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Ensco Plc Reports Fourth Quarter And Full-Year 2012 Results

Stocks in this article: ESV

Other

Other is composed of managed drilling rig operations. Revenues decreased to $20 million from $22 million in fourth quarter 2011 due to a $12,000 decline in average day rates. Contract drilling expense was $15 million, compared to $19 million a year ago. The decreases in average day rate and contract drilling expense are related to declining crew requirements year to year.

      Fourth Quarter
                                                   
(in millions of $, Floaters Jackups Other

Reconciling Items

Consolidated Total
except %) 2012     2011     Chg 2012     2011     Chg 2012     2011     Chg 2012     2011 2012     2011     Chg
 
Revenues 672.3 610.3 10 % 392.9 340.8 15 % 20.3 22.1 -8 % - - 1,085.5 973.2 12 %
Operating expenses
Contract drilling 313.1 311.6 0 % 196.2 167.6 17 % 15.2 19.1 -20 % - - 524.5

498.3

5 %
Depreciation 99.6 92.7 7 % 42.6 42.2 1 % - - -

1.7

1.6 143.9 136.5 5 %
General and admin. -     -     -   -     -     -   -     -     -   35.0       40.3   35.0     40.3     -13 %
Operating income (loss) 259.6 206.0 26 % 154.1 131.0 18 % 5.1 3.0 NM (36.7 ) (41.9 ) 382.1

298.1

28 %
 

Strong Financial Position – 31 December 2012

Ensco maintained a strong financial position:

  • $10 billion of contracted revenue backlog excluding bonus opportunities
  • Long-term debt-to-capital ratio of 29%
  • $1.9 billion of available revolving credit facilities
  • $487 million of cash and cash equivalents

EVP and Chief Financial Officer Jay Swent commented, “Capital expenditures for full-year 2012 totaled $1.8 billion of which $1.3 billion, or 72%, was invested in new construction. These investments, coupled with $1.9 billion of remaining contractual commitments for rigs being constructed through 2014, will propel the future growth of our company. We also continued to high-grade our fleet by selling two additional rigs in the fourth quarter.”

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