(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, 2018 |
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 successfully integrate the business, operations and employees of Atwood Oceanics, Inc. ("Atwood") and to realize synergies and cost savings in connection with our acquisition of Atwood; |
• | changes in future levels of drilling activity and capital 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 and acquired rigs, for rigs currently idled and for rigs whose contracts are expiring; |
• | any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; |
• | 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, service our indebtedness 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; |
• | the adequacy of sources of liquidity for us and our customers; |
• | 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; |
• | the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems; |
• | 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, | |||||||
2018 | 2017 | ||||||
OPERATING REVENUES | $ | 458.5 | $ | 457.5 | |||
OPERATING EXPENSES | |||||||
Contract drilling (exclusive of depreciation) | 344.3 | 291.3 | |||||
Depreciation | 120.7 | 107.9 | |||||
General and administrative | 26.1 | 30.5 | |||||
491.1 | 429.7 | ||||||
OPERATING INCOME (LOSS) | (32.6 | ) | 27.8 | ||||
OTHER INCOME (EXPENSE) | |||||||
Interest income | 3.9 | 7.6 | |||||
Interest expense, net | (75.7 | ) | (60.3 | ) | |||
Other, net | (13.0 | ) | (.5 | ) | |||
(84.8 | ) | (53.2 | ) | ||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (117.4 | ) | (25.4 | ) | |||
PROVISION FOR INCOME TAXES | |||||||
Current income tax expense | 20.1 | 13.1 | |||||
Deferred income tax expense | 4.6 | 6.2 | |||||
24.7 | 19.3 | ||||||
LOSS FROM CONTINUING OPERATIONS | (142.1 | ) | (44.7 | ) | |||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET | (8.0 | ) | .4 | ||||
NET LOSS | (150.1 | ) | (44.3 | ) | |||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (.9 | ) | (1.2 | ) | |||
NET LOSS ATTRIBUTABLE TO ENSCO | $ | (151.0 | ) | $ | (45.5 | ) | |
LOSS PER SHARE - BASIC AND DILUTED | |||||||
Continuing operations | $ | (0.33 | ) | $ | (0.15 | ) | |
Discontinued operations | (0.02 | ) | — | ||||
$ | (0.35 | ) | $ | (0.15 | ) | ||
NET LOSS ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ | (151.1 | ) | $ | (45.6 | ) | |
WEIGHTED-AVERAGE SHARES OUTSTANDING | |||||||
Basic and Diluted | 434.1 | 300.9 | |||||
CASH DIVIDENDS PER SHARE | $ | 0.01 | $ | 0.01 |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
OPERATING REVENUES | $ | 875.5 | $ | 928.6 | |||
OPERATING EXPENSES | |||||||
Contract drilling (exclusive of depreciation) | 669.5 | 569.4 | |||||
Depreciation | 235.9 | 217.1 | |||||
General and administrative | 54.0 | 56.5 | |||||
959.4 | 843.0 | ||||||
OPERATING INCOME (LOSS) | (83.9 | ) | 85.6 | ||||
OTHER INCOME (EXPENSE) | |||||||
Interest income | 6.9 | 14.8 | |||||
Interest expense, net | (141.3 | ) | (118.9 | ) | |||
Other, net | (21.1 | ) | (6.8 | ) | |||
(155.5 | ) | (110.9 | ) | ||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (239.4 | ) | (25.3 | ) | |||
PROVISION FOR INCOME TAXES | |||||||
Current income tax expense | 27.2 | 17.4 | |||||
Deferred income tax expense | 15.9 | 26.0 | |||||
43.1 | 43.4 | ||||||
LOSS FROM CONTINUING OPERATIONS | (282.5 | ) | (68.7 | ) | |||
LOSS FROM DISCONTINUED OPERATIONS, NET | (8.1 | ) | (.2 | ) | |||
NET LOSS | (290.6 | ) | (68.9 | ) | |||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (.5 | ) | (2.3 | ) | |||
NET LOSS ATTRIBUTABLE TO ENSCO | $ | (291.1 | ) | $ | (71.2 | ) | |
LOSS PER SHARE - BASIC AND DILUTED | |||||||
Continuing operations | $ | (0.65 | ) | $ | (0.24 | ) | |
Discontinued operations | (0.02 | ) | — | ||||
$ | (0.67 | ) | $ | (0.24 | ) | ||
NET LOSS ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ | (291.3 | ) | $ | (71.4 | ) | |
WEIGHTED-AVERAGE SHARES OUTSTANDING | |||||||
Basic and Diluted | 433.8 | 300.7 | |||||
CASH DIVIDENDS PER SHARE | $ | 0.02 | $ | 0.02 |
Three Months Ended June 30, | |||||||
2018 | 2017 | ||||||
NET LOSS | $ | (150.1 | ) | $ | (44.3 | ) | |
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||
Net change in derivative fair value | (7.6 | ) | 2.9 | ||||
Reclassification of net (gains) losses on derivative instruments from other comprehensive income (loss) into net loss | (.7 | ) | .3 | ||||
Other | (.2 | ) | .2 | ||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | (8.5 | ) | 3.4 | ||||
COMPREHENSIVE LOSS | (158.6 | ) | (40.9 | ) | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (.9 | ) | (1.2 | ) | |||
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ | (159.5 | ) | $ | (42.1 | ) |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
NET LOSS | $ | (290.6 | ) | $ | (68.9 | ) | |
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||
Net change in derivative fair value | (4.9 | ) | 6.0 | ||||
Reclassification of net (gains) losses on derivative instruments from other comprehensive income (loss) into net loss | (2.9 | ) | 1.2 | ||||
Other | (.3 | ) | .7 | ||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | (8.1 | ) | 7.9 | ||||
COMPREHENSIVE LOSS | (298.7 | ) | (61.0 | ) | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (.5 | ) | (2.3 | ) | |||
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ | (299.2 | ) | $ | (63.3 | ) |
June 30, 2018 | December 31, 2017 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 485.5 | $ | 445.4 | |||
Short-term investments | 255.0 | 440.0 | |||||
Accounts receivable, net | 332.7 | 345.4 | |||||
Other current assets | 389.6 | 381.2 | |||||
Total current assets | 1,462.8 | 1,612.0 | |||||
PROPERTY AND EQUIPMENT, AT COST | 15,476.5 | 15,332.1 | |||||
Less accumulated depreciation | 2,692.6 | 2,458.4 | |||||
Property and equipment, net | 12,783.9 | 12,873.7 | |||||
OTHER ASSETS | 93.9 | 140.2 | |||||
$ | 14,340.6 | $ | 14,625.9 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable - trade | $ | 218.3 | $ | 432.6 | |||
Accrued liabilities and other | 331.5 | 325.9 | |||||
Total current liabilities | 549.8 | 758.5 | |||||
LONG-TERM DEBT | 4,994.9 | 4,750.7 | |||||
OTHER LIABILITIES | 362.0 | 386.7 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
ENSCO SHAREHOLDERS' EQUITY | |||||||
Class A ordinary shares, U.S. $.10 par value, 460.7 million and 447.1 million shares issued as of June 30, 2018 and December 31, 2017 | 46.1 | 44.7 | |||||
Class B ordinary shares, £1 par value, 50,000 shares authorized and issued as of June 30, 2018 and December 31, 2017 | .1 | .1 | |||||
Additional paid-in capital | 7,209.5 | 7,195.0 | |||||
Retained earnings | 1,232.0 | 1,532.7 | |||||
Accumulated other comprehensive income | 20.5 | 28.6 | |||||
Treasury shares, at cost, 23.6 million and 11.1 million shares as of June 30, 2018 and December 31, 2017 | (72.0 | ) | (69.0 | ) | |||
Total Ensco shareholders' equity | 8,436.2 | 8,732.1 | |||||
NONCONTROLLING INTERESTS | (2.3 | ) | (2.1 | ) | |||
Total equity | 8,433.9 | 8,730.0 | |||||
$ | 14,340.6 | $ | 14,625.9 |
Six Months Ended June 30, | |||||||
2018 | 2017 | ||||||
OPERATING ACTIVITIES | |||||||
Net loss | $ | (290.6 | ) | $ | (68.9 | ) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities of continuing operations: | |||||||
Depreciation expense | 235.9 | 217.1 | |||||
Amortization, net | (24.4 | ) | (37.0 | ) | |||
Share-based compensation expense | 20.6 | 20.9 | |||||
Loss on debt extinguishment | 19.0 | 2.6 | |||||
Deferred income tax expense | 15.9 | 26.0 | |||||
Gain on bargain purchase | (8.3 | ) | — | ||||
Loss from discontinued operations, net | 8.1 | 0.2 | |||||
Other | (2.1 | ) | (12.2 | ) | |||
Changes in operating assets and liabilities | 7.9 | (18.2 | ) | ||||
Net cash provided by (used in) operating activities of continuing operations | (18.0 | ) | 130.5 | ||||
INVESTING ACTIVITIES | |||||||
Maturities of short-term investments | 599.0 | 897.0 | |||||
Purchases of short-term investments | (414.0 | ) | (1,134.8 | ) | |||
Additions to property and equipment | (331.9 | ) | (332.6 | ) | |||
Other | 2.9 | 1.7 | |||||
Net cash used in investing activities of continuing operations | (144.0 | ) | (568.7 | ) | |||
FINANCING ACTIVITIES | |||||||
Proceeds from issuance of senior notes | 1,000.0 | — | |||||
Reduction of long-term borrowings | (771.2 | ) | (537.0 | ) | |||
Debt issuance costs | (17.0 | ) | (5.5 | ) | |||
Cash dividends paid | (9.0 | ) | (6.2 | ) | |||
Other | (2.5 | ) | (3.6 | ) | |||
Net cash provided by (used in) financing activities | 200.3 | (552.3 | ) | ||||
Net cash provided by (used in) discontinued operations | 2.5 | (0.2 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (.7 | ) | .6 | ||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 40.1 | (990.1 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 445.4 | 1,159.7 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 485.5 | $ | 169.6 |
June 30, 2018 | December 31, 2017 | ||||||
Current contract assets | $ | 4.1 | $ | 3.0 | |||
Noncurrent contract assets | $ | — | $ | 2.8 | |||
Current contract liabilities (deferred revenue) | $ | 76.6 | $ | 71.9 | |||
Noncurrent contract liabilities (deferred revenue) | $ | 23.2 | $ | 51.2 |
Contract Assets | Contract Liabilities | ||||||
Balance as of December 31, 2017 | $ | 5.8 | $ | 123.1 | |||
Increase due to cash received | — | 27.6 | |||||
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance | — | (43.0 | ) | ||||
Decrease due to amortization of deferred revenue that was added during the period | — | (7.9 | ) | ||||
Decrease due to transfer to receivables during the period | (1.7 | ) | — | ||||
Balance as of June 30, 2018 | $ | 4.1 | $ | 99.8 |
Remaining 2018 | 2019 | 2020 | 2021 and Thereafter | Total | |||||||||||||||
Amortization of contract liabilities | $ | 38.9 | $ | 51.0 | $ | 6.4 | $ | 3.5 | $ | 99.8 | |||||||||
Amortization of deferred costs | $ | 23.4 | $ | 21.6 | $ | 6.0 | $ | 2.4 | $ | 53.4 |
Amounts Recognized as of Merger Date | Measurement Period Adjustments (1) | Estimated Fair Value | |||||||||
Assets: | |||||||||||
Cash and cash equivalents(2) | $ | 445.4 | $ | — | $ | 445.4 | |||||
Accounts receivable(3) | 62.3 | (1.6 | ) | 60.7 | |||||||
Other current assets | 118.1 | 4.7 | 122.8 | ||||||||
Property and equipment | 1,762.0 | 9.2 | 1,771.2 | ||||||||
Other assets | 23.7 | (2.9 | ) | 20.8 | |||||||
Liabilities: | |||||||||||
Accounts payable and accrued liabilities | 64.9 | (2.3 | ) | 62.6 | |||||||
Other liabilities | 118.7 | 3.4 | 122.1 | ||||||||
Net assets acquired | 2,227.9 | 8.3 | 2,236.2 | ||||||||
Less: | |||||||||||
Merger consideration | (781.8 | ) | (781.8 | ) | |||||||
Repayment of Atwood debt | (1,305.9 | ) | (1,305.9 | ) | |||||||
Bargain purchase gain | $ | 140.2 | $ | 148.5 |
(1) | The measurement period adjustments reflect changes in the estimated fair values of certain assets and liabilities, primarily related to inventory, capital equipment and accrued non-income tax liabilities. The measurement period adjustments were recorded to reflect new information obtained about facts and circumstances existing as of the Merger Date and did not result from subsequent intervening events. The adjustments recorded resulted in an $8.3 million decline and an $8.3 million increase to bargain purchase gain during the three-month and six-month periods ended June 30, 2018, respectively, and are included in other, net, in our condensed consolidated statements of operations. |
(2) | Upon closing of the Merger, we utilized acquired cash of $445.4 million and cash on hand from the liquidation of short-term investments to repay Atwood's debt and accrued interest of $1.3 billion. |
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, 2018 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 30.5 | $ | — | $ | — | $ | 30.5 | |||||||
Total financial assets | $ | 30.5 | $ | — | $ | — | $ | 30.5 | |||||||
Derivatives, net | $ | — | $ | (6.5 | ) | $ | — | $ | (6.5 | ) | |||||
Total financial liabilities | $ | — | $ | (6.5 | ) | $ | — | $ | (6.5 | ) | |||||
As of December 31, 2017 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 30.9 | $ | — | $ | — | $ | 30.9 | |||||||
Derivatives, net | — | 6.8 | — | 6.8 | |||||||||||
Total financial assets | $ | 30.9 | $ | 6.8 | $ | — | $ | 37.7 |
June 30, 2018 | December 31, 2017 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
8.50% Senior notes due 2019(1) | $ | — | $ | — | $ | 251.4 | $ | 252.9 | |||||||
6.875% Senior notes due 2020(2) | 128.9 | 128.3 | 477.9 | 473.1 | |||||||||||
4.70% Senior notes due 2021(2) | 112.6 | 110.7 | 267.1 | 265.3 | |||||||||||
3.00% Exchangeable senior notes due 2024(3) | 651.1 | 793.2 | 635.7 | 757.1 | |||||||||||
4.50% Senior notes due 2024 | 619.5 | 516.5 | 619.3 | 527.1 | |||||||||||
8.00% Senior notes due 2024 | 337.4 | 334.2 | 337.9 | 333.8 | |||||||||||
5.20% Senior notes due 2025 | 664.0 | 557.7 | 663.6 | 571.4 | |||||||||||
7.75% Senior notes due 2026 | 983.9 | 947.6 | — | — | |||||||||||
7.20% Debentures due 2027 | 149.3 | 136.9 | 149.3 | 141.9 | |||||||||||
7.875% Senior notes due 2040 | 375.9 | 270.6 | 376.7 | 258.8 | |||||||||||
5.75% Senior notes due 2044 | 972.3 | 709.5 | 971.8 | 690.4 | |||||||||||
Total | $ | 4,994.9 | $ | 4,505.2 | $ | 4,750.7 | $ | 4,271.8 |
(1) | Our senior notes due 2019 were redeemed in full in February 2018. See "Note 7 - Debt" for additional information. |
(2) | The reduction in carrying value of our seniors notes due 2020 and senior notes due 2021 was attributable to repurchases and redemptions during the first quarter of 2018. |
(3) | 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 value of the 2024 Convertible Notes was $835.1 million and $834.0 million as of June 30, 2018 and December 31, 2017, respectively. |
Derivative Assets | Derivative Liabilities | ||||||||||||||
June 30, 2018 | December 31, 2017 | June 30, 2018 | December 31, 2017 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | .7 | $ | 5.9 | $ | 5.1 | $ | .2 | |||||||
Foreign currency forward contracts - non-current(2) | — | .5 | 1.1 | .1 | |||||||||||
.7 | 6.4 | 6.2 | .3 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | .6 | .9 | 1.6 | .2 | |||||||||||
Total | $ | 1.3 | $ | 7.3 | $ | 7.8 | $ | .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 and other liabilities, respectively, on our condensed consolidated balance sheets. |
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion) | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1) | Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | — | $ | (.1 | ) | $ | — | $ | — | ||||||||||
Foreign currency forward contracts(4) | (7.6 | ) | 2.9 | .7 | (.2 | ) | (1.0 | ) | (.5 | ) | |||||||||||||
Total | $ | (7.6 | ) | $ | 2.9 | $ | .7 | $ | (.3 | ) | $ | (1.0 | ) | $ | (.5 | ) |
Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Effective Portion) | Gain (Loss) Reclassified from AOCI into Income (Effective Portion)(1) | Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.1 | ) | $ | (.2 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(5) | (4.9 | ) | 6.0 | 3.0 | (1.0 | ) | (1.2 | ) | (.4 | ) | |||||||||||||
Total | $ | (4.9 | ) | $ | 6.0 | $ | 2.9 | $ | (1.2 | ) | $ | (1.2 | ) | $ | (.4 | ) |
(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, 2018, there were $500,000 of gains 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, 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. |
(5) | During the six-month period ended June 30, 2018, $2.6 million of gains 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, 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. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Loss from continuing operations attributable to Ensco | $ | (143.0 | ) | $ | (45.9 | ) | $ | (283.0 | ) | $ | (71.0 | ) | |||
Income from continuing operations allocated to non-vested share awards(1) | (.1 | ) | (.1 | ) | (.2 | ) | (.2 | ) | |||||||
Loss from continuing operations attributable to Ensco shares | $ | (143.1 | ) | $ | (46.0 | ) | $ | (283.2 | ) | $ | (71.2 | ) |
(1) | Losses are not allocated to non-vested share awards. Therefore, only dividends attributable to our non-vested share awards are included for the three-month and six-month periods ended June 30, 2018 and 2017. |
Aggregate Principal Amount Repurchased | Aggregate Repurchase Price(1) | ||||||
8.50% senior notes due 2019 | $ | 237.6 | $ | 256.8 | |||
6.875% senior notes due 2020 | 328.0 | 354.7 | |||||
4.70% Senior notes due 2021 | 156.2 | 159.7 | |||||
Total | $ | 721.8 | $ | 771.2 |
(1) | Excludes accrued interest paid to holders of the repurchased senior notes. |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 284.9 | $ | 158.7 | $ | 14.9 | $ | 458.5 | $ | — | $ | 458.5 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 203.7 | 126.8 | 13.8 | 344.3 | — | 344.3 | |||||||||||||||||
Depreciation | 80.8 | 36.5 | — | 117.3 | 3.4 | 120.7 | |||||||||||||||||
General and administrative | — | — | — | — | 26.1 | 26.1 | |||||||||||||||||
Operating income (loss) | $ | 0.4 | $ | (4.6 | ) | $ | 1.1 | $ | (3.1 | ) | $ | (29.5 | ) | $ | (32.6 | ) | |||||||
Property and equipment, net | $ | 9,574.9 | $ | 3,167.0 | $ | — | $ | 12,741.9 | $ | 42.0 | $ | 12,783.9 |
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 | $ | 543.9 | $ | 302.1 | $ | 29.5 | $ | 875.5 | $ | — | $ | 875.5 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 388.8 | 253.7 | 27.0 | 669.5 | — | 669.5 | |||||||||||||||||
Depreciation | 156.1 | 73.0 | — | 229.1 | 6.8 | 235.9 | |||||||||||||||||
General and administrative | — | — | — | — | 54.0 | 54.0 | |||||||||||||||||
Operating income (loss) | $ | (1.0 | ) | $ | (24.6 | ) | $ | 2.5 | $ | (23.1 | ) | $ | (60.8 | ) | $ | (83.9 | ) | ||||||
Property and equipment, net | $ | 9,574.9 | $ | 3,167.0 | $ | — | $ | 12,741.9 | $ | 42.0 | $ | 12,783.9 |
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 | Total(1) | |||
North & South America | 8 | 4 | 12 | ||
Europe & Mediterranean | 6 | 11 | 17 | ||
Middle East & Africa | 3 | 12 | 15 | ||
Asia & Pacific Rim | 5 | 7 | 12 | ||
Asia & Pacific Rim (under construction) | 2 | 1 | 3 | ||
Held-for-sale(2) | 2 | 1 | 3 | ||
Total | 26 | 36 | 62 |
(1) | We provide management services on two rigs owned by third-parties in the U.S. Gulf of Mexico which are not included in the table above. |
(2) | One floater classified as held-for-sale as of June 30, 2018 was sold in July 2018. |
June 30, 2018 | December 31, 2017 | ||||||
Trade | $ | 338.6 | $ | 335.4 | |||
Other | 15.1 | 33.6 | |||||
353.7 | 369.0 | ||||||
Allowance for doubtful accounts | (21.0 | ) | (23.6 | ) | |||
$ | 332.7 | $ | 345.4 |
June 30, 2018 | December 31, 2017 | ||||||
Inventory | $ | 274.8 | $ | 278.8 | |||
Prepaid taxes | 44.7 | 43.5 | |||||
Deferred costs | 38.2 | 29.7 | |||||
Prepaid expenses | 13.3 | 14.2 | |||||
Assets held-for-sale | 3.4 | 1.5 | |||||
Derivative asset | 1.3 | 6.8 | |||||
Other | 13.9 | 6.7 | |||||
$ | 389.6 | $ | 381.2 |
June 30, 2018 | December 31, 2017 | ||||||
Supplemental executive retirement plan assets | $ | 30.5 | $ | 30.9 | |||
Deferred costs | 24.8 | 37.4 | |||||
Deferred tax assets | 15.5 | 38.8 | |||||
Intangible assets | 8.2 | 15.7 | |||||
Other | 14.9 | 17.4 | |||||
$ | 93.9 | $ | 140.2 |
June 30, 2018 | December 31, 2017 | ||||||
Accrued interest | $ | 101.6 | $ | 83.1 | |||
Personnel costs | 81.7 | 112.0 | |||||
Deferred revenue | 76.6 | 71.9 | |||||
Taxes | 50.8 | 46.4 | |||||
Derivative liabilities | 6.7 | 0.4 | |||||
Other | 14.1 | 12.1 | |||||
$ | 331.5 | $ | 325.9 |
June 30, 2018 | December 31, 2017 | ||||||
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 180.7 | $ | 178.0 | |||
Intangible liabilities | 55.1 | 59.6 | |||||
Supplemental executive retirement plan liabilities | 31.5 | 32.0 | |||||
Personnel costs | 24.1 | 18.1 | |||||
Deferred revenue | 23.2 | 51.2 | |||||
Deferred tax liabilities | 16.3 | 18.5 | |||||
Deferred rent | 13.0 | 17.1 | |||||
Other | 18.1 | 12.2 | |||||
$ | 362.0 | $ | 386.7 |
June 30, 2018 | December 31, 2017 | ||||||
Derivative instruments | $ | 14.7 | $ | 22.5 | |||
Currency translation adjustment | 7.5 | 7.8 | |||||
Other | (1.7 | ) | (1.7 | ) | |||
$ | 20.5 | $ | 28.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Total(1) | 13 | % | 22 | % | 14 | % | 22 | % | |||
Petrobras(1) | 10 | % | 11 | % | 11 | % | 10 | % | |||
BP(2) | 5 | % | 15 | % | 8 | % | 15 | % | |||
Other | 72 | % | 52 | % | 67 | % | 53 | % | |||
100 | % | 100 | % | 100 | % | 100 | % |
(1) | During the three-month and six-month periods ended June 30, 2018 and 2017, all revenues were attributable to our Floaters segment. |
(2) | During the three-month periods ended June 30, 2018 and 2017, 28% of the revenues provided by BP were attributable to our Jackups segment and 79% were attributable to our Floaters segment, respectively, and the remaining revenues were attributable to our Other segment. During the six-month period ended June 30, 2018, 43% of the revenues provided by BP were attributable to our Floaters segment, 15% of the revenues were attributable to our Jackups segment and the remaining revenues were attributable to our Other segment. During the six-month period ended June 30, 2017, 79% of the revenues provided by BP were attributable to our Floaters segment and the remaining revenues were attributable to our Other segment. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Australia(1) | $ | 80.4 | $ | 55.3 | $ | 132.6 | $ | 109.9 | |||||||
Angola(2) | 72.2 | 115.9 | 133.3 | 237.6 | |||||||||||
U.S. Gulf of Mexico(3) | 59.5 | 33.0 | 113.1 | 77.3 | |||||||||||
United Kingdom(4) | 53.7 | 36.7 | 100.3 | 67.9 | |||||||||||
Brazil(5) | 46.1 | 48.7 | 96.4 | 96.5 | |||||||||||
Egypt(5) | — | 53.4 | 31.2 | 106.6 | |||||||||||
Other | 146.6 | 114.5 | 268.6 | 232.8 | |||||||||||
$ | 458.5 | $ | 457.5 | $ | 875.5 | $ | 928.6 |
(1) | During the three-month periods ended June 30, 2018 and 2017, 95% and 78% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. During the six-month periods ended June 30, 2018 and 2017, 97% and 78% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. |
(2) | During the three-month periods ended June 30, 2018 and 2017, 84% and 87% of the revenues earned in Angola, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. During the six-month periods ended June 30, 2018 and 2017, 90% and 86% of the revenues earned in Angola, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. |
(3) | During the three-month period ended June 30, 2018, 36% of the revenues earned in the U.S. Gulf of Mexico, were attributable to our Floaters segment, 39% were attributable to our Jackups segment, and the remaining revenues were attributable to our Other segment. During the three-month period ended June 30, 2017, 10% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 46% were attributable to our Jackups segment and the remaining revenues were attributable to our Other segment. During the six-month period ended June 30, 2018, both the Jackups and Floaters segments earned 37% of revenues in the U.S. Gulf of Mexico and the remaining revenues were attributable to our Other segment. During the six-month period ended June 30, 2017, 37% and 25% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Jackups segment and Floaters segment, respectively, and the remaining revenues were attributable to our Other segment. |
(4) | During the three-month and six-month periods ended June 30, 2018 and 2017, all revenues earned in the United Kingdom were attributable to our Jackups segment. |
(5) | During the three-month and six-month periods ended June 30, 2018 and 2017, all revenues earned in Brazil and Egypt were attributable to our Floaters segment. |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2018 (In millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 12.3 | $ | 39.8 | $ | — | $ | 484.3 | $ | (77.9 | ) | $ | 458.5 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 13.0 | 36.2 | — | 373.0 | (77.9 | ) | 344.3 | ||||||||||||||||
Depreciation | — | 3.5 | — | 117.2 | — | 120.7 | |||||||||||||||||
General and administrative | 10.3 | .1 | — | 15.7 | — | 26.1 | |||||||||||||||||
OPERATING LOSS | (11.0 | ) | — | — | (21.6 | ) | — | (32.6 | ) | ||||||||||||||
OTHER EXPENSE, NET | (5.1 | ) | (40.5 | ) | (19.7 | ) | (23.5 | ) | 4.0 | (84.8 | ) | ||||||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (16.1 | ) | (40.5 | ) | (19.7 | ) | (45.1 | ) | 4.0 | (117.4 | ) | ||||||||||||
INCOME TAX PROVISION | — | 18.6 | — | 6.1 | — | 24.7 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (8.0 | ) | — | (8.0 | ) | |||||||||||||||
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (134.9 | ) | 28.7 | 22.6 | — | 83.6 | — | ||||||||||||||||
NET LOSS | (151.0 | ) | (30.4 | ) | 2.9 | (59.2 | ) | 87.6 | (150.1 | ) | |||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (.9 | ) | — | (.9 | ) | |||||||||||||||
NET LOSS ATTRIBUTABLE TO ENSCO | $ | (151.0 | ) | $ | (30.4 | ) | $ | 2.9 | $ | (60.1 | ) | $ | 87.6 | $ | (151.0 | ) |
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 INCOME (LOSS) | (10.4 | ) | (6.0 | ) | — | 44.2 | — | 27.8 | |||||||||||||||
OTHER EXPENSE, NET | (7.1 | ) | (26.9 | ) | (16.9 | ) | (4.9 | ) | 2.6 | (53.2 | ) | ||||||||||||
INCOME (LOSS) 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(LOSS) IN AFFILIATES, NET OF TAX | (28.0 | ) | 28.7 | 19.9 | — | (20.6 | ) | — | |||||||||||||||
NET INCOME (LOSS) | (45.5 | ) | (8.5 | ) | 3.0 | 24.7 | (18.0 | ) | (44.3 | ) | |||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.2 | ) | — | (1.2 | ) | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | (45.5 | ) | $ | (8.5 | ) | $ | 3.0 | $ | 23.5 | $ | (18.0 | ) | $ | (45.5 | ) |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2018 (In millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 24.6 | $ | 80.1 | $ | — | $ | 927.8 | $ | (157.0 | ) | $ | 875.5 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 26.4 | 72.8 | — | 727.3 | (157.0 | ) | 669.5 | ||||||||||||||||
Depreciation | — | 7.0 | — | 228.9 | — | 235.9 | |||||||||||||||||
General and administrative | 20.5 | .3 | — | 33.2 | — | 54.0 | |||||||||||||||||
OPERATING LOSS | (22.3 | ) | — | — | (61.6 | ) | — | (83.9 | ) | ||||||||||||||
OTHER INCOME (EXPENSE), NET | 0.5 | (68.5 | ) | (50.0 | ) | (56.9 | ) | 19.4 | (155.5 | ) | |||||||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (21.8 | ) | (68.5 | ) | (50.0 | ) | (118.5 | ) | 19.4 | (239.4 | ) | ||||||||||||
INCOME TAX PROVISION | — | 22.9 | — | 20.2 | — | 43.1 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (8.1 | ) | — | (8.1 | ) | |||||||||||||||
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (269.3 | ) | 49.5 | 46.0 | — | 173.8 | — | ||||||||||||||||
NET LOSS | (291.1 | ) | (41.9 | ) | (4.0 | ) | (146.8 | ) | 193.2 | (290.6 | ) | ||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (.5 | ) | — | (.5 | ) | |||||||||||||||
NET LOSS ATTRIBUTABLE TO ENSCO | $ | (291.1 | ) | $ | (41.9 | ) | $ | (4.0 | ) | $ | (147.3 | ) | $ | 193.2 | $ | (291.1 | ) |
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 INCOME (LOSS) | (20.5 | ) | (6.3 | ) | — | 112.4 | — | 85.6 | |||||||||||||||
OTHER EXPENSE, NET | (13.6 | ) | (58.2 | ) | (35.6 | ) | (12.6 | ) | 9.1 | (110.9 | ) | ||||||||||||
INCOME (LOSS) 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 INCOME (LOSS) | (71.2 | ) | .2 | 10.6 | 75.1 | (83.6 | ) | (68.9 | ) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | (71.2 | ) | $ | .2 | $ | 10.6 | $ | 72.8 | $ | (83.6 | ) | $ | (71.2 | ) |
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET LOSS | $ | (151.0 | ) | $ | (30.4 | ) | $ | 2.9 | $ | (59.2 | ) | $ | 87.6 | $ | (150.1 | ) | |||||||
OTHER COMPREHENSIVE LOSS, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (7.6 | ) | — | — | — | (7.6 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive loss into net loss | — | (.7 | ) | — | — | — | (.7 | ) | |||||||||||||||
Other | — | — | — | (.2 | ) | — | (.2 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE LOSS | — | (8.3 | ) | — | (.2 | ) | — | (8.5 | ) | ||||||||||||||
COMPREHENSIVE LOSS | (151.0 | ) | (38.7 | ) | 2.9 | (59.4 | ) | 87.6 | (158.6 | ) | |||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (.9 | ) | — | (.9 | ) | |||||||||||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ | (151.0 | ) | $ | (38.7 | ) | $ | 2.9 | $ | (60.3 | ) | $ | 87.6 | $ | (159.5 | ) |
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME (LOSS) | $ | (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 income | — | .3 | — | — | — | .3 | |||||||||||||||||
Other | — | — | — | .2 | — | .2 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 3.2 | — | .2 | — | 3.4 | |||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | (45.5 | ) | (5.3 | ) | 3.0 | 24.9 | (18.0 | ) | (40.9 | ) | |||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.2 | ) | — | (1.2 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) 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 LOSS | $ | (291.1 | ) | $ | (41.9 | ) | $ | (4.0 | ) | $ | (146.8 | ) | $ | 193.2 | $ | (290.6 | ) | ||||||
OTHER COMPREHENSIVE LOSS, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (4.9 | ) | — | — | — | (4.9 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive loss to net loss | — | (2.9 | ) | — | — | — | (2.9 | ) | |||||||||||||||
Other | — | — | — | (.3 | ) | — | (.3 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE LOSS | — | (7.8 | ) | — | (.3 | ) | — | (8.1 | ) | ||||||||||||||
COMPREHENSIVE LOSS | (291.1 | ) | (49.7 | ) | (4.0 | ) | (147.1 | ) | 193.2 | (298.7 | ) | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (.5 | ) | — | (.5 | ) | |||||||||||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ | (291.1 | ) | $ | (49.7 | ) | $ | (4.0 | ) | $ | (147.6 | ) | $ | 193.2 | $ | (299.2 | ) |
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME (LOSS) | $ | (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 income (loss) | — | 1.2 | — | — | — | 1.2 | |||||||||||||||||
Other | — | — | — | .7 | — | .7 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 7.2 | — | .7 | — | 7.9 | |||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | (71.2 | ) | 7.4 | 10.6 | 75.8 | (83.6 | ) | (61.0 | ) | ||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | (71.2 | ) | $ | 7.4 | $ | 10.6 | $ | 73.5 | $ | (83.6 | ) | $ | (63.3 | ) |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2018 (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 | $ | 305.7 | $ | — | $ | 16.1 | $ | 163.7 | $ | — | $ | 485.5 | |||||||||||
Short-term investments | 255.0 | — | — | — | — | 255.0 | |||||||||||||||||
Accounts receivable, net | 1.9 | .4 | — | 330.4 | — | 332.7 | |||||||||||||||||
Accounts receivable from affiliates | 1,163.0 | 413.4 | 1.4 | 386.2 | (1,964.0 | ) | — | ||||||||||||||||
Other | .3 | 2.1 | — | 387.2 | — | 389.6 | |||||||||||||||||
Total current assets | 1,725.9 | 415.9 | 17.5 | 1,267.5 | (1,964.0 | ) | 1,462.8 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 124.4 | — | 15,350.3 | — | 15,476.5 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 84.1 | — | 2,606.7 | — | 2,692.6 | |||||||||||||||||
Property and equipment, net | — | 40.3 | — | 12,743.6 | — | 12,783.9 | |||||||||||||||||
DUE FROM AFFILIATES | 3,080.5 | 461.3 | 161.2 | 2,185.4 | (5,888.4 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 8,835.1 | 3,641.4 | 1,152.6 | — | (13,629.1 | ) | — | ||||||||||||||||
OTHER ASSETS | 9.7 | — | — | 204.1 | (119.9 | ) | 93.9 | ||||||||||||||||
$ | 13,651.2 | $ | 4,558.9 | $ | 1,331.3 | $ | 16,400.6 | $ | (21,601.4 | ) | $ | 14,340.6 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 79.7 | $ | 10.0 | $ | 12.5 | $ | 447.6 | $ | — | $ | 549.8 | |||||||||||
Accounts payable to affiliates | 47.2 | 374.9 | 27.1 | 1,514.8 | (1,964.0 | ) | — | ||||||||||||||||
Total current liabilities | 126.9 | 384.9 | 39.6 | 1,962.4 | (1,964.0 | ) | 549.8 | ||||||||||||||||
DUE TO AFFILIATES | 1,417.2 | 1,426.1 | 1,387.6 | 1,657.5 | (5,888.4 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,673.2 | 149.4 | 504.8 | 667.5 | — | 4,994.9 | |||||||||||||||||
OTHER LIABILITIES | — | 24.2 | — | 457.7 | (119.9 | ) | 362.0 | ||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY (DEFICIT) | 8,433.9 | 2,574.3 | (600.7 | ) | 11,657.8 | (13,629.1 | ) | 8,436.2 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||
Total equity (deficit) | 8,433.9 | 2,574.3 | (600.7 | ) | 11,655.5 | (13,629.1 | ) | 8,433.9 | |||||||||||||||
$ | 13,651.2 | $ | 4,558.9 | $ | 1,331.3 | $ | 16,400.6 | $ | (21,601.4 | ) | $ | 14,340.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2017 (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 | $ | 185.2 | $ | — | $ | 25.6 | $ | 234.6 | $ | — | $ | 445.4 | |||||||||||
Short-term investments | 440.0 | — | — | — | — | $ | 440.0 | ||||||||||||||||
Accounts receivable, net | 6.9 | .4 | — | 338.1 | — | 345.4 | |||||||||||||||||
Accounts receivable from affiliates | 351.8 | 492.7 | — | 424.3 | (1,268.8 | ) | — | ||||||||||||||||
Other | — | 8.8 | — | 372.4 | — | 381.2 | |||||||||||||||||
Total current assets | 983.9 | 501.9 | 25.6 | 1,369.4 | (1,268.8 | ) | 1,612.0 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 120.8 | — | 15,209.5 | — | 15,332.1 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 77.1 | — | 2,379.5 | — | 2,458.4 | |||||||||||||||||
Property and equipment, net | — | 43.7 | — | 12,830.0 | — | 12,873.7 | |||||||||||||||||
DUE FROM AFFILIATES | 3,002.1 | 2,618.0 | 165.1 | 3,736.1 | (9,521.3 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 9,098.5 | 3,591.9 | 1,106.6 | — | (13,797.0 | ) | — | ||||||||||||||||
OTHER ASSETS | 12.9 | 5.0 | — | 226.5 | (104.2 | ) | 140.2 | ||||||||||||||||
$ | 13,097.4 | $ | 6,760.5 | $ | 1,297.3 | $ | 18,162.0 | $ | (24,691.3 | ) | $ | 14,625.9 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 55.4 | $ | 39.0 | $ | 21.7 | $ | 642.4 | $ | — | $ | 758.5 | |||||||||||
Accounts payable to affiliates | 67.3 | 458.3 | 12.4 | 730.8 | (1,268.8 | ) | — | ||||||||||||||||
Total current liabilities | 122.7 | 497.3 | 34.1 | 1,373.2 | (1,268.8 | ) | 758.5 | ||||||||||||||||
DUE TO AFFILIATES | 1,402.9 | 3,559.2 | 753.9 | 3,805.3 | (9,521.3 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,841.8 | 149.2 | 1,106.0 | 653.7 | — | 4,750.7 | |||||||||||||||||
OTHER LIABILITIES | — | 3.1 | — | 487.8 | (104.2 | ) | 386.7 | ||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY (DEFICIT) | 8,730.0 | 2,551.7 | (596.7 | ) | 11,844.1 | (13,797.0 | ) | 8,732.1 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | (2.1 | ) | — | (2.1 | ) | |||||||||||||||
Total equity (deficit) | 8,730.0 | 2,551.7 | (596.7 | ) | 11,842.0 | (13,797.0 | ) | 8,730.0 | |||||||||||||||
$ | 13,097.4 | $ | 6,760.5 | $ | 1,297.3 | $ | 18,162.0 | $ | (24,691.3 | ) | $ | 14,625.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2018 (In millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International LLC | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 28.3 | $ | (87.8 | ) | $ | (56.6 | ) | $ | 98.1 | $ | — | $ | (18.0 | ) | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Maturities of short-term investments | 599.0 | — | — | — | — | 599.0 | |||||||||||||||||
Purchases of short-term investments | (414.0 | ) | — | — | — | — | (414.0 | ) | |||||||||||||||
Additions to property and equipment | — | — | — | (331.9 | ) | — | (331.9 | ) | |||||||||||||||
Sale of affiliate debt | 479.0 | — | — | — | (479.0 | ) | — | ||||||||||||||||
Purchase of affiliate debt | (552.5 | ) | — | — | — | 552.5 | — | ||||||||||||||||
Other | — | — | — | 2.9 | — | 2.9 | |||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | 111.5 | — | — | (329.0 | ) | 73.5 | (144.0 | ) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 1,000.0 | — | — | — | — | 1,000.0 | |||||||||||||||||
Reduction of long-term borrowings | (159.9 | ) | — | (537.8 | ) | — | (73.5 | ) | (771.2 | ) | |||||||||||||
Debt financing costs | (17.0 | ) | — | — | — | — | (17.0 | ) | |||||||||||||||
Cash dividends paid | (9.0 | ) | — | — | — | — | (9.0 | ) | |||||||||||||||
Advances from (to) affiliates | (831.5 | ) | 87.8 | 584.9 | 158.8 | — | — | ||||||||||||||||
Other | (1.9 | ) | — | — | (0.6 | ) | — | (2.5 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | (19.3 | ) | 87.8 | 47.1 | 158.2 | (73.5 | ) | 200.3 | |||||||||||||||
Net cash provided by discontinued operations | — | — | — | 2.5 | — | 2.5 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.7 | ) | — | (.7 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 120.5 | — | (9.5 | ) | (70.9 | ) | — | 40.1 | |||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 185.2 | — | 25.6 | 234.6 | — | 445.4 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 305.7 | $ | — | $ | 16.1 | $ | 163.7 | $ | — | $ | 485.5 |
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 provided by (used in) operating activities of continuing operations | $ | (17.8 | ) | $ | (50.5 | ) | $ | (53.9 | ) | $ | 252.7 | $ | — | $ | 130.5 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Maturities of short-term investments | 65.1 | — | — | 831.9 | — | 897.0 | |||||||||||||||||
Purchases of short-term investments | (563.0 | ) | — | — | (571.8 | ) | — | (1,134.8 | ) | ||||||||||||||
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 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 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 | — | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||
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 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues | $ | 458.5 | $ | 457.5 | $ | 875.5 | $ | 928.6 | |||||||
Operating expenses | |||||||||||||||
Contract drilling (exclusive of depreciation) | 344.3 | 291.3 | 669.5 | 569.4 | |||||||||||
Depreciation | 120.7 | 107.9 | 235.9 | 217.1 | |||||||||||
General and administrative | 26.1 | 30.5 | 54.0 | 56.5 | |||||||||||
Operating income (loss) | (32.6 | ) | 27.8 | (83.9 | ) | 85.6 | |||||||||
Other expense, net | (84.8 | ) | (53.2 | ) | (155.5 | ) | (110.9 | ) | |||||||
Provision for income taxes | 24.7 | 19.3 | 43.1 | 43.4 | |||||||||||
Loss from continuing operations | (142.1 | ) | (44.7 | ) | (282.5 | ) | (68.7 | ) | |||||||
Income (loss) from discontinued operations, net | (8.0 | ) | .4 | (8.1 | ) | (.2 | ) | ||||||||
Net loss | (150.1 | ) | (44.3 | ) | (290.6 | ) | (68.9 | ) | |||||||
Net income attributable to noncontrolling interests | (.9 | ) | (1.2 | ) | (.5 | ) | (2.3 | ) | |||||||
Net loss attributable to Ensco | $ | (151.0 | ) | $ | (45.5 | ) | $ | (291.1 | ) | $ | (71.2 | ) |
2018 | 2017 | ||
Floaters(1)(2)(3) | 22 | 19 | |
Jackups(3)(4) | 34 | 32 | |
Under construction(1)(5) | 3 | 2 | |
Held-for-sale(3)(6) | 3 | 2 | |
Total | 62 | 55 |
(1) | During the third quarter of 2017, we accepted delivery of ENSCO DS-10. |
(2) | During the fourth quarter of 2017, we added ENSCO DS-11, ENSCO DS-12, ENSCO DPS-1 and ENSCO MS-1 from the Merger. |
(3) | During the first quarter of 2018, we classified ENSCO 5005, ENSCO 81 and ENSCO 82 as held-for-sale. During the second quarter of 2018, we classified ENSCO 6001 and ENSCO 80 as held-for-sale. |
(4) | During the fourth quarter of 2017, we added ENSCO 111, ENSCO 112, ENSCO 113, ENSCO 114 and ENSCO 115 from the Merger. |
(5) | During the fourth quarter of 2017, we added ENSCO DS-13 and ENSCO DS-14 from the Merger, both of which are under construction. |
(6) | During the third quarter of 2017, we sold ENSCO 52. During the second quarter of 2018, we sold ENSCO 7500, ENSCO 81 and ENSCO 82. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Rig Utilization(1) | |||||||||||||||
Floaters | 53 | % | 43 | % | 48 | % | 45 | % | |||||||
Jackups | 66 | % | 64 | % | 63 | % | 64 | % | |||||||
Total | 61 | % | 56 | % | 57 | % | 57 | % | |||||||
Average Day Rates(2) | |||||||||||||||
Floaters | $ | 237,513 | $ | 338,675 | $ | 248,576 | $ | 337,611 | |||||||
Jackups | 78,408 | 88,583 | 76,011 | 87,468 | |||||||||||
Total | $ | 135,343 | $ | 155,946 | $ | 133,988 | $ | 156,200 |
(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 a 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 | $ | 284.9 | $ | 158.7 | $ | 14.9 | $ | 458.5 | $ | — | $ | 458.5 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 203.7 | 126.8 | 13.8 | 344.3 | — | 344.3 | |||||||||||||||||
Depreciation | 80.8 | 36.5 | — | 117.3 | 3.4 | 120.7 | |||||||||||||||||
General and administrative | — | — | — | — | 26.1 | 26.1 | |||||||||||||||||
Operating income (loss) | $ | 0.4 | $ | (4.6 | ) | $ | 1.1 | $ | (3.1 | ) | $ | (29.5 | ) | $ | (32.6 | ) |
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 | $ | 543.9 | $ | 302.1 | $ | 29.5 | $ | 875.5 | $ | — | $ | 875.5 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 388.8 | 253.7 | 27.0 | 669.5 | — | 669.5 | |||||||||||||||||
Depreciation | 156.1 | 73.0 | — | 229.1 | 6.8 | 235.9 | |||||||||||||||||
General and administrative | — | — | — | — | 54.0 | 54.0 | |||||||||||||||||
Operating income (loss) | $ | (1.0 | ) | $ | (24.6 | ) | $ | 2.5 | $ | (23.1 | ) | $ | (60.8 | ) | $ | (83.9 | ) |
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 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Interest income | $ | 3.9 | $ | 7.6 | $ | 6.9 | $ | 14.8 | |||||||
Interest expense, net: | |||||||||||||||
Interest expense | (86.9 | ) | (73.9 | ) | (170.9 | ) | (149.3 | ) | |||||||
Capitalized interest | 11.2 | 13.6 | 29.6 | 30.4 | |||||||||||
(75.7 | ) | (60.3 | ) | (141.3 | ) | (118.9 | ) | ||||||||
Other, net | (13.0 | ) | (.5 | ) | (21.1 | ) | (6.8 | ) | |||||||
$ | (84.8 | ) | $ | (53.2 | ) | $ | (155.5 | ) | $ | (110.9 | ) |
2018 | 2017 | ||||||
Cash provided by (used in) operating activities of continuing operations | $ | (18.0 | ) | $ | 130.5 | ||
Capital expenditures | |||||||
New rig construction | $ | 277.7 | $ | 286.6 | |||
Rig enhancements | 26.5 | 15.5 | |||||
Minor upgrades and improvements | 27.7 | 30.5 | |||||
$ | 331.9 | $ | 332.6 |
Cumulative Paid(1) | Remaining 2018 | 2019 | 2020 | Total(2) | ||||||||||||||||
ENSCO 123 | $ | 275.8 | $ | 2.0 | $ | 7.6 | $ | — | $ | 285.4 | ||||||||||
ENSCO DS-13(3) | — | — | 83.9 | — | 83.9 | |||||||||||||||
ENSCO DS-14(3) | 15.0 | — | — | 165.0 | 180.0 | |||||||||||||||
$ | 290.8 | $ | 2.0 | $ | 91.5 | $ | 165.0 | $ | 549.3 |
(1) | Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through June 30, 2018. Contractual payments made by Atwood prior to the Merger for ENSCO DS-13 and ENSCO DS-14 are excluded. |
(2) | Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management, holding costs and interest. |
(3) | The remaining milestone payments for ENSCO DS-13 and ENSCO DS-14 bear interest at a rate of 4.5% per annum, which accrues during the holding period until delivery. Delivery is scheduled for September 2019 and June 2020 for ENSCO DS-13 and ENSCO DS-14, respectively. Upon delivery, the remaining milestone payments and accrued interest thereon may be financed through a promissory note with the shipyard for each rig. The promissory notes will bear interest at a rate of 5% per annum with a maturity date of December 30, 2022 and will be secured by a mortgage on each respective rig. The remaining milestone payments for ENSCO DS-13 and ENSCO DS-14 are included in the table above in the period in which we expect to take delivery of the rig. However, we may elect to execute the promissory notes and defer payment until December 2022. |
Aggregate Principal Amount Repurchased | Aggregate Repurchase Price(1) | |||||||
8.50% Senior notes due 2019 | $ | 237.6 | $ | 256.8 | ||||
6.875% Senior notes due 2020 | 328.0 | 354.7 | ||||||
4.70% Senior notes due 2021 | 156.2 | 159.7 | ||||||
Total | $ | 721.8 | $ | 771.2 |
(1) | Excludes accrued interest paid to holders of the repurchased senior notes. |
June 30, 2018 | December 31, 2017 | ||||||
Total debt | $ | 4,994.9 | $ | 4,750.7 | |||
Total capital (1) | $ | 13,431.1 | $ | 13,482.8 | |||
Total debt to total capital | 37.2 | % | 35.2 | % |
June 30, 2018 | December 31, 2017 | ||||||
Cash and cash equivalents | $ | 485.5 | $ | 445.4 | |||
Short-term investments | $ | 255.0 | $ | 440.0 | |||
Working capital | $ | 913.0 | $ | 853.5 | |||
Current ratio | 2.7 | 2.1 |
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 | Approximate Dollar Value of Securities that May Yet Be Purchased Under Plans or Programs (2) | ||||||||||
April 1 - April 30 | 1,348 | $ | 4.54 | — | $ | 2,000,000,000 | ||||||||
May 1 - May 31 | 9,459 | $ | 5.75 | — | $ | 2,000,000,000 | ||||||||
June 1 - June 30 | 89,172 | $ | 6.58 | — | $ | 500,000,000 | ||||||||
Total | 99,979 | $ | 6.47 | — |
(1) | During the quarter ended June 30, 2018, 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) | Our shareholders approved a new repurchase program at our annual shareholder meeting held in May 2018. 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 $500.0 million in the aggregate from one ore more financial intermediaries under the program, but in no case more than 65.0 million shares. As of June 30, 2018, no shares have been repurchased under the program. The program terminates in May 2023. Our prior share repurchase program approved by our shareholders in 2013, under which we could purchase up to a maximum of $2.0 billion in the aggregate, but in no case more than 35.0 million shares, terminated in May 2018. |
Exhibit Number | Exhibit | |
3.1 | ||
3.2 | ||
10.1 | ||
10.2 | ||
*12.1 | ||
*15.1 | ||
*31.1 | ||
*31.2 | ||
**32.1 | ||
**32.2 | ||
*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 26, 2018 | /s/ JONATHAN H. BAKSHT | |
Jonathan H. Baksht Senior Vice President and Chief Financial Officer (principal financial officer) | |||
/s/ TOMMY E. DARBY | |||
Tommy E. Darby Controller (principal accounting officer) |
Six Months Ended June 30, 2018 | Year Ended December 31, | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Earnings | |||||||||||||||||||||||
Income (loss) from continuing operations before income tax | $ | (239.4 | ) | $ | (196.0 | ) | $ | 997.5 | $ | (1,471.2 | ) | $ | (2,548.8 | ) | $ | 1,633.2 | |||||||
Fixed charges deducted from income from continuing operations | 178.9 | 308.4 | 284.4 | 323.2 | 260.4 | 245.3 | |||||||||||||||||
Amortization of capitalized interest | 8.8 | 17.6 | 16.4 | 18.2 | 17.0 | 13.3 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Loss (income) from continuing operations before income tax attributable to noncontrolling interests | (0.6 | ) | 0.6 | (7.7 | ) | (10.5 | ) | (15.5 | ) | (9.7 | ) | ||||||||||||
Interest capitalized | (29.6 | ) | (72.5 | ) | (45.7 | ) | (87.4 | ) | (78.2 | ) | (67.7 | ) | |||||||||||
(81.9 | ) | 58.1 | 1,244.9 | (1,227.7 | ) | (2,365.1 | ) | 1,814.4 | |||||||||||||||
Fixed Charges | |||||||||||||||||||||||
Interest on indebtedness, including amortization of deferred loan costs | 141.3 | 224.2 | 228.8 | 216.3 | 161.4 | 158.8 | |||||||||||||||||
Estimated interest within rental expense | 8.0 | 11.7 | 9.9 | 19.5 | 20.8 | 18.8 | |||||||||||||||||
Fixed charges deducted from income from continuing operations | 149.3 | 235.9 | 238.7 | 235.8 | 182.2 | 177.6 | |||||||||||||||||
Interest capitalized | 29.6 | 72.5 | 45.7 | 87.4 | 78.2 | 67.7 | |||||||||||||||||
Total | $ | 178.9 | $ | 308.4 | $ | 284.4 | $ | 323.2 | $ | 260.4 | $ | 245.3 | |||||||||||
Ratio of Earnings to Fixed Charges | (a) | (b) | 4.4 | (b) | (b) | 7.4 |
(a) | For the six month period ended June 30, 2018, our earnings were inadequate to cover our fixed charges by $260.8 million. |
(b) | For the year ended December 31, 2017, December 31, 2015 and December 31, 2014, our earnings were inadequate to cover our fixed charges by $250.3 million, $1,550.9 and $2,625.5 million, respectively. Net loss from continuing operations before income taxes of $196.0 million, $1,471.2 million and $2,548.8 million for the years ended December 31, 2017, December 31, 2015 and December 31, 2014 included a non-cash loss on impairment of $182.9 million, $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, 2018 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: | 7/26/2018 | ||
/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, 2018 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: | 7/26/2018 | ||
/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: | 7/26/2018 |
(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: | 7/26/2018 |
Document And Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 19, 2018 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
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 | 437,121,391 |
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
NET LOSS | $ (150.1) | $ (44.3) | $ (290.6) | $ (68.9) |
OTHER COMPREHENSIVE INCOME (LOSS), NET | ||||
Net change in derivative fair value | (7.6) | 2.9 | (4.9) | 6.0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income (loss) into net loss | (0.7) | 0.3 | (2.9) | 1.2 |
Other | (0.2) | 0.2 | (0.3) | 0.7 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | (8.5) | 3.4 | (8.1) | 7.9 |
COMPREHENSIVE LOSS | (158.6) | (40.9) | (298.7) | (61.0) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (0.9) | (1.2) | (0.5) | (2.3) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ (159.5) | $ (42.1) | $ (299.2) | $ (63.3) |
Condensed Consolidated Balance Sheets (Parenthetical) |
Jun. 30, 2018
£ / shares
shares
|
Jun. 30, 2018
$ / shares
shares
|
Dec. 31, 2017
£ / shares
shares
|
Dec. 31, 2017
$ / shares
shares
|
---|---|---|---|---|
Treasury shares, shares held (in shares) | 23,600,000 | 23,600,000 | 11,100,000 | 11,100,000 |
Class A ordinary shares, U.S. | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | $ / shares | $ 0.10 | $ 0.10 | ||
Common shares, shares issued (in shares) | 460,700,000 | 460,700,000 | 447,100,000 | 447,100,000 |
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, 2018 | |
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, 2017 condensed consolidated balance sheet data were derived from our 2017 audited consolidated financial statements, but do not include all disclosures required by GAAP. 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, 2018 and 2017 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, 2018 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2018. 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, 2017, filed with the SEC on February 27, 2018, and our quarterly report on Form 10-Q filed with the SEC on April 26, 2018. New Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (the "FASB") issued Update 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income ("Update 2018-02"), which allows for a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with early adoption permitted. We adopted Update 2018-02 effective January 1, 2018. As a result, we reclassified a total of $800,000 in tax effects from AOCI to opening retained earnings. In August 2017, the FASB issued Update 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("Update 2017-12"), which will make more hedging strategies eligible for hedge accounting. It also amends presentation and disclosure requirements and changes how companies assess effectiveness. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect that Update 2017-12 will have on our consolidated financial statements and related disclosures. During 2016, the FASB issued Update 2016-02, Leases (Topic 842) ("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. During our evaluation of Update 2016-02, we concluded that our drilling contracts contain a lease component. In January 2018, the FASB issued a Proposed Accounting Standard Update to provide targeted improvements to Update 2016-02, which (1) provides for a new transition method whereby entities may elect to adopt the Update using a prospective with cumulative catch-up approach and (2) provides lessors with a practical expedient to not separate non-lease components from the related lease components, by class of underlying asset. On March 28, 2018, the FASB held a meeting to approve certain additional amendments to Update 2016-02, including a revision to the practical expedient that would allow a lessor to account for the combined lease and non-lease components under Topic 606 (discussed below) when the non-lease component is the predominant element of the combined component. Depending on the criteria included in the final Update, this practical expedient may be available to us. As a result of the pending content of the final Update, we are not yet able to determine what, if any, impact our adoption will have on our revenue recognition patterns and related disclosures. 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. During 2014, the FASB issued Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires entities 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. We adopted Update 2014-09 effective January 1, 2018, using the modified retrospective approach. Only customer contracts that were not completed as of the effective adoption date were evaluated under the transition guidance to determine if a cumulative catch-up adjustment to retained earnings was warranted. Revenues recognized in prior years for customer contracts that expired prior to the effective adoption date continue to be reported under the previous revenue recognition guidance. Our adoption of Update 2014-09 did not result in a cumulative effect on retained earnings and no adjustments were made to prior periods. While Update 2014-09 requires additional disclosure regarding revenues recognized from customer contracts, our adoption did not have a material impact on the recognition of current or prior period revenues as compared to previous guidance nor do we expect a material impact to our pattern of revenue recognition in future periods. See "Note 2 - Revenue from Contracts with Customers" for additional information. |
Revenue from Contracts with Customers |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers We provide drilling services on a day rate contract basis. Under day rate contracts, we provide an integrated service that includes the provision of a drilling rig and rig crews for which we receive a daily rate that may vary between the full rate and zero rate throughout the duration of the contractual term, depending on the operations of the rig. We also may receive lump-sum fees or similar compensation for the mobilization, demobilization and capital upgrades of our rigs. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well. Our integrated drilling service provided under each drilling contract is a single performance obligation satisfied over time and comprised of a series of distinct time increments, or service periods. Total revenue is determined for each individual drilling contract by estimating both fixed and variable consideration expected to be earned over the contract term. Fixed consideration generally relates to activities such as mobilization, demobilization and capital upgrades of our rigs that are not distinct within the context of our contracts and is recognized on a straight-line basis over the contract term. Variable consideration generally relates to distinct service periods during the contract term and is recognized in the period when the services are performed. The amount estimated for variable consideration is only recognized as revenue to the extent that it is probable that a significant reversal will not occur during the contract term. We have applied the optional exemption afforded in Update 2014-09 and have not disclosed the variable consideration related to our estimated future day rate revenues. The remaining duration of our drilling contracts based on those in place as of June 30, 2018 was between approximately one month and five years. Day Rate Drilling Revenue Our drilling contracts provide for payment on a day rate basis and include a rate schedule with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The day rate invoiced to the customer is determined based on the varying rates applicable to specific activities performed on an hourly basis. Day rate consideration is allocated to the distinct hourly increment to which it relates within the contract term and is generally recognized consistent with the contractual rate invoiced for the services provided during the respective period. Invoices are typically issued to our customers on a monthly basis and payment terms on customer invoices typically range from 30 to 45 days. Certain of our contracts contain performance incentives whereby we may earn a bonus based on pre-established performance criteria. Such incentives are generally based on our performance over individual monthly time periods or individual wells. Consideration related to performance bonus is generally recognized in the specific time period to which the performance criteria was attributed. We may receive termination fees if certain drilling contracts are terminated by the customer prior to the end of the contractual term. Such compensation is recognized as revenues when our performance obligation is satisfied, the termination fee can be reasonably measured and collection is probable. Mobilization / Demobilization Revenue In connection with certain contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. Fees received for the mobilization or demobilization of equipment and personnel are included in operating revenues. The costs incurred in connection with the mobilization and demobilization of equipment and personnel are included in contract drilling expense. Mobilization fees received prior to commencement of drilling operations are recorded as a contract liability and amortized on a straight-line basis over the contract term. Demobilization fees expected to be received upon contract completion are estimated at contract inception and recognized on a straight-line basis over the contract term. In some cases, demobilization fees may be contingent upon the occurrence or non-occurrence of a future event. In such cases, this may result in cumulative-effect adjustments to demobilization revenues upon changes in our estimates of future events during the contract term. Capital Upgrade / Contract Preparation Revenue In connection with certain contracts, we receive lump-sum fees or similar compensation for requested capital upgrades to our drilling rigs or for other contract preparation work. Fees received for requested capital upgrades and other contract preparation work are recorded as a contract liability and amortized on a straight-line basis over the contract term to operating revenues. Costs incurred for capital upgrades are capitalized and depreciated over the useful life of the asset. Contract Assets and Liabilities Contract assets represent amounts previously recognized as revenue but for which the right to invoice the customer is dependent upon our future performance. Once the previously recognized revenue is invoiced, the corresponding contract asset, or a portion thereof, is transferred to accounts receivable. Contract liabilities generally represent fees received for mobilization or capital upgrades. Contract assets and liabilities are presented net on our condensed consolidated balance sheet on a contract-by-contract basis. Current contract assets and liabilities are included in other current assets and accrued liabilities and other, respectively, and noncurrent contract assets and liabilities are included in other assets and other liabilities, respectively, on our condensed consolidated balance sheets. The following table summarizes our trade receivables, contract assets and contract liabilities (in millions):
Significant changes in contract assets and liabilities during the period are as follows (in millions):
Deferred Contract Costs Costs incurred for upfront rig mobilizations and certain contract preparations are attributable to our future performance obligation under each respective drilling contract. Such costs are deferred and amortized on a straight-line basis over the contract term. Demobilization costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel to more promising market areas without contracts are expensed as incurred. Deferred contract costs were included in other current assets and other assets on our condensed consolidated balance sheets and totaled $39.2 million and $40.6 million as of June 30, 2018 and December 31, 2017, respectively. During the three-month and six-month periods ended June 30, 2018, amortization of such costs totaled $9.1 million and $15.9 million, respectively. During the three-month and six-month periods ended June 30, 2017, amortization of such costs totaled $8.2 million and $14.7 million, respectively. Deferred Certification Costs We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized on a straight-line basis over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in other current assets and other assets on our condensed consolidated balance sheets and totaled $14.2 million and $15.3 million as of June 30, 2018 and December 31, 2017, respectively. During the three-month and six-month periods ended June 30, 2018, amortization of such costs totaled $3.2 million and $6.3 million, respectively. During the three-month and six-month periods ended June 30, 2017, amortization of such costs totaled $2.8 million and $5.9 million, respectively. Future Amortization of Contract Liabilities and Deferred Costs Our contract liabilities and deferred costs are amortized on a straight-line basis over the contract term or corresponding certification period to operating revenues and contract drilling expense, respectively. Expected future amortization of our contract liabilities and deferred costs recorded as of June 30, 2018 is set forth in the table below (in millions):
|
Acquisition of Atwood |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | Acquisition of Atwood On October 6, 2017 (the "Merger Date"), we completed a merger transaction (the "Merger") with Atwood Oceanics, Inc. ("Atwood") and Echo Merger Sub, LLC, our wholly-owned subsidiary. Assets acquired and liabilities assumed in the Merger were recorded at their estimated fair values as of the Merger Date under the acquisition method of accounting. When the fair value of the net assets acquired exceeds the consideration transferred in an acquisition, the difference is recorded as a bargain purchase gain in the period in which the transaction occurs. With the exception of certain spare parts and equipment and legal and tax exposures, we have substantially completed our fair value assessments of assets acquired and liabilities assumed. While certain adjustments may be recorded during the remainder of the measurement period, we do not expect them to be material. Assets Acquired and Liabilities Assumed The provisional amounts and respective measurement period adjustments recorded for assets acquired and liabilities assumed are based on preliminary estimates of their fair values as of the Merger Date and were as follows (in millions):
(3) Gross contractual amounts receivable totaled $64.7 million as of the Merger Date. Bargain Purchase Gain The estimated fair values assigned to assets acquired net of liabilities assumed exceeded the consideration transferred, resulting in a bargain purchase gain primarily due to depressed offshore drilling company valuations. Market capitalizations across the offshore drilling industry have declined significantly since mid-2014 due to the decline in commodity prices and the related imbalance of supply and demand for drilling rigs. The resulting bargain purchase gain was further driven by the decline in our share price from $6.70 to $5.83 between the last trading day prior to the announcement of the Merger and the Merger Date. Intangible Assets and Liabilities We recorded intangible assets totaling $30.1 million representing the estimated fair value of Atwood's firm drilling contracts in place at the Merger Date with favorable contract terms compared to then-market day rates for comparable drilling rigs. Operating revenues were net of $4.3 million and $5.8 million of asset amortization during the three-month and six-month periods ended June 30, 2018, respectively. The remaining balance of $8.2 million was included in other assets on our condensed consolidated balance sheet as of June 30, 2018. This balance will be amortized to operating revenues over the remaining drilling contract term on a straight-line basis totaling $5.6 million and $2.6 million during the remainder of 2018 and full year 2019, respectively. We recorded intangible liabilities of $60.0 million for the estimated fair value of unfavorable drillship construction contracts, which were determined by comparing the firm obligations for the remaining construction of ENSCO DS-13 and ENSCO DS-14 to the estimated current market rates for the construction of a comparable drilling rig. The liabilities will be amortized over the estimated life of ENSCO DS-13 and ENSCO DS-14 as a reduction of depreciation expense beginning on the date the rig is placed into service. |
Fair Value Measurements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 are measured at fair value on a recurring basis using Level 2 inputs. See "Note 5 - 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, which are level 1 inputs. 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, 2018 and December 31, 2017. 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, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 liabilities of $6.5 million and net assets of $6.8 million associated with our foreign currency forward contracts were included on our condensed consolidated balance sheets as of June 30, 2018 and December 31, 2017, respectively. All of our derivative instruments mature during the next 18 months. See "Note 4 - 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, 2018, we had cash flow hedges outstanding to exchange an aggregate $212.1 million for various foreign currencies, including $82.5 million for British pounds, $69.2 million for Australian dollars, $24.2 million for euros, $14.9 million for Brazilian reals, $14.5 million for Singapore dollars and $6.8 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 income (loss) were as follows (in millions): Three Months Ended June 30, 2018 and 2017
Six Months Ended June 30, 2018 and 2017
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, 2018, we held derivatives not designated as hedging instruments to exchange an aggregate $153.2 million for various foreign currencies, including $96.8 million for euros, $22.2 million for Australian dollars, $11.6 million for Indonesian rupiahs, $8.4 million for Brazilian reals, $6.5 million for British pounds, and $7.7 million for other currencies. Net losses of $9.3 million and net gains of $5.7 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, 2018 and 2017, respectively. Net losses of $7.5 million and net gains of $6.2 million 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, 2018 and 2017, respectively. These gains and losses were partially offset by net foreign currency exchange gains and losses during the respective periods. As of June 30, 2018, the estimated amount of net losses associated with derivative instruments, net of tax, that would be reclassified into earnings during the next twelve months totaled $2.3 million. |
Earnings Per Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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. During the three-month and six-month periods ended June 30, 2018 and 2017, all income attributable to noncontrolling interests was from continuing operations. The following table is a reconciliation of loss 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, 2018 and 2017 (in millions):
Anti-dilutive share awards totaling 1.7 million were excluded from the computation of diluted EPS for the three-month and six-month periods ended June 30, 2018. Anti-dilutive share awards totaling 1.3 million were excluded from the computation of diluted EPS for the three-month and six-month periods ended June 30, 2017. 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, 2018 and June 30, 2017. |
Debt |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Senior Notes On January 26, 2018, we issued $1.0 billion aggregate principal amount of unsecured 7.75% senior notes due 2026 at par (the "2026 Notes"). Interest on the 2026 Notes is payable semiannually on February 1 and August 1 of each year commencing August 1, 2018. Tender Offers and Redemption Concurrent with the issuance of the 2026 Notes in January 2018, we launched cash tender offers for up to $985.0 million aggregate principal amount of certain series of our senior notes issued by us and Pride International LLC, our wholly-owned subsidiary. The tender offers expired February 7, 2018, and we repurchased $182.6 million of our 8.50% senior notes due 2019, $256.6 million of our 6.875% senior notes due 2020 and $156.2 million of our 4.70% senior notes due 2021. Subsequently, we issued a redemption notice for the remaining outstanding $55.0 million principal amount of the 8.50% senior notes due 2019 and repurchased $71.4 million principal amount of our senior notes due 2020. The following table sets forth the total principal amounts repurchased as a result of the tender offers, redemption and repurchase (in millions):
During the first quarter of 2018, we recognized a pre-tax loss from debt extinguishment of $19.0 million, net of discounts, premiums, debt issuance costs and commissions. Maturities Following the January 2018 debt offering, repurchases and redemption, our only debt maturities until 2024 are $122.9 million during 2020 and $113.5 million during 2021. Revolving Credit Facility We have a $2.0 billion senior unsecured revolving credit facility ("Credit Facility") with a syndicate of banks to be used for general corporate purposes. Our borrowing capacity is $2.0 billion through September 2019 and declines to $1.3 billion through September 2020 and to $1.2 billion through September 2022. The credit agreement governing the Credit Facility includes an accordion feature allowing us to increase the commitments expiring in September 2022 up to an aggregate amount not to exceed $1.5 billion. Advances under the Credit Facility bear interest at Base Rate or LIBOR plus an applicable margin rate, depending on our credit ratings. We are required to pay a quarterly commitment fee on the undrawn portion of the $2.0 billion commitment, which is also based on our credit rating. In January 2018, Moody's downgraded our senior unsecured bond credit rating from B2 to B3. The rating actions resulted in an increase to the interest rates applicable to our borrowings and the quarterly commitment fee on the undrawn portion of the $2.0 billion commitment. The applicable margin rates are 3.00% per annum for Base Rate advances and 4.00% per annum for LIBOR advances. The quarterly commitment fee is 0.75% per annum on the undrawn portion of the $2.0 billion commitment. The Credit Facility requires us to maintain a total debt to total capitalization ratio that is less than or equal to 60% and to provide guarantees from certain of our rig-owning subsidiaries sufficient to meet certain guarantee coverage ratios. The Credit Facility also contains customary restrictive covenants, including, among others, prohibitions on creating, incurring or assuming certain debt and liens (subject to customary exceptions, including a permitted lien basket that permits us to raise secured debt up to the lesser of $750 million or 10% of consolidated tangible net worth (as defined in the Credit Facility)); 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; paying or distributing dividends on our ordinary shares (subject to certain exceptions, including the ability to continue paying a quarterly dividend of $0.01 per share); borrowings, if after giving effect to any such borrowings and the application of the proceeds thereof, the aggregate amount of available cash (as defined in the Credit Facility) would exceed $150 million; and entering into certain transactions with affiliates. The Credit Facility also includes a covenant restricting our ability to repay indebtedness maturing after September 2022, which is the final maturity date of our Credit Facility. This covenant is subject to certain exceptions that permit us to manage our balance sheet, including the ability to make repayments of indebtedness (i) of acquired companies within 90 days of the completion of the acquisition or (ii) if, after giving effect to such repayments, available cash is greater than $250 million and there are no amounts outstanding under the Credit Facility. As of June 30, 2018, 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, 2018 and December 31, 2017. Our access to credit and capital markets depends on the credit ratings assigned to our debt. As a result of recent rating actions, we do not 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. |
Share-based Compensation |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Benefit Plans | Share-based Compensation During the quarter ended June 30, 2018, we granted 4.7 million non-vested share awards to our employees pursuant to our 2018 Long-Term Incentive Plan, which was approved by our shareholders at our annual general meeting in May. Grants of our non-vested share awards generally vest at rates of 20% 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, 2018 was $6.58. |
Income Taxes |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes Historically, we have 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 the estimated annual effective tax rate, the historical method would not provide a reliable estimate of income taxes for the three-month and six-month periods ended June 30, 2018 and 2017. We used a discrete effective tax rate method to calculate income taxes for the three-month and six-month periods ended June 30, 2018. 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 benefit for the three-month period ended June 30, 2018 was $2.3 million and was primarily attributable to U.S. tax reform, partially offset by discrete tax expense related to rig sales and unrecognized tax benefits associated with tax positions taken in prior years. Discrete income tax benefit for the six-month period ended June 30, 2018 was $11.2 million and was primarily attributable to U.S. tax reform and a restructuring transaction, partially offset by discrete tax expense related to repurchase and redemption of senior notes, the effective settlement of liabilities for unrecognized tax benefits associated with tax positions taken in prior years and rig sales. Discrete income tax expense for the three-month period ended June 30, 2017 was $2.2 million and was primarily attributable to the debt exchange and repurchases we undertook during the first quarter of 2017 and a settlement of a previously disclosed legal contingency. Discrete income tax expense for the six-month period ended June 30, 2017 was $9.8 million 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. U.S Tax Reform The U.S. Tax Cuts and Jobs Act (“U.S. tax reform”) was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law, including a reduction in the statutory income tax rate from 35% to 21% effective January 1, 2018, a one-time transition tax on deemed repatriation of deferred foreign income, a base erosion anti-abuse tax that effectively imposes a minimum tax on certain payments to non-U.S. affiliates, new and revised rules relating to the current taxation of certain income of foreign subsidiaries and revised rules associated with limitations on the deduction of interest. Due to the timing of the enactment of U.S. tax reform and the complexity involved in applying its provisions, we made reasonable estimates of its effects and recorded such amounts in our consolidated financial statements as of December 31, 2017 on a provisional basis. As we continue to analyze applicable information and data, and interpret any additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others, we may make adjustments to the provisional amounts throughout the one-year measurement period as provided by Staff Accounting Bulletin No. 118. Our accounting for the enactment of U.S. tax reform will be completed during 2018, and any adjustments we recognize could be material. The ongoing impact of U.S. tax reform may result in an increase in our consolidated effective income tax rate in future periods. During the three-month and six-month periods ended June 30, 2018, we recognized a tax benefit of $7.1 million and $11.7 million, respectively, associated with the one-time transition tax on deemed repatriation of the deferred foreign income of our U.S. subsidiaries. |
Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
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 the release of media reports 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 (the "DOJ"), respectively, to advise them of this matter and of 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 credible 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 credible 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. We, through independent counsel, have continued to cooperate with the SEC and DOJ, including providing detailed briefings regarding our investigation and findings and responding to inquiries as they arise. We entered into a one-year tolling agreement with the DOJ that expired in December 2016. Our tolling agreement with the SEC expired in June 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. In August 2017, one of our Brazilian subsidiaries was contacted by the Office of the Attorney General for the Brazilian state of Paraná in connection with a criminal investigation procedure initiated against agents of both SHI and Pride in relation to the DSA. The Brazilian authorities requested information regarding our compliance program and the findings of our internal investigations. We cooperated with the Office of the Attorney General and provided documents in response to its request. We cannot predict the scope or ultimate outcome of this procedure or whether any other governmental authority will open an investigation into 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 Foreign Corrupt Practices Act of 1977 (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 has 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, 2018. In August 2016, we 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. The arbitral hearing on liability was held in March 2018, and we are awaiting the tribunal's decision. There can be no assurance as to how this arbitration proceeding will ultimately be resolved. In November 2016, we initiated separate arbitration proceedings in the U.K. against SHI for any losses we incur in connection with the foregoing Petrobras arbitration. SHI subsequently filed a statement of defense disputing our claim. In January 2018, the arbitration tribunal for the SHI matter issued an award on liability fully in Ensco’s favor. SHI is liable to us for $10 million or damages that we can prove. As the losses suffered by us will depend in part on the outcome of the Petrobras arbitration described above, the amount of damages to be paid by SHI will be determined after the conclusion of the Petrobras arbitration. We are unable to estimate the ultimate outcome of recovery for damages at this time. 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 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 outstanding as of June 30, 2018 totaled $125.4 million and are 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, 2018, we had not been required to make collateral deposits with respect to these agreements. |
Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2018 and 2017 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, 2018
Three Months Ended June 30, 2017
Six Months Ended June 30, 2018
Six Months Ended June 30, 2017
Information about Geographic Areas As of June 30, 2018, the geographic distribution of our drilling rigs by reportable segment was as follows:
|
Supplemental Financial Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 related 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 our 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 almost all of 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 5 - Derivative Instruments" for additional information on our derivatives. Consolidated revenues by customer for the three-month and six-month periods ended June 30, 2018 and 2017 were as follows:
Consolidated revenues by region for the three-month and six-month periods ended June 30, 2018 and 2017 were as follows:
|
Guarantee Of Registered Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 as of July 1, 2004, between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Ensco plc of Pride’s 6.875% unsecured senior notes due 2020 and 7.875% unsecured senior notes due 2040, which had an aggregate outstanding principal balance of $422.9 million as of June 30, 2018. The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes. 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, 2018. Pride 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, 2018 and 2017; the unaudited condensed consolidating statements of comprehensive income (loss) for the three-month and six-month periods ended June 30, 2018 and 2017; the condensed consolidating balance sheets as of June 30, 2018 (unaudited) and December 31, 2017; and the unaudited condensed consolidating statements of cash flows for the six-month periods ended June 30, 2018 and 2017, in accordance with Rule 3-10 of Regulation S-X.
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Three Months Ended June 30, 2018 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2017 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Six Months Ended June 30, 2018 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2017 (In millions) (Unaudited)
|
Unaudited Condensed Consolidated Financial Statements (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Unaudited Condensed Consolidated Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (the "FASB") issued Update 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income ("Update 2018-02"), which allows for a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with early adoption permitted. We adopted Update 2018-02 effective January 1, 2018. As a result, we reclassified a total of $800,000 in tax effects from AOCI to opening retained earnings. In August 2017, the FASB issued Update 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("Update 2017-12"), which will make more hedging strategies eligible for hedge accounting. It also amends presentation and disclosure requirements and changes how companies assess effectiveness. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect that Update 2017-12 will have on our consolidated financial statements and related disclosures. During 2016, the FASB issued Update 2016-02, Leases (Topic 842) ("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. During our evaluation of Update 2016-02, we concluded that our drilling contracts contain a lease component. In January 2018, the FASB issued a Proposed Accounting Standard Update to provide targeted improvements to Update 2016-02, which (1) provides for a new transition method whereby entities may elect to adopt the Update using a prospective with cumulative catch-up approach and (2) provides lessors with a practical expedient to not separate non-lease components from the related lease components, by class of underlying asset. On March 28, 2018, the FASB held a meeting to approve certain additional amendments to Update 2016-02, including a revision to the practical expedient that would allow a lessor to account for the combined lease and non-lease components under Topic 606 (discussed below) when the non-lease component is the predominant element of the combined component. Depending on the criteria included in the final Update, this practical expedient may be available to us. As a result of the pending content of the final Update, we are not yet able to determine what, if any, impact our adoption will have on our revenue recognition patterns and related disclosures. 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. During 2014, the FASB issued Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires entities 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. We adopted Update 2014-09 effective January 1, 2018, using the modified retrospective approach. Only customer contracts that were not completed as of the effective adoption date were evaluated under the transition guidance to determine if a cumulative catch-up adjustment to retained earnings was warranted. Revenues recognized in prior years for customer contracts that expired prior to the effective adoption date continue to be reported under the previous revenue recognition guidance. Our adoption of Update 2014-09 did not result in a cumulative effect on retained earnings and no adjustments were made to prior periods. While Update 2014-09 requires additional disclosure regarding revenues recognized from customer contracts, our adoption did not have a material impact on the recognition of current or prior period revenues as compared to previous guidance nor do we expect a material impact to our pattern of revenue recognition in future periods. See "Note 2 - Revenue from Contracts with Customers" for additional information. |
Revenue from Contracts with Customers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Asset and Liability [Table Text Block] | The following table summarizes our trade receivables, contract assets and contract liabilities (in millions):
Significant changes in contract assets and liabilities during the period are as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Expected future amortization of our contract liabilities and deferred costs recorded as of June 30, 2018 is set forth in the table below (in millions):
|
Acquisition of Atwood (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The provisional amounts and respective measurement period adjustments recorded for assets acquired and liabilities assumed are based on preliminary estimates of their fair values as of the Merger Date and were as follows (in millions):
(3) Gross contractual amounts receivable totaled $64.7 million as of the Merger Date. |
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 income (loss) were as follows (in millions): Three Months Ended June 30, 2018 and 2017
Six Months Ended June 30, 2018 and 2017
|
Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation Of Net Income Attributable To Ensco Shares | The following table is a reconciliation of loss 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, 2018 and 2017 (in millions):
|
Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Extinguishment of Debt | The following table sets forth the total principal amounts repurchased as a result of the tender offers, redemption and repurchase (in millions):
|
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Segment Reporting Information | Three Months Ended June 30, 2018
Three Months Ended June 30, 2017
Six Months Ended June 30, 2018
Six Months Ended June 30, 2017
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Geographic Distribution Of Rigs By Segment | As of June 30, 2018, the geographic distribution of our drilling rigs by reportable segment was as follows:
|
Supplemental Financial Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 | Consolidated revenues by customer for the three-month and six-month periods ended June 30, 2018 and 2017 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Geographic Areas | Consolidated revenues by region for the three-month and six-month periods ended June 30, 2018 and 2017 were as follows:
|
Guarantee Of Registered Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements Of Operations |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements Of Comprehensive Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Three Months Ended June 30, 2018 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2017 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Six Months Ended June 30, 2018 (In millions) (Unaudited)
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2017 (In millions) (Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements Of Cash Flows |
|
Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Asset, Net, Current | $ 4.1 | $ 3.0 |
Contract with Customer, Asset, Net, Noncurrent | 0.0 | 2.8 |
Contract with Customer, Liability, Current | 76.6 | 71.9 |
Contract with Customer, Liability, Noncurrent | $ 23.2 | $ 51.2 |
Revenue from Contracts with Customers Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Asset, Net | $ 4.1 | $ 5.8 |
Contract with Customer, Liability | 99.8 | $ 123.1 |
Contract with Customer, Liability, Increase from Cash Receipts | 27.6 | |
Contract with Customer, Liability, Revenue Recognized, Included In Beginning Balance | (43.0) | |
Contract with Customer, Liability, Revenue Recognized, Added During Period | (7.9) | |
Contract with Customer, Asset, Reclassified to Receivable | $ (1.7) |
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Upfront Rig Mobilizations And Certain Contract Preparation [Member] | |||||
Capitalized Contract Cost [Line Items] | |||||
Capitalized Contract Cost, Net | $ 39.2 | $ 39.2 | $ 40.6 | ||
Capitalized Contract Cost, Amortization | 9.1 | $ 8.2 | 15.9 | $ 14.7 | |
Deferred Certification Costs | |||||
Capitalized Contract Cost [Line Items] | |||||
Capitalized Contract Cost, Net | 14.2 | 14.2 | $ 15.3 | ||
Capitalized Contract Cost, Amortization | $ 3.2 | $ 2.8 | $ 6.3 | $ 5.9 |
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||||||||||||||
Interest Rate Lock Contracts | |||||||||||||||||||
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] | 0 | (100,000) | (100,000) | (200,000) | ||||||||||||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [1],[3] | 0 | 0 | 0 | 0 | ||||||||||||||
Foreign Exchange Forward | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | (7,600,000) | [4] | 2,900,000 | [4] | (4,900,000) | [5] | 6,000,000 | [5] | |||||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2] | 700,000 | [4] | (200,000) | [4] | 3,000,000 | [5] | (1,000,000) | [5] | ||||||||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | (1,000,000) | [4] | (500,000) | [4] | (1,200,000) | [5] | (400,000) | [5] | ||||||||||
Foreign Exchange Forward | Contract Drilling | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | 500,000 | (400,000) | 2,600,000 | (1,400,000) | |||||||||||||||
Foreign Exchange Forward | Depreciation Expense | |||||||||||||||||||
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 | |||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | (7,600,000) | 2,900,000 | (4,900,000) | 6,000,000 | |||||||||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2] | 700,000 | (300,000) | 2,900,000 | (1,200,000) | ||||||||||||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | $ (1,000,000) | $ (500,000) | $ (1,200,000) | $ (400,000) | ||||||||||||||
|
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Earnings Per Share [Abstract] | ||||
Loss from continuing operations attributable to Ensco | $ (143.0) | $ (45.9) | $ (283.0) | $ (71.0) |
Income from continuing operations allocated to non-vested share awards(1) | (0.1) | (0.1) | (0.2) | (0.2) |
Loss from continuing operations attributable to Ensco shares | $ (143.1) | $ (46.0) | $ (283.2) | $ (71.2) |
Earnings Per Share (Narrative) (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Earnings Per Share [Abstract] | ||
Antidilutive share options excluded from computation of diluted earnings per share (in shares) | 1.7 | 1.3 |
Debt (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Feb. 28, 2018 |
Feb. 09, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||||||||
Tender Offer | $ 985.0 | $ 985.0 | ||||||
Aggregate Principal Amount Repurchased | $ 721.8 | 721.8 | ||||||
Loss (gain) on debt extinguishment | $ (19.0) | $ (19.0) | $ (2.6) | |||||
Quarterly cash dividends (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.02 | ||||
7.75% Senior notes due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate stated percentage | 7.75% | 7.75% | 7.75% | |||||
8.50% senior notes due 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate stated percentage | 8.50% | 8.50% | ||||||
Aggregate Principal Amount Repurchased | $ 237.6 | $ 237.6 | ||||||
6.875% Senior notes due 2020(2) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate stated percentage | 6.875% | 6.875% | 6.875% | |||||
Aggregate Principal Amount Repurchased | $ 328.0 | $ 328.0 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 122.9 | $ 122.9 | ||||||
4.70% Senior notes due 2021(2) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate stated percentage | 4.70% | 4.70% | 4.70% | |||||
Aggregate Principal Amount Repurchased | $ 156.2 | $ 156.2 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 113.5 | 113.5 | ||||||
Five Year Credit Facility | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Current borrowing capacity | 2,000.0 | 2,000.0 | ||||||
Maximum borrowing capacity | 1,500.0 | $ 1,500.0 | ||||||
Commitment fee percentage | 0.75% | |||||||
Maximum percent of debt to total capitalization ratio | 60.00% | |||||||
Additional secured debt, value | $ 750.0 | |||||||
Additional secured debt, percent of tangible net worth | 10.00% | |||||||
Quarterly cash dividends (in dollars per share) | $ 0.01 | |||||||
Aggregate amount of available cash | 150.0 | $ 150.0 | ||||||
Fair value of amount outstanding | 0.0 | $ 0.0 | ||||||
Five Year Credit Facility | Revolving Credit Facility [Member] | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 3.00% | |||||||
Five Year Credit Facility | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 4.00% | |||||||
Credit Facility due 2020 | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Current borrowing capacity | 1,300.0 | $ 1,300.0 | ||||||
Credit Facility due 2022 | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Current borrowing capacity | 1,200.0 | $ 1,200.0 | ||||||
Period for repayment of acquired companies | 90 days | |||||||
Aggregate amount of available cash, after repayments | 250.0 | $ 250.0 | ||||||
Senior Notes | 7.75% Senior notes due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 1,000.0 | $ 1,000.0 | ||||||
Debt instrument interest rate stated percentage | 7.75% | 7.75% | ||||||
Senior Notes | 8.50% senior notes due 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate stated percentage | 8.50% | 8.50% | ||||||
Aggregate Principal Amount Repurchased | $ 55.0 | $ 182.6 | ||||||
Senior Notes | 6.875% Senior notes due 2020(2) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate stated percentage | 6.875% | 6.875% | ||||||
Aggregate Principal Amount Repurchased | $ 71.4 | $ 256.6 | ||||||
Senior Notes | 4.70% Senior notes due 2021(2) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate stated percentage | 4.70% | 4.70% | ||||||
Senior Notes | Senior Notes | 4.70% Senior notes due 2021(2) | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate Principal Amount Repurchased | $ 156.2 | $ 156.2 |
Debt Schedule of Extinguishment of Debt - Tender Offers and Repurchases (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Feb. 28, 2018 |
Feb. 09, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Aggregate Principal Amount Repurchased | $ 721.8 | |||
Aggregate Repurchase Price | $ 771.2 | |||
8.50% senior notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate stated percentage | 8.50% | |||
Aggregate Principal Amount Repurchased | $ 237.6 | |||
Aggregate Repurchase Price | $ 256.8 | |||
6.875% Senior notes due 2020(2) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate stated percentage | 6.875% | 6.875% | ||
Aggregate Principal Amount Repurchased | $ 328.0 | |||
Aggregate Repurchase Price | $ 354.7 | |||
4.70% Senior notes due 2021(2) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate stated percentage | 4.70% | 4.70% | ||
Aggregate Principal Amount Repurchased | $ 156.2 | |||
Aggregate Repurchase Price | $ 159.7 | |||
Senior Notes | 8.50% senior notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate stated percentage | 8.50% | |||
Aggregate Principal Amount Repurchased | $ 55.0 | $ 182.6 | ||
Senior Notes | 6.875% Senior notes due 2020(2) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate stated percentage | 6.875% | |||
Aggregate Principal Amount Repurchased | $ 71.4 | $ 256.6 | ||
Senior Notes | 4.70% Senior notes due 2021(2) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate stated percentage | 4.70% |
Share-based Compensation (Details) shares in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2018
$ / shares
shares
|
Jun. 30, 2018
$ / 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 | $ 6.58 | $ 6.58 |
Cash-based restricted share unit awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted | shares | 4.7 | |
Restricted Share Awards and Share Unit Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting rate | 20.00% |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
|
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Discrete Income Tax Expense (Benefit) | $ 2.3 | $ 11.2 |
Deferred Foreign Income Tax Expense (Benefit) | $ 7.1 | $ 11.7 |
Contingencies (Narrative) (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 10.0 |
Letters of credit outstanding, amount | $ 125.4 |
Segment Information (Narrative) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2018
segments
contract
| |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Number of operating segments (in segments) | 3 |
Number of reportable segments (in segments) | 2 |
Number of Drilling Management Contracts | contract | 2 |
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Segment Reporting Information [Line Items] | |||||
Revenues | $ 458.5 | $ 457.5 | $ 875.5 | $ 928.6 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 344.3 | 291.3 | 669.5 | 569.4 | |
Depreciation | 120.7 | 107.9 | 235.9 | 217.1 | |
General and administrative | 26.1 | 30.5 | 54.0 | 56.5 | |
OPERATING INCOME (LOSS) | (32.6) | 27.8 | (83.9) | 85.6 | |
Property and equipment, net | 12,783.9 | 11,059.0 | 12,783.9 | 11,059.0 | $ 12,873.7 |
Floaters | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 284.9 | 264.0 | 543.9 | 548.8 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 203.7 | 145.6 | 388.8 | 292.0 | |
Depreciation | 80.8 | 72.0 | 156.1 | 144.8 | |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | |
OPERATING INCOME (LOSS) | 0.4 | 46.4 | (1.0) | 112.0 | |
Property and equipment, net | 9,574.9 | 8,493.2 | 9,574.9 | 8,493.2 | |
Jackups | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 158.7 | 178.9 | 302.1 | 350.7 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 126.8 | 132.3 | 253.7 | 250.9 | |
Depreciation | 36.5 | 31.6 | 73.0 | 63.7 | |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | |
OPERATING INCOME (LOSS) | (4.6) | 15.0 | (24.6) | 36.1 | |
Property and equipment, net | 3,167.0 | 2,515.3 | 3,167.0 | 2,515.3 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 14.9 | 14.6 | 29.5 | 29.1 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 13.8 | 13.4 | 27.0 | 26.5 | |
Depreciation | 0.0 | 0.0 | 0.0 | 0.0 | |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | |
OPERATING INCOME (LOSS) | 1.1 | 1.2 | 2.5 | 2.6 | |
Property and equipment, net | 0.0 | 0.0 | 0.0 | 0.0 | |
Operating Segments Total | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 458.5 | 457.5 | 875.5 | 928.6 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 344.3 | 291.3 | 669.5 | 569.4 | |
Depreciation | 117.3 | 103.6 | 229.1 | 208.5 | |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 | |
OPERATING INCOME (LOSS) | (3.1) | 62.6 | (23.1) | 150.7 | |
Property and equipment, net | 12,741.9 | 11,008.5 | 12,741.9 | 11,008.5 | |
Reconciling Items | |||||
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 | 3.4 | 4.3 | 6.8 | 8.6 | |
General and administrative | 26.1 | 30.5 | 54.0 | 56.5 | |
OPERATING INCOME (LOSS) | (29.5) | (34.8) | (60.8) | (65.1) | |
Property and equipment, net | $ 42.0 | $ 50.5 | $ 42.0 | $ 50.5 |
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details) |
Jun. 30, 2018 |
---|---|
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 62 |
Floaters | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 26 |
Jackups | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 36 |
North & South America (Excl. Brazil) | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 12 |
North & South America (Excl. Brazil) | Floaters | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 8 |
North & South America (Excl. Brazil) | Jackups | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 4 |
Europe & Mediterranean | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 17 |
Europe & Mediterranean | Floaters | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 6 |
Europe & Mediterranean | Jackups | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 11 |
Middle East & Africa | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 15 |
Middle East & Africa | Floaters | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 3 |
Middle East & Africa | Jackups | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 12 |
Asia & Pacific Rim | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 12 |
Asia & Pacific Rim | Floaters | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 5 |
Asia & Pacific Rim | Jackups | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 7 |
Held-for-sale(2) | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 3 |
Held-for-sale(2) | Floaters | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 2 |
Held-for-sale(2) | Jackups | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 1 |
Construction in Progress [Member] | Asia & Pacific Rim | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 3 |
Construction in Progress [Member] | Asia & Pacific Rim | Floaters | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs (in rigs) | 2 |
Construction in Progress [Member] | Asia & Pacific Rim | Jackups | |
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, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables | $ 353.7 | $ 369.0 |
Allowance for doubtful accounts | (21.0) | (23.6) |
Accounts receivable, net | 332.7 | 345.4 |
Trade | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables | 338.6 | 335.4 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables | $ 15.1 | $ 33.6 |
Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Supplemental Financial Information [Abstract] | ||
Inventory | $ 274.8 | $ 278.8 |
Prepaid taxes | 44.7 | 43.5 |
Prepaid expenses | 13.3 | 14.2 |
Assets held-for-sale | 3.4 | 1.5 |
Deferred costs | 38.2 | 29.7 |
Derivative asset | 1.3 | 6.8 |
Other | 13.9 | 6.7 |
Other current assets | $ 389.6 | $ 381.2 |
Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Supplemental Financial Information [Abstract] | ||
Deferred tax assets | $ 15.5 | $ 38.8 |
Intangible Assets, Net (Excluding Goodwill) | 8.2 | 15.7 |
Deferred costs | 24.8 | 37.4 |
Supplemental executive retirement plan assets | 30.5 | 30.9 |
Other | 14.9 | 17.4 |
Other assets, net | $ 93.9 | $ 140.2 |
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Supplemental Financial Information [Abstract] | ||
Accrued interest | $ 101.6 | $ 83.1 |
Personnel costs | 81.7 | 112.0 |
Deferred revenue | 76.6 | 71.9 |
Taxes | 50.8 | 46.4 |
Derivative liabilities | 6.7 | 0.4 |
Other | 14.1 | 12.1 |
Accrued liabilities and other | $ 331.5 | $ 325.9 |
Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Supplemental Financial Information [Abstract] | ||
Supplemental executive retirement plan liabilities | $ 180.7 | $ 178.0 |
Intangible Liabilities Noncurrent | 55.1 | 59.6 |
Deferred revenue | 23.2 | 51.2 |
Deferred Tax Liabilities, Net, Noncurrent | 16.3 | 18.5 |
Supplemental executive retirement plan liabilities | 31.5 | 32.0 |
Deferred tax liabilities | 24.1 | 18.1 |
Deferred Rent Credit, Noncurrent | 13.0 | 17.1 |
Other | 18.1 | 12.2 |
Other liabilities | $ 362.0 | $ 386.7 |
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Supplemental Financial Information [Abstract] | ||
Derivative instruments | $ 14.7 | $ 22.5 |
Currency translation adjustment | 7.5 | 7.8 |
Other | (1.7) | (1.7) |
Accumulated other comprehensive income | $ 20.5 | $ 28.6 |
Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) - Sales Revenue, Services, Net |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Customer Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk | Total S.A. | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 13.00% | 22.00% | 14.00% | 22.00% |
Customer Concentration Risk | BP | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 5.00% | 15.00% | 8.00% | 15.00% |
Customer Concentration Risk | Petrobras | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 10.00% | 11.00% | 11.00% | 10.00% |
Customer Concentration Risk | Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 72.00% | 52.00% | 67.00% | 53.00% |
Floaters | Customer Concentration Risk | BP | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 28.00% | 79.00% | 43.00% | 79.00% |
Jackups | Customer Concentration Risk | BP | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 15.00% | |||
US Gulf Of Mexico | Floaters | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 36.00% | 10.00% | 25.00% | |
US Gulf Of Mexico | Jackups | Geographic Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 39.00% | 46.00% | 37.00% |
Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - Sales Revenue, Services, Net - Geographic Concentration Risk - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 458.5 | $ 457.5 | $ 875.5 | $ 928.6 |
ANGOLA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 72.2 | 115.9 | 133.3 | 237.6 |
EGYPT | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 0.0 | 53.4 | 31.2 | 106.6 |
BRAZIL | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 46.1 | 48.7 | 96.4 | 96.5 |
UNITED KINGDOM | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 53.7 | 36.7 | 100.3 | 67.9 |
AUSTRALIA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 80.4 | 55.3 | 132.6 | 109.9 |
US Gulf Of Mexico | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 59.5 | 33.0 | 113.1 | 77.3 |
Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 146.6 | $ 114.5 | $ 268.6 | $ 232.8 |
Floaters | ANGOLA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 84.00% | 87.00% | 90.00% | 86.00% |
Floaters | AUSTRALIA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 95.00% | 78.00% | 97.00% | 78.00% |
Floaters | US Gulf Of Mexico | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 36.00% | 10.00% | 25.00% | |
Jackups | US Gulf Of Mexico | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 39.00% | 46.00% | 37.00% | |
Floaters & Jackups [Member] | US Gulf Of Mexico | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 37.00% |
Guarantee Of Registered Securities (Narrative) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Guarantor Obligations [Line Items] | ||
Senior notes aggregate outstanding principal balance | $ 422.9 | |
6.875% Senior notes due 2020(2) | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 6.875% | 6.875% |
Senior note, maturity year | 2020 | |
7.875% Senior notes due 2040 | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 7.875% | 7.875% |
Senior note, maturity year | 2040 | |
7.20% Debentures Due 2027 | ||
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 | |
Pride International Inc and Ensco International Inc [Member] | ||
Guarantor Obligations [Line Items] | ||
Subsidiary, ownership percentage by parent | 100.00% |
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | $ 458.5 | $ 457.5 | $ 875.5 | $ 928.6 |
Contract drilling (exclusive of depreciation) | 344.3 | 291.3 | 669.5 | 569.4 |
Depreciation | 120.7 | 107.9 | 235.9 | 217.1 |
General and administrative | 26.1 | 30.5 | 54.0 | 56.5 |
OPERATING INCOME (LOSS) | (32.6) | 27.8 | (83.9) | 85.6 |
OTHER INCOME (EXPENSE), NET | (84.8) | (53.2) | (155.5) | (110.9) |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (117.4) | (25.4) | (239.4) | (25.3) |
INCOME TAX PROVISION | 24.7 | 19.3 | 43.1 | 43.4 |
DISCONTINUED OPERATIONS, NET | (8.0) | 0.4 | (8.1) | (0.2) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0.0 | 0.0 | 0.0 | 0.0 |
NET LOSS | (150.1) | (44.3) | (290.6) | (68.9) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (0.9) | (1.2) | (0.5) | (2.3) |
NET LOSS ATTRIBUTABLE TO ENSCO | (151.0) | (45.5) | (291.1) | (71.2) |
Ensco plc | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 12.3 | 12.8 | 24.6 | 25.5 |
Contract drilling (exclusive of depreciation) | 13.0 | 11.1 | 26.4 | 22.4 |
Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
General and administrative | 10.3 | 12.1 | 20.5 | 23.6 |
OPERATING INCOME (LOSS) | (11.0) | (10.4) | (22.3) | (20.5) |
OTHER INCOME (EXPENSE), NET | (5.1) | (7.1) | 0.5 | (13.6) |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (16.1) | (17.5) | (21.8) | (34.1) |
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 | (134.9) | (28.0) | (269.3) | (37.1) |
NET LOSS | (151.0) | (45.5) | (291.1) | (71.2) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
NET LOSS ATTRIBUTABLE TO ENSCO | (151.0) | (45.5) | (291.1) | (71.2) |
ENSCO International Incorporated | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 39.8 | 43.9 | 80.1 | 89.9 |
Contract drilling (exclusive of depreciation) | 36.2 | 41.4 | 72.8 | 83.4 |
Depreciation | 3.5 | 4.3 | 7.0 | 8.5 |
General and administrative | 0.1 | 4.2 | 0.3 | 4.3 |
OPERATING INCOME (LOSS) | 0.0 | (6.0) | 0.0 | (6.3) |
OTHER INCOME (EXPENSE), NET | (40.5) | (26.9) | (68.5) | (58.2) |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (40.5) | (32.9) | (68.5) | (64.5) |
INCOME TAX PROVISION | 18.6 | 4.3 | 22.9 | 18.9 |
DISCONTINUED OPERATIONS, NET | 0.0 | 0.0 | 0.0 | 0.0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 28.7 | 28.7 | 49.5 | 83.6 |
NET LOSS | (30.4) | (8.5) | (41.9) | 0.2 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
NET LOSS ATTRIBUTABLE TO ENSCO | (30.4) | (8.5) | (41.9) | 0.2 |
Pride International LLC | ||||
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 (LOSS) | 0.0 | 0.0 | 0.0 | 0.0 |
OTHER INCOME (EXPENSE), NET | (19.7) | (16.9) | (50.0) | (35.6) |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (19.7) | (16.9) | (50.0) | (35.6) |
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 | 22.6 | 19.9 | 46.0 | 46.2 |
NET LOSS | 2.9 | 3.0 | (4.0) | 10.6 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
NET LOSS ATTRIBUTABLE TO ENSCO | 2.9 | 3.0 | (4.0) | 10.6 |
Other Non-Guarantor Subsidiaries of Ensco | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 484.3 | 486.5 | 927.8 | 987.2 |
Contract drilling (exclusive of depreciation) | 373.0 | 324.5 | 727.3 | 637.6 |
Depreciation | 117.2 | 103.6 | 228.9 | 208.6 |
General and administrative | 15.7 | 14.2 | 33.2 | 28.6 |
OPERATING INCOME (LOSS) | (21.6) | 44.2 | (61.6) | 112.4 |
OTHER INCOME (EXPENSE), NET | (23.5) | (4.9) | (56.9) | (12.6) |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (45.1) | 39.3 | (118.5) | 99.8 |
INCOME TAX PROVISION | 6.1 | 15.0 | 20.2 | 24.5 |
DISCONTINUED OPERATIONS, NET | (8.0) | 0.4 | (8.1) | (0.2) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0.0 | 0.0 | 0.0 | 0.0 |
NET LOSS | (59.2) | 24.7 | (146.8) | 75.1 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (0.9) | (1.2) | (0.5) | (2.3) |
NET LOSS ATTRIBUTABLE TO ENSCO | (60.1) | 23.5 | (147.3) | 72.8 |
Consolidating Adjustments | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | (77.9) | (85.7) | (157.0) | (174.0) |
Contract drilling (exclusive of depreciation) | (77.9) | (85.7) | (157.0) | (174.0) |
Depreciation | 0.0 | 0.0 | 0.0 | 0.0 |
General and administrative | 0.0 | 0.0 | 0.0 | 0.0 |
OPERATING INCOME (LOSS) | 0.0 | 0.0 | 0.0 | 0.0 |
OTHER INCOME (EXPENSE), NET | 4.0 | 2.6 | 19.4 | 9.1 |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 4.0 | 2.6 | 19.4 | 9.1 |
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 | 83.6 | (20.6) | 173.8 | (92.7) |
NET LOSS | 87.6 | (18.0) | 193.2 | (83.6) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
NET LOSS ATTRIBUTABLE TO ENSCO | $ 87.6 | $ (18.0) | $ 193.2 | $ (83.6) |
Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
NET LOSS | $ (150.1) | $ (44.3) | $ (290.6) | $ (68.9) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | (7.6) | 2.9 | (4.9) | 6.0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | (0.7) | 0.3 | (2.9) | 1.2 |
Other | (0.2) | 0.2 | (0.3) | 0.7 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | (8.5) | 3.4 | (8.1) | 7.9 |
COMPREHENSIVE LOSS | (158.6) | (40.9) | (298.7) | (61.0) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (0.9) | (1.2) | (0.5) | (2.3) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | (159.5) | (42.1) | (299.2) | (63.3) |
Ensco plc | ||||
NET LOSS | (151.0) | (45.5) | (291.1) | (71.2) |
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 | (151.0) | (45.5) | (291.1) | (71.2) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | (151.0) | (45.5) | (291.1) | (71.2) |
ENSCO International Incorporated | ||||
NET LOSS | (30.4) | (8.5) | (41.9) | 0.2 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | (7.6) | 2.9 | (4.9) | 6.0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | (0.7) | 0.3 | (2.9) | 1.2 |
Other | 0.0 | 0.0 | 0.0 | 0.0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | (8.3) | 3.2 | (7.8) | 7.2 |
COMPREHENSIVE LOSS | (38.7) | (5.3) | (49.7) | 7.4 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | (38.7) | (5.3) | (49.7) | 7.4 |
Pride International LLC | ||||
NET LOSS | 2.9 | 3.0 | (4.0) | 10.6 |
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 | 2.9 | 3.0 | (4.0) | 10.6 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | 2.9 | 3.0 | (4.0) | 10.6 |
Other Non-Guarantor Subsidiaries of Ensco | ||||
NET LOSS | (59.2) | 24.7 | (146.8) | 75.1 |
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 | (0.2) | 0.2 | (0.3) | 0.7 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | (0.2) | 0.2 | (0.3) | 0.7 |
COMPREHENSIVE LOSS | (59.4) | 24.9 | (147.1) | 75.8 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (0.9) | (1.2) | (0.5) | (2.3) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | (60.3) | 23.7 | (147.6) | 73.5 |
Consolidating Adjustments | ||||
NET LOSS | 87.6 | (18.0) | 193.2 | (83.6) |
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 | 87.6 | (18.0) | 193.2 | (83.6) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.0 | 0.0 | 0.0 | 0.0 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ 87.6 | $ (18.0) | $ 193.2 | $ (83.6) |
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | $ 485.5 | $ 445.4 | $ 169.6 | $ 1,159.7 |
Short-term investments | 255.0 | 440.0 | ||
Accounts receivable, net | 332.7 | 345.4 | ||
Accounts receivable from affiliates | 0.0 | 0.0 | ||
Other current assets | 389.6 | 381.2 | ||
Total current assets | 1,462.8 | 1,612.0 | ||
PROPERTY AND EQUIPMENT, AT COST | 15,476.5 | 15,332.1 | ||
Less accumulated depreciation | 2,692.6 | 2,458.4 | ||
Property and equipment, net | 12,783.9 | 12,873.7 | 11,059.0 | |
DUE FROM AFFILIATES | 0.0 | 0.0 | ||
INVESTMENTS IN AFFILIATES | 0.0 | 0.0 | ||
OTHER ASSETS | 93.9 | 140.2 | ||
TOTAL ASSETS | 14,340.6 | 14,625.9 | ||
Accounts payable and accrued liabilities | 549.8 | 758.5 | ||
Accounts payable to affiliates | 0.0 | 0.0 | ||
Total current liabilities | 549.8 | 758.5 | ||
Due to Affiliate | 0.0 | 0.0 | ||
LONG-TERM DEBT | 4,994.9 | 4,750.7 | ||
OTHER LIABILITIES | 362.0 | 386.7 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,436.2 | 8,732.1 | ||
NONCONTROLLING INTERESTS | (2.3) | (2.1) | ||
Total equity | 8,433.9 | 8,730.0 | ||
Total liabilities and shareholders' equity | 14,340.6 | 14,625.9 | ||
Ensco plc | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 305.7 | 185.2 | 73.3 | 892.6 |
Short-term investments | 255.0 | 440.0 | ||
Accounts receivable, net | 1.9 | 6.9 | ||
Accounts receivable from affiliates | 1,163.0 | 351.8 | ||
Other current assets | 0.3 | 0.0 | ||
Total current assets | 1,725.9 | 983.9 | ||
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 | 3,080.5 | 3,002.1 | ||
INVESTMENTS IN AFFILIATES | 8,835.1 | 9,098.5 | ||
OTHER ASSETS | 9.7 | 12.9 | ||
TOTAL ASSETS | 13,651.2 | 13,097.4 | ||
Accounts payable and accrued liabilities | 79.7 | 55.4 | ||
Accounts payable to affiliates | 47.2 | 67.3 | ||
Total current liabilities | 126.9 | 122.7 | ||
Due to Affiliate | 1,417.2 | 1,402.9 | ||
LONG-TERM DEBT | 3,673.2 | 2,841.8 | ||
OTHER LIABILITIES | 0.0 | 0.0 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,433.9 | 8,730.0 | ||
NONCONTROLLING INTERESTS | 0.0 | 0.0 | ||
Total equity | 8,433.9 | 8,730.0 | ||
Total liabilities and shareholders' equity | 13,651.2 | 13,097.4 | ||
ENSCO International Incorporated | ||||
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 | 0.4 | 0.4 | ||
Accounts receivable from affiliates | 413.4 | 492.7 | ||
Other current assets | 2.1 | 8.8 | ||
Total current assets | 415.9 | 501.9 | ||
PROPERTY AND EQUIPMENT, AT COST | 124.4 | 120.8 | ||
Less accumulated depreciation | 84.1 | 77.1 | ||
Property and equipment, net | 40.3 | 43.7 | ||
DUE FROM AFFILIATES | 461.3 | 2,618.0 | ||
INVESTMENTS IN AFFILIATES | 3,641.4 | 3,591.9 | ||
OTHER ASSETS | 0.0 | 5.0 | ||
TOTAL ASSETS | 4,558.9 | 6,760.5 | ||
Accounts payable and accrued liabilities | 10.0 | 39.0 | ||
Accounts payable to affiliates | 374.9 | 458.3 | ||
Total current liabilities | 384.9 | 497.3 | ||
Due to Affiliate | 1,426.1 | 3,559.2 | ||
LONG-TERM DEBT | 149.4 | 149.2 | ||
OTHER LIABILITIES | 24.2 | 3.1 | ||
ENSCO SHAREHOLDERS' EQUITY | 2,574.3 | 2,551.7 | ||
NONCONTROLLING INTERESTS | 0.0 | 0.0 | ||
Total equity | 2,574.3 | 2,551.7 | ||
Total liabilities and shareholders' equity | 4,558.9 | 6,760.5 | ||
Pride International LLC | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 16.1 | 25.6 | 3.8 | 19.8 |
Short-term investments | 0.0 | 0.0 | ||
Accounts receivable, net | 0.0 | 0.0 | ||
Accounts receivable from affiliates | 1.4 | 0.0 | ||
Other current assets | 0.0 | 0.0 | ||
Total current assets | 17.5 | 25.6 | ||
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 | 161.2 | 165.1 | ||
INVESTMENTS IN AFFILIATES | 1,152.6 | 1,106.6 | ||
OTHER ASSETS | 0.0 | 0.0 | ||
TOTAL ASSETS | 1,331.3 | 1,297.3 | ||
Accounts payable and accrued liabilities | 12.5 | 21.7 | ||
Accounts payable to affiliates | 27.1 | 12.4 | ||
Total current liabilities | 39.6 | 34.1 | ||
Due to Affiliate | 1,387.6 | 753.9 | ||
LONG-TERM DEBT | 504.8 | 1,106.0 | ||
OTHER LIABILITIES | 0.0 | 0.0 | ||
ENSCO SHAREHOLDERS' EQUITY | (600.7) | (596.7) | ||
NONCONTROLLING INTERESTS | 0.0 | 0.0 | ||
Total equity | (600.7) | (596.7) | ||
Total liabilities and shareholders' equity | 1,331.3 | 1,297.3 | ||
Other Non-Guarantor Subsidiaries of Ensco | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 163.7 | 234.6 | 92.5 | 247.3 |
Short-term investments | 0.0 | 0.0 | ||
Accounts receivable, net | 330.4 | 338.1 | ||
Accounts receivable from affiliates | 386.2 | 424.3 | ||
Other current assets | 387.2 | 372.4 | ||
Total current assets | 1,267.5 | 1,369.4 | ||
PROPERTY AND EQUIPMENT, AT COST | 15,350.3 | 15,209.5 | ||
Less accumulated depreciation | 2,606.7 | 2,379.5 | ||
Property and equipment, net | 12,743.6 | 12,830.0 | ||
DUE FROM AFFILIATES | 2,185.4 | 3,736.1 | ||
INVESTMENTS IN AFFILIATES | 0.0 | 0.0 | ||
OTHER ASSETS | 204.1 | 226.5 | ||
TOTAL ASSETS | 16,400.6 | 18,162.0 | ||
Accounts payable and accrued liabilities | 447.6 | 642.4 | ||
Accounts payable to affiliates | 1,514.8 | 730.8 | ||
Total current liabilities | 1,962.4 | 1,373.2 | ||
Due to Affiliate | 1,657.5 | 3,805.3 | ||
LONG-TERM DEBT | 667.5 | 653.7 | ||
OTHER LIABILITIES | 457.7 | 487.8 | ||
ENSCO SHAREHOLDERS' EQUITY | 11,657.8 | 11,844.1 | ||
NONCONTROLLING INTERESTS | (2.3) | (2.1) | ||
Total equity | 11,655.5 | 11,842.0 | ||
Total liabilities and shareholders' equity | 16,400.6 | 18,162.0 | ||
Consolidating Adjustments | ||||
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 | (1,964.0) | (1,268.8) | ||
Other current assets | 0.0 | 0.0 | ||
Total current assets | (1,964.0) | (1,268.8) | ||
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 | (5,888.4) | (9,521.3) | ||
INVESTMENTS IN AFFILIATES | (13,629.1) | (13,797.0) | ||
OTHER ASSETS | (119.9) | (104.2) | ||
TOTAL ASSETS | (21,601.4) | (24,691.3) | ||
Accounts payable and accrued liabilities | 0.0 | 0.0 | ||
Accounts payable to affiliates | (1,964.0) | (1,268.8) | ||
Total current liabilities | (1,964.0) | (1,268.8) | ||
Due to Affiliate | (5,888.4) | (9,521.3) | ||
LONG-TERM DEBT | 0.0 | 0.0 | ||
OTHER LIABILITIES | (119.9) | (104.2) | ||
ENSCO SHAREHOLDERS' EQUITY | (13,629.1) | (13,797.0) | ||
NONCONTROLLING INTERESTS | 0.0 | 0.0 | ||
Total equity | (13,629.1) | (13,797.0) | ||
Total liabilities and shareholders' equity | $ (21,601.4) | $ (24,691.3) |
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | $ (18.0) | $ 130.5 |
INVESTING ACTIVITIES | ||
Proceeds from Issuance of Debt | 1,000.0 | |
Maturities of short-term investments | 599.0 | 897.0 |
Purchases of short-term investments | (414.0) | (1,134.8) |
Additions to property and equipment | (331.9) | (332.6) |
Sale of affiliate debt | 0.0 | 0.0 |
Other | 2.9 | 1.7 |
Net cash used in investing activities of continuing operations | (144.0) | (568.7) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of senior notes | (771.2) | (537.0) |
Cash dividends paid | (9.0) | (6.2) |
Debt issuance costs | (17.0) | (5.5) |
Advances from affiliates | 0.0 | 0.0 |
Other | (2.5) | (3.6) |
Net cash provided by (used in) financing activities | 200.3 | (552.3) |
Net cash provided by (used in) discontinued operations | 2.5 | (0.2) |
Effect of exchange rate changes on cash and cash equivalents | (0.7) | 0.6 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 40.1 | (990.1) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 445.4 | 1,159.7 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 485.5 | 169.6 |
Ensco plc | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 28.3 | (17.8) |
INVESTING ACTIVITIES | ||
Proceeds from Issuance of Debt | 1,000.0 | |
Maturities of short-term investments | 599.0 | 65.1 |
Purchases of short-term investments | (414.0) | (563.0) |
Additions to property and equipment | 0.0 | 0.0 |
Sale of Affiliate Debt | 479.0 | |
Sale of affiliate debt | (552.5) | (316.3) |
Other | 0.0 | 0.0 |
Net cash used in investing activities of continuing operations | 111.5 | (814.2) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of senior notes | (159.9) | (220.7) |
Cash dividends paid | (9.0) | (6.2) |
Debt issuance costs | (17.0) | (5.5) |
Advances from affiliates | 247.7 | |
Advances from (to) affiliate | (831.5) | |
Other | (1.9) | (2.6) |
Net cash provided by (used in) financing activities | (19.3) | 12.7 |
Net cash provided by (used in) discontinued operations | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 120.5 | (819.3) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 185.2 | 892.6 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 305.7 | 73.3 |
ENSCO International Incorporated | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (87.8) | (50.5) |
INVESTING ACTIVITIES | ||
Proceeds from Issuance of Debt | 0.0 | |
Maturities of short-term investments | 0.0 | 0.0 |
Purchases of short-term investments | 0.0 | 0.0 |
Additions to property and equipment | 0.0 | 0.0 |
Sale of Affiliate Debt | 0.0 | |
Sale 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 notes | 0.0 | 0.0 |
Cash dividends paid | 0.0 | 0.0 |
Debt issuance costs | 0.0 | 0.0 |
Advances from affiliates | 87.8 | 50.5 |
Other | 0.0 | 0.0 |
Net cash provided by (used in) financing activities | 87.8 | 50.5 |
Net cash provided by (used in) discontinued operations | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
INCREASE (DECREASE) 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 LLC | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (56.6) | (53.9) |
INVESTING ACTIVITIES | ||
Proceeds from Issuance of Debt | 0.0 | |
Maturities of short-term investments | 0.0 | 0.0 |
Purchases of short-term investments | 0.0 | 0.0 |
Additions to property and equipment | 0.0 | 0.0 |
Sale of Affiliate Debt | 0.0 | |
Sale 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 notes | (537.8) | 0.0 |
Cash dividends paid | 0.0 | 0.0 |
Debt issuance costs | 0.0 | 0.0 |
Advances from affiliates | 584.9 | 37.9 |
Other | 0.0 | 0.0 |
Net cash provided by (used in) financing activities | 47.1 | 37.9 |
Net cash provided by (used in) discontinued operations | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (9.5) | (16.0) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 25.6 | 19.8 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 16.1 | 3.8 |
Other Non-Guarantor Subsidiaries of Ensco | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 98.1 | 252.7 |
INVESTING ACTIVITIES | ||
Proceeds from Issuance of Debt | 0.0 | |
Maturities of short-term investments | 0.0 | 831.9 |
Purchases of short-term investments | 0.0 | (571.8) |
Additions to property and equipment | (331.9) | (332.6) |
Sale of Affiliate Debt | 0.0 | |
Sale of affiliate debt | 0.0 | 0.0 |
Other | 2.9 | 1.7 |
Net cash used in investing activities of continuing operations | (329.0) | (70.8) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of senior notes | 0.0 | |
Proceeds from (Repayments of) Debt | 0.0 | |
Cash dividends paid | 0.0 | 0.0 |
Debt issuance costs | 0.0 | 0.0 |
Advances from affiliates | 158.8 | |
Advances from (to) affiliate | (336.1) | |
Other | (0.6) | (1.0) |
Net cash provided by (used in) financing activities | 158.2 | (337.1) |
Net cash provided by (used in) discontinued operations | 2.5 | (0.2) |
Effect of exchange rate changes on cash and cash equivalents | (0.7) | 0.6 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (70.9) | (154.8) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 234.6 | 247.3 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 163.7 | 92.5 |
Consolidating Adjustments | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 0.0 | 0.0 |
INVESTING ACTIVITIES | ||
Proceeds from Issuance of Debt | 0.0 | |
Maturities of short-term investments | 0.0 | 0.0 |
Purchases of short-term investments | 0.0 | 0.0 |
Additions to property and equipment | 0.0 | 0.0 |
Sale of Affiliate Debt | (479.0) | |
Sale of affiliate debt | 552.5 | 316.3 |
Other | 0.0 | 0.0 |
Net cash used in investing activities of continuing operations | 73.5 | 316.3 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of senior notes | (73.5) | (316.3) |
Cash dividends paid | 0.0 | 0.0 |
Debt issuance costs | 0.0 | 0.0 |
Advances from affiliates | 0.0 | 0.0 |
Other | 0.0 | 0.0 |
Net cash provided by (used in) financing activities | (73.5) | (316.3) |
Net cash provided by (used in) discontinued operations | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
INCREASE (DECREASE) 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 |
TDV[>O;0@"8FV %.)(8YWHF05>,DZ"8\68-*-71A7%;>
M92H>:6C\7_@T4M^8;GAGT%59]WQ"DVNE++A4D@>72^NF>#$$U-9O#VZOI[<\
M&5;U\YB2Y5]1_ %02P,$% @ LTCZ3/N8#< 7 @ FP8 !D !X;"]W
M;W)K A&99L-]3Q#CLVU"H!GYGK;S
M04@'-I4(M+XKF"5DA'!=?=S[!)H?6@'Z3VQ"HCS$IW2L/.ETMF1AZ/2G0D\K
M$VZ!$BU01XZAD]PZI%BN^Y);AY0+='^ IDLV F%C6!C!?2+!E"]! !AF?)>Y
M2FYKDI1-+N67W#PD%DZ@_ ,SO;4(0!X9UMS$V04"P:0!'TDIYGN.&S')?4T2
M7X/I)TX40%7(* &N)M&N0F4GAI$"YUV5Y)XFT=- ^26ZE:W\\T@RCZ07D6DV
MW,5WPHL\M68@=NQ])\(3;P\<>U,$
M9VQ%O$/Q#KV7?)OPE%T"T11S'&/X,F:.8,@^I^!K*8[\/SA?A^]6%>XB?/=)
MX6Z=(%DE2")!\HD@^5+B6LS^2Q*VZ*D"6\=I
+Y1,Q7^'"T@?'I3X'"5*&U=2]M:AFEB\%,5?
MQUWHN _CS2Z=8.N 9 (D,V ?\[ Q451^SQTO,H,#,6/O.QZ>>'M(?&_*X(RM
MB'=>O/7>2[%-KS-V"413S'&,298Q&UL?5/;CMP@#/T5
MQ
].QMOL9FE$@JT
M%:B)@3JG=YOC:1?B8\ / 8-=G$FHY(+X'(PO54Z3( @DE"XP<+]=X1ZD#$1>
MQLO$2>>4 ;@\O[-_CK7[6B[
2M_@%0
M2P,$% @ LTCZ3#A8&G0W @ ;08 !D !X;"]W;W)K
*9\&+,Q[J_??D)1)S\M[.'[)O\/4$L#!!0 ( +-(^DSM6JO6M0(
M 8+ 9 >&PO=V]R:W-H965T8*@U
MA$0RY)/$X!I@"JZ=J#4.C KSZQPN0K)Z4%%6:O+>MU5CVF[0O]'LA' @
MA",AB/Y+P ,!SPBH=V9*_40D*7+..H?W_U9+]*8(UEB%>="3)COS354KU.RU
MB/TX1U