Past year: ▲ 46%(50.40 – 101.98 USD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Oct 2016debt financing▲ GoodMajor
Ensco extended the maturity of part of its revolving credit facility by one year, from September 30, 2019 to September 30, 2020. Commitments stay at $2.25 billion through September 2019 and are $1.13 billion for the extra year; all other terms are unchanged.
18 July 2016production update● NeutralMajor
Ensco's July 18, 2016 fleet status report says ConocoPhillips made a lump sum payment settling its DS-9 termination obligations through July 15, 2017, and Ensco expects to recognise $185 million of revenue in 2Q16. This settles the amount under discussion in February. The report also shows ENSCO 6003 and 6004 (Brazil) and DS-1 sold for scrap value at a price in line with book value, and the 8503 settlement with Stone Energy. DS-3, DS-4, DS-5 and several semisubmersibles are now preservation stacked or available, and Petrobras is no longer shown as a customer on DS-5.
11 Apr 2016production update▼ BadMajor
Ensco's April 11, 2016 fleet status report, as flagged in February, says it has started UK arbitration against Petrobras and Samsung Heavy Industries over Petrobras's claim that the ENSCO DS-5 contract is void. It also says Ensco and Petrobras are discussing revised terms for the four Brazil rigs (6001-6004), which, if approved, could cut contract backlog by about $140 million from May 2016. The next report is expected in July 2016.
16 Feb 2016production update▼ BadMajor
Ensco's February 16, 2016 fleet status report shows ENSCO DS-5 listed with Petrobras, which has asserted the drilling contract is void, a position Ensco disagrees with and intends to contest. For ENSCO DS-9, the termination fees of about $550,000 a day for two years will be reduced for idle-rig costs, and Ensco is in discussions with the customer on the size of that reduction. Several Saudi Aramco jackup rates for 2016 are listed as still to be determined, ENSCO 8504 is mobilizing to a Chevron contract in Indonesia, and the next report is expected in April 2016.
19 Oct 2015production update▲ GoodMajor
Ensco's October 19, 2015 fleet status report says it received a $146 million lump sum payment for BP's early termination of the ENSCO DS-4 contract; excluding a $17 million receivable and an $18 million intangible write-down, this adds $111 million to 3Q15 revenue. This resolves the DS-4 termination flagged in June. For ENSCO DS-9, the customer must pay termination fees monthly for two years at about $550,000 a day, which can be reduced if Ensco re-contracts the rig or mitigates certain costs. The filing also says director Gerald Haddock cancelled his share pledging arrangement, and the next report is expected in February 2016.
16 July 2015production update▼ BadMajor
Ensco's July 16, 2015 fleet status report says reports will now be issued quarterly, with the next expected in October 2015. The report notes ConocoPhillips has notified Ensco it is terminating the ENSCO DS-9 contract for its convenience (the report points to a separate press release for details), which reverses the 4Q15-4Q18 contract shown last month. It also shows ENSCO DS-10's scheduled delivery deferred by 18 months and ENSCO DS-1 mobilizing to Spain for cold stacking preparations.
18 June 2015production update● Neutral
Ensco plc (the company now filing as Valaris Ltd) issued its monthly rig-by-rig fleet status report as of June 18, 2015, listing customers, day rates and contract end dates. It notes BP has given notice of early termination of the ENSCO DS-4 drillship contract, with a lump sum payment due shortly after the projected July 2015 end date, and that ENSCO DS-9 is contracted to ConocoPhillips in the U.S. Gulf of Mexico from 4Q15 to 4Q18.
