | 72.8 | 651.6 |
Consolidating Adjustments [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | (85.7) | (71.9) | (174.0) | (144.0) |
Contract drilling (exclusive of depreciation) | (85.7) | (71.9) | (174.0) | (144.0) |
Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 |
OPERATING INCOME | 0.0 | 0.0 | 0.0 | 0.0 |
OTHER INCOME (EXPENSE), NET | 2.6 | 59.9 | 9.1 | 59.9 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2.6 | 59.9 | 9.1 | 59.9 |
INCOME TAX PROVISION | 0.0 | 0.0 | 0.0 | 0.0 |
DISCONTINUED OPERATIONS, NET | 0.0 | 0.0 | 0.0 | 0.0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (20.6) | (454.6) | (92.7) | (760.0) |
NET (LOSS) INCOME | (18.0) | (394.7) | (83.6) | (700.1) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ (18.0) | $ (394.7) | $ (83.6) | $ (700.1) |
Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
NET (LOSS) INCOME | $ (44.3) | $ 592.6 | $ (68.9) | $ 769.3 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 2.9 | (4.1) | 6.0 | (0.6) |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0.3 | 2.0 | 1.2 | 7.9 |
Other | 0.2 | 0.1 | 0.7 | 0.0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 3.4 | (2.0) | 7.9 | 7.3 |
COMPREHENSIVE (LOSS) INCOME | (40.9) | 590.6 | (61.0) | 776.6 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2.0) | (2.3) | (3.4) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (42.1) | 588.6 | (63.3) | 773.2 |
Ensco Plc [Member] | ||||
NET (LOSS) INCOME | (45.5) | 590.6 | (71.2) | 765.9 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 0.0 | 0.0 | 0.0 | 0.0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0.0 | 0.0 | 0.0 | 0.0 |
Other | 0.0 | 0.0 | 0.0 | 0.0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE (LOSS) INCOME | (45.5) | 590.6 | (71.2) | 765.9 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (45.5) | 590.6 | (71.2) | 765.9 |
ENSCO International Inc. [Member] | ||||
NET (LOSS) INCOME | (8.5) | 23.0 | 0.2 | 22.6 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 2.9 | (4.1) | 6.0 | (0.6) |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0.3 | 2.0 | 1.2 | 7.9 |
Other | 0.0 | 0.0 | 0.0 | 0.0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 3.2 | (2.1) | 7.2 | 7.3 |
COMPREHENSIVE (LOSS) INCOME | (5.3) | 20.9 | 7.4 | 29.9 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (5.3) | 20.9 | 7.4 | 29.9 |
Pride International, Inc. [Member] | ||||
NET (LOSS) INCOME | 3.0 | (8.6) | 10.6 | 25.9 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 0.0 | 0.0 | 0.0 | 0.0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0.0 | 0.0 | 0.0 | 0.0 |
Other | 0.0 | 0.0 | 0.0 | 0.0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE (LOSS) INCOME | 3.0 | (8.6) | 10.6 | 25.9 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | 3.0 | (8.6) | 10.6 | 25.9 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
NET (LOSS) INCOME | 24.7 | 382.3 | 75.1 | 655.0 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 0.0 | 0.0 | 0.0 | 0.0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0.0 | 0.0 | 0.0 | 0.0 |
Other | 0.2 | 0.1 | 0.7 | 0.0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0.2 | 0.1 | 0.7 | 0.0 |
COMPREHENSIVE (LOSS) INCOME | 24.9 | 382.4 | 75.8 | 655.0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2.0) | (2.3) | (3.4) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | 23.7 | 380.4 | 73.5 | 651.6 |
Consolidating Adjustments [Member] | ||||
NET (LOSS) INCOME | (18.0) | (394.7) | (83.6) | (700.1) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 0.0 | 0.0 | 0.0 | 0.0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0.0 | 0.0 | 0.0 | 0.0 |
Other | 0.0 | 0.0 | 0.0 | 0.0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE (LOSS) INCOME | (18.0) | (394.7) | (83.6) | (700.1) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ (18.0) | $ (394.7) | $ (83.6) | $ (700.1) |
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | $ 169.6 | $ 1,159.7 | $ 790.3 | $ 121.3 |
Short-term investments | 1,680.4 | 1,442.6 | ||
Accounts receivable, net | 366.4 | 361.0 | ||
Accounts receivable from affiliates | 0.0 | 0.0 | ||
Other | 315.4 | 316.0 | ||
Total current assets | 2,531.8 | 3,279.3 | ||
PROPERTY AND EQUIPMENT, AT COST | 13,346.8 | 12,992.5 | ||
Less accumulated depreciation | 2,287.8 | 2,073.2 | ||
Property and equipment, net | 11,059.0 | 10,919.3 | 11,021.2 | |
DUE FROM AFFILIATES | 0.0 | 0.0 | ||
INVESTMENTS IN AFFILIATES | 0.0 | 0.0 | ||
OTHER ASSETS, NET | 133.1 | 175.9 | ||
TOTAL ASSETS | 13,723.9 | 14,374.5 | ||
Accounts payable and accrued liabilities | 503.0 | 522.5 | ||
Accounts payable to affiliates | 0.0 | 0.0 | ||
Current maturities of long-term debt | 0.0 | 331.9 | ||
Total current liabilities | 503.0 | 854.4 | ||
Due to Affiliate | 0.0 | 0.0 | ||
LONG-TERM DEBT | 4,744.7 | 4,942.6 | ||
OTHER LIABILITIES | 285.9 | 322.5 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,184.6 | 8,250.6 | ||
NONCONTROLLING INTERESTS | 5.7 | 4.4 | ||
Total equity | 8,190.3 | 8,255.0 | ||
Total liabilities and shareholders' equity | 13,723.9 | 14,374.5 | ||
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 73.3 | 892.6 | 712.8 | 94.0 |
Short-term investments | 1,663.0 | 1,165.1 | ||
Accounts receivable, net | 11.8 | 6.8 | ||
Accounts receivable from affiliates | 282.4 | 486.5 | ||
Other | 0.3 | 0.1 | ||
Total current assets | 2,030.8 | 2,551.1 | ||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 1.8 | ||
Less accumulated depreciation | 1.8 | 1.8 | ||
Property and equipment, net | 0.0 | 0.0 | ||
DUE FROM AFFILIATES | 1,978.5 | 1,512.2 | ||
INVESTMENTS IN AFFILIATES | 8,535.8 | 8,557.7 | ||
OTHER ASSETS, NET | 0.0 | 0.0 | ||
TOTAL ASSETS | 12,545.1 | 12,621.0 | ||
Accounts payable and accrued liabilities | 53.2 | 44.1 | ||
Accounts payable to affiliates | 73.0 | 38.8 | ||
Current maturities of long-term debt | 187.1 | |||
Total current liabilities | 126.2 | 270.0 | ||
Due to Affiliate | 1,389.1 | 1,375.8 | ||
LONG-TERM DEBT | 2,839.5 | 2,720.2 | ||
OTHER LIABILITIES | 0.0 | 0.0 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,190.3 | 8,255.0 | ||
NONCONTROLLING INTERESTS | 0.0 | 0.0 | ||
Total equity | 8,190.3 | 8,255.0 | ||
Total liabilities and shareholders' equity | 12,545.1 | 12,621.0 | ||
ENSCO International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 | 0.0 |
Short-term investments | 5.5 | 5.5 | ||
Accounts receivable, net | 0.0 | 0.0 | ||
Accounts receivable from affiliates | 279.4 | 251.2 | ||
Other | 9.6 | 6.8 | ||
Total current assets | 294.5 | 263.5 | ||
PROPERTY AND EQUIPMENT, AT COST | 122.3 | 121.0 | ||
Less accumulated depreciation | 72.3 | 63.8 | ||
Property and equipment, net | 50.0 | 57.2 | ||
DUE FROM AFFILIATES | 4,245.9 | 4,513.8 | ||
INVESTMENTS IN AFFILIATES | 3,545.9 | 3,462.3 | ||
OTHER ASSETS, NET | 51.4 | 81.5 | ||
TOTAL ASSETS | 8,187.7 | 8,378.3 | ||
Accounts payable and accrued liabilities | 28.8 | 45.2 | ||
Accounts payable to affiliates | 287.5 | 208.4 | ||
Current maturities of long-term debt | 0.0 | |||
Total current liabilities | 316.3 | 253.6 | ||
Due to Affiliate | 5,093.3 | 5,367.6 | ||
LONG-TERM DEBT | 149.2 | 149.2 | ||
OTHER LIABILITIES | 8.8 | 2.9 | ||
ENSCO SHAREHOLDERS' EQUITY | 2,620.1 | 2,605.0 | ||
NONCONTROLLING INTERESTS | 0.0 | 0.0 | ||
Total equity | 2,620.1 | 2,605.0 | ||
Total liabilities and shareholders' equity | 8,187.7 | 8,378.3 | ||
Pride International, Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 3.8 | 19.8 | 26.1 | 2.0 |
Short-term investments | 0.0 | 0.0 | ||
Accounts receivable, net | 0.0 | 0.0 | ||
Accounts receivable from affiliates | 0.0 | 0.0 | ||
Other | 0.0 | 0.0 | ||
Total current assets | 3.8 | 19.8 | ||
PROPERTY AND EQUIPMENT, AT COST | 0.0 | 0.0 | ||
Less accumulated depreciation | 0.0 | 0.0 | ||
Property and equipment, net | 0.0 | 0.0 | ||
DUE FROM AFFILIATES | 2,042.1 | 1,978.8 | ||
INVESTMENTS IN AFFILIATES | 1,107.5 | 1,061.3 | ||
OTHER ASSETS, NET | 0.0 | 0.0 | ||
TOTAL ASSETS | 3,153.4 | 3,059.9 | ||
Accounts payable and accrued liabilities | 21.7 | 28.3 | ||
Accounts payable to affiliates | 12.5 | 5.9 | ||
Current maturities of long-term debt | 144.8 | |||
Total current liabilities | 34.2 | 179.0 | ||
Due to Affiliate | 2,601.7 | 2,040.7 | ||
LONG-TERM DEBT | 1,116.1 | 1,449.5 | ||
OTHER LIABILITIES | 0.0 | 0.0 | ||
ENSCO SHAREHOLDERS' EQUITY | (598.6) | (609.3) | ||
NONCONTROLLING INTERESTS | 0.0 | 0.0 | ||
Total equity | (598.6) | (609.3) | ||
Total liabilities and shareholders' equity | 3,153.4 | 3,059.9 | ||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 92.5 | 247.3 | 51.4 | 25.3 |
Short-term investments | 11.9 | 272.0 | ||
Accounts receivable, net | 354.6 | 354.2 | ||
Accounts receivable from affiliates | 217.7 | 152.2 | ||
Other | 305.5 | 309.1 | ||
Total current assets | 982.2 | 1,334.8 | ||
PROPERTY AND EQUIPMENT, AT COST | 13,222.7 | 12,869.7 | ||
Less accumulated depreciation | 2,213.7 | 2,007.6 | ||
Property and equipment, net | 11,009.0 | 10,862.1 | ||
DUE FROM AFFILIATES | 7,065.4 | 7,234.4 | ||
INVESTMENTS IN AFFILIATES | 0.0 | 0.0 | ||
OTHER ASSETS, NET | 162.4 | 181.1 | ||
TOTAL ASSETS | 19,219.0 | 19,612.4 | ||
Accounts payable and accrued liabilities | 399.3 | 404.9 | ||
Accounts payable to affiliates | 406.5 | 636.8 | ||
Current maturities of long-term debt | 0.0 | |||
Total current liabilities | 805.8 | 1,041.7 | ||
Due to Affiliate | 6,247.8 | 6,455.1 | ||
LONG-TERM DEBT | 639.9 | 623.7 | ||
OTHER LIABILITIES | 357.8 | 406.3 | ||
ENSCO SHAREHOLDERS' EQUITY | 11,162.0 | 11,081.2 | ||
NONCONTROLLING INTERESTS | 5.7 | 4.4 | ||
Total equity | 11,167.7 | 11,085.6 | ||
Total liabilities and shareholders' equity | 19,219.0 | 19,612.4 | ||
Consolidating Adjustments [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0.0 | 0.0 | $ 0.0 | $ 0.0 |
Short-term investments | 0.0 | 0.0 | ||
Accounts receivable, net | 0.0 | 0.0 | ||
Accounts receivable from affiliates | (779.5) | (889.9) | ||
Other | 0.0 | 0.0 | ||
Total current assets | (779.5) | (889.9) | ||
PROPERTY AND EQUIPMENT, AT COST | 0.0 | 0.0 | ||
Less accumulated depreciation | 0.0 | 0.0 | ||
Property and equipment, net | 0.0 | 0.0 | ||
DUE FROM AFFILIATES | (15,331.9) | (15,239.2) | ||
INVESTMENTS IN AFFILIATES | (13,189.2) | (13,081.3) | ||
OTHER ASSETS, NET | (80.7) | (86.7) | ||
TOTAL ASSETS | (29,381.3) | (29,297.1) | ||
Accounts payable and accrued liabilities | 0.0 | 0.0 | ||
Accounts payable to affiliates | (779.5) | (889.9) | ||
Current maturities of long-term debt | 0.0 | |||
Total current liabilities | (779.5) | (889.9) | ||
Due to Affiliate | (15,331.9) | (15,239.2) | ||
LONG-TERM DEBT | 0.0 | 0.0 | ||
OTHER LIABILITIES | (80.7) | (86.7) | ||
ENSCO SHAREHOLDERS' EQUITY | (13,189.2) | (13,081.3) | ||
NONCONTROLLING INTERESTS | 0.0 | 0.0 | ||
Total equity | (13,189.2) | (13,081.3) | ||
Total liabilities and shareholders' equity | $ (29,381.3) | $ (29,297.1) |
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
|
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | $ 130.5 | $ 800.2 |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | (1,134.8) | (862.0) |
Maturities of short-term investments | 897.0 | 1,032.0 |
Additions to property and equipment | (332.6) | (209.4) |
Purchase of affiliate debt | 0.0 | 0.0 |
Other | 1.7 | 7.6 |
Net cash used in investing activities of continuing operations | (568.7) | (31.8) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 585.5 | |
Reduction of long-term borrowings | (537.0) | (684.8) |
Cash dividends paid | (6.2) | (5.5) |
Debt financing costs | (5.5) | 0.0 |
Advances from (to) affiliates | 0.0 | 0.0 |
Other | (3.6) | (1.9) |
Net cash used in financing activities | (552.3) | (106.7) |
Net cash (used in) provided by discontinued operations | (0.2) | 7.7 |
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (0.4) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (990.1) | 669.0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,159.7 | 121.3 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 169.6 | 790.3 |
Ensco Plc [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (17.8) | (83.4) |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | (563.0) | (862.0) |
Maturities of short-term investments | 65.1 | 1,032.0 |
Additions to property and equipment | 0.0 | 0.0 |
Purchase of affiliate debt | (316.3) | (142.0) |
Other | 0.0 | 0.0 |
Net cash used in investing activities of continuing operations | (814.2) | 28.0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 585.5 | |
Reduction of long-term borrowings | (220.7) | (542.8) |
Cash dividends paid | (6.2) | (5.5) |
Debt financing costs | (5.5) | |
Advances from (to) affiliates | 247.7 | 638.9 |
Other | (2.6) | (1.9) |
Net cash used in financing activities | 12.7 | 674.2 |
Net cash (used in) provided by discontinued operations | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (819.3) | 618.8 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 892.6 | 94.0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 73.3 | 712.8 |
ENSCO International Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (50.5) | 130.8 |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | 0.0 | 0.0 |
Maturities of short-term investments | 0.0 | 0.0 |
Additions to property and equipment | 0.0 | 0.0 |
Purchase of affiliate debt | 0.0 | 0.0 |
Other | 0.0 | 0.0 |
Net cash used in investing activities of continuing operations | 0.0 | 0.0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0.0 | |
Reduction of long-term borrowings | 0.0 | 0.0 |
Cash dividends paid | 0.0 | 0.0 |
Debt financing costs | 0.0 | |
Advances from (to) affiliates | 50.5 | |
Payments for Advance to Affiliate | (130.8) | |
Other | 0.0 | 0.0 |
Net cash used in financing activities | 50.5 | (130.8) |
Net cash (used in) provided by discontinued operations | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 0.0 | 0.0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0.0 | 0.0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 0.0 | 0.0 |
Pride International, Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (53.9) | (60.4) |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | 0.0 | 0.0 |
Maturities of short-term investments | 0.0 | 0.0 |
Additions to property and equipment | 0.0 | 0.0 |
Purchase of affiliate debt | 0.0 | 0.0 |
Other | 0.0 | 0.0 |
Net cash used in investing activities of continuing operations | 0.0 | 0.0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0.0 | |
Reduction of long-term borrowings | 0.0 | 0.0 |
Cash dividends paid | 0.0 | 0.0 |
Debt financing costs | 0.0 | |
Advances from (to) affiliates | 37.9 | 84.5 |
Other | 0.0 | 0.0 |
Net cash used in financing activities | 37.9 | 84.5 |
Net cash (used in) provided by discontinued operations | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (16.0) | 24.1 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 19.8 | 2.0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 3.8 | 26.1 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 252.7 | 813.2 |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | (571.8) | 0.0 |
Maturities of short-term investments | 831.9 | 0.0 |
Additions to property and equipment | (332.6) | (209.4) |
Purchase of affiliate debt | 0.0 | 0.0 |
Other | 1.7 | 7.6 |
Net cash used in investing activities of continuing operations | (70.8) | (201.8) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0.0 | |
Reduction of long-term borrowings | 0.0 | 0.0 |
Cash dividends paid | 0.0 | 0.0 |
Debt financing costs | 0.0 | |
Payments for Advance to Affiliate | (336.1) | (592.6) |
Other | (1.0) | 0.0 |
Net cash used in financing activities | (337.1) | (592.6) |
Net cash (used in) provided by discontinued operations | (0.2) | 7.7 |
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (0.4) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (154.8) | 26.1 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 247.3 | 25.3 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 92.5 | 51.4 |
Consolidating Adjustments [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 0.0 | 0.0 |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | 0.0 | 0.0 |
Maturities of short-term investments | 0.0 | 0.0 |
Additions to property and equipment | 0.0 | 0.0 |
Purchase of affiliate debt | 316.3 | 142.0 |
Other | 0.0 | 0.0 |
Net cash used in investing activities of continuing operations | 316.3 | 142.0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0.0 | |
Reduction of long-term borrowings | (316.3) | (142.0) |
Cash dividends paid | 0.0 | 0.0 |
Debt financing costs | 0.0 | |
Advances from (to) affiliates | 0.0 | 0.0 |
Other | 0.0 | 0.0 |
Net cash used in financing activities | (316.3) | (142.0) |
Net cash (used in) provided by discontinued operations | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 0.0 | 0.0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0.0 | 0.0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 0.0 | $ 0.0 |
@QD,=[,KA^BT'[+CD1> $1]1*=BF1)#:N['
MX!2E9SB 5_I#'1!JSF_!(2FC2,$"+/Q*9+(S6NB BL9PQAN]XOUGZ#/,:, >
M'0X4H2HK8'*9Z$]SW\$5L, (@XO?!30K,5?_Q.8.L'-RCG9-3=-43DW.I1TJ
M>'MZ?,GK%G:(I :-Z5>T@DX>M^PR^;6YN]\],%GSJBUX6]3MKN*"-V*S>5]<
M?_A=A=UH[-[^8^.+H.S@UUW(+U!+ P04 " "@4/M*F5R<(Q & "<)P
M$P 'AL+W1H96UE+W1H96UE,2YX;6SM6EMSVC@4?N^OT'AG]FT+QC:!MK03
M +OAH618%GH(%D5S=(QX5*^^1E 5R_ZT%2@.O
M.0*6FL!DTQ>)4S!)E)K C*Q>LOB. $W&6= 7GK$
MF2"V9 3_%LDV/55@NSA-CM1FU'&2-]YU8._3^"9_X?.T?^.V$]J1B_'XLK'_
MK3$>,)7D!D>HQP^V&A):'X[O\6SG,9L-;X;E!['U&U=_ %!+ P04 " "@
M4/M*:R_?TK0! #2 P & 'AL+W=O WK\[;&^-,(?^PT
M;L#WMV$1%8"T0FLSA
M4R?%ATZNIJG$M5*]O9K:&]E>B_:ZM]=3^YBL]8 D/7+J$6V2P)#5X%0690'Q
ME0L4II0J. 4)J@EV%9@1 S-\81+9/A;M8[XP*5F8 4DGT\0, K(/UYQ2)@K(
M/L@Y9>(L(/NIX%0"*LCDN!(QKH3'E9&X$C8*1$E J+5 =(9YYQ"2 (@<0D4
MFL"3KU2,*V5QJ8C$E?),1&P?E%L32CT>??Q[O:N*/J6.HY_ID:#QSG[POGV]]9_'CK?=>8E;]R^*OZ^
M'-OS)C#!ZNA.^5O1?JGNO[BI0SI83;W_S;V[HHOW)-TY#E71#/]7A[>FK
$[$W'J.AKJ(@L[.*&4P66>)*"@-4
M H(2V8X2UE"6I[8;+I)"N=Q@@DJ 4+)Y+CD@%TJ!.0IT)'+GM, LE1RF?(X"
M3@:L?[@H=4X)#%,):$KV%T8"4L;F6\[\ )V2+H(1)BH),"=B1P@,0>(0E/8W
M<3.)GH9ZK.R4"& PR2)G3AB$!$!(]E>"$ @#MO0#JCAP]0_F( $.DLUEXH![
M:FBRHU@O.OA%&($$EI)D,WD2X58F(Q&S&V?NCL$P)0Y3-C,)L%0Q4B"5G"V&
MGMU@D!( J1*V';[*7,0Q!#^%LQS$;#8_=](/8_(V+
M7U!+ P04 " "@4/M*&:_:^[,! #2 P &0 'AL+W=O
7B!1RW?]\!NUYO
MUR_ #.>YPG[-K$)HQIPF3KC$+@GGU)42Z%>*4_D=/
MM^G[S0SWD;Y?1\_NM@6R38$L"F1K@?OD0XE;F(]%LE5/%9@V3I,E%0XZ3O+*
MNPSL0WQ$]@\^3?LW;EJA+;F@\R\;^]\@.O"I)#=^A#K_P19#0N/"\9,_FVG,
M)L-A/_\@MGSC\B]02P,$% @ H%#[2INR0$6W 0 T@, !D !X;"]W
M;W)K
MGD8S3$-XNE:_W<<)ME&";2#8KO63Y*K$&.8_1>ZB(KL( ;T2B6'2*Q&R:IP$
MW80G:U"IABZ,R\J[3,4##8W_!Y]&ZB?3#>\,.BOKGD]H\M3=@E"$^8X8O@2,R.85Y]#\+401_Z)SM?I
MN]4,=Y&^6T9/;M<%DE6!) HD[TK2AQ#9-\",(6/=5@ZCA-EA38MW&2%]YY
M8.]X?)/_\'':?PA3R]:2,SK_LK'_%:(#G\KFRH]0XS_8;"BH7#A^\6
.?/ H\%
MW%; ';F U^*]L1;XK8 _
&PO=V]R:W-H965T
& 0 .@7 9 >&PO=V]R:W-H965T