UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
DATE OF REPORT (Date of earliest event reported): October 29, 2018
 
  Ensco plc
(Exact name of registrant as specified in its charter)  

	
			
England and Wales	1-8097	98-0635229	
(State or other jurisdiction   of incorporation)	(Commission   File Number)	(I.R.S. Employer   Identification No.)	
 
6 Chesterfield Gardens
London, England W1J 5BQ
(Address of Principal Executive Offices and Zip Code)
 
Registrant’s telephone number, including area code: 44 (0) 20 7659 4660
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	
		
o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	

		
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	

		
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	

		
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐

	
	
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

TABLE OF CONTENTS

	

INFORMATION TO BE INCLUDED IN THE REPORT	3	
Item 7.01 Regulation FD Disclosure	3	
Item 9.01 Financial Statements and Exhibits	3	
SIGNATURE	4	

2

	
		
Item 7.01	Regulation FD Disclosure	
 
Fleet Status Report

The Fleet Status Report of the Company as of October 29, 2018 is furnished as Exhibit 99.1 to this report.
The information furnished in this Item 7.01 and the information attached to this Form 8-K as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

		
Item 9.01	Financial Statements and Exhibits	

(d)	Exhibits	

	
		
Exhibit No.	Description	

		
99.1	Fleet Status Report of Ensco plc as of October 29, 2018.	

3

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	
		
 	Ensco plc	
 	 	
Date: October 29, 2018	/s/ TOMMY E. DARBY	
 	Tommy E. Darby	
 	Controller	

4

Exhibit 99.1

	
							
	 	 	Ensco plc
Fleet Status Report
29 October 2018

	

	
		
 	New Contracts and Extensions
       
        Floaters
•
ENSCO DS-9 awarded a one-well contract with Total offshore French Guiana that is expected to commence in January 2019
•
ENSCO DS-12 awarded a two-well contract with BP offshore Senegal that is expected to commence in April 2019
•
ENSCO 8505 awarded an eight-well contract with Eni, with six wells in the U.S. Gulf of Mexico and two wells offshore Mexico, that is expected to commence in January 2019
•
ENSCO 8504 awarded a one-well contract with JAPEX offshore Japan that is expected to commence in April 2019
•
ENSCO 8503 awarded a 100-day contract with Talos offshore Mexico that is expected to commence in November 2018, replacing a previously reported 100-day contract in the U.S. Gulf of Mexico

        Jackups
•
ENSCO 121 awarded a one-well contract with Eni in the North Sea that is expected to commence in December 2018
•
ENSCO 122 contract with NAM in the North Sea extended by one well, with an estimated duration of five months
•
ENSCO 72 awarded a two-well contract with Corallian Energy in the North Sea that is expected to commence in November 2018
•
ENSCO 75 contract with Talos in the U.S. Gulf of Mexico extended by nine months to September 2019
•
ENSCO 87 contract with Fieldwood in the U.S. Gulf of Mexico extended by one well, with an estimated duration of 20 days
•
ENSCO 87 awarded a one-well contract with Talos in the U.S. Gulf of Mexico, which commenced in October 2018
•
ENSCO 87 contract with ExxonMobil in the U.S. Gulf of Mexico extended by 11 wells, with an estimated duration of eight months
•
ENSCO 102 contract with Arena in the U.S. Gulf of Mexico extended by 90 days to April 2019
•
ENSCO 102 awarded a three-well contract with Fieldwood in the U.S. Gulf of Mexico that is expected to commence in April 2019
•
ENSCO 68 contract with Castex in the U.S. Gulf of Mexico extended by one well, with an estimated duration of four months
•
ENSCO 68 awarded a one-well contract with Fieldwood in the U.S. Gulf of Mexico that is expected to commence in April 2019

Other
•
ENSCO 141 commenced a three-year contract with Saudi Aramco offshore Saudi Arabia in August 2018
•
ENSCO 5005 and ENSCO 80 sold

 		

 		

 		

 		

 		

 		

 		

Page 1  of 10

	
							
	 	 	Ensco plc
Fleet Status Report
29 October 2018	 	 	 	
Changes: bolded rig names and underlined text signify changes in rig status from previous report. 

															
Segment /
Region / Rig	 	Design	 	Water
Depth' (1)	 	Customer/
Status	 	Location	 	Contract Start Date	 	Contract End Date (2)	 	Comments	
Floaters	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
North & South America	 	 	
ENSCO 8503	 	Semisubmersible DP	 	8500/10000	 	Deep Gulf Energy
Talos
	 	U.S. GOM
Mexico	 	Apr. 18
Nov. 18	 	Aug. 18
Feb. 19	 	Contracted for 100 days (estimated duration Nov. 18 to Feb. 19)	
ENSCO 8505	 	Semisubmersible DP	 	8500/10000	 	Talos
Marubeni
Available

	 	U.S. GOM
U.S. GOM
U.S. GOM	 	Jun. 18
Jul. 18
	 	Jul. 18.
Sep. 18
	 	Contracted to Eni in the U.S. GOM for six wells and in Mexico for two wells (estimated duration Jan. 19 to Oct. 19)

	
ENSCO 8500	 	Semisubmersible DP	 	8500/10000	 	Preservation Stacked (3)	 	U.S. GOM	 	 	 	 	 	 	
ENSCO 8501	 	Semisubmersible DP	 	8500/10000	 	Preservation Stacked (3)
	 	U.S. GOM	 	 	 	 	 	 	
ENSCO 8502	 	Semisubmersible DP	 	8500/10000	 	Preservation Stacked (3)
	 	U.S. GOM	 	 	 	 	 	 	
ENSCO 8506	 	Semisubmersible DP	 	8500/10000	 	Preservation Stacked (3)
	 	U.S. GOM	 	 	 	 	 	 	
ENSCO DS-12	 	Drillship, DP3
DSME	 	12000	 	Kosmos Energy

Mobilizing	 	Suriname

-----	 	Oct. 17	 	Oct. 18	 	On standby at zero rate from late Jun. 18 to mid Aug. 18. Then contracted for one well (mid Aug. 18 to late Oct. 18). Zero rate for 10 days in 3Q18 during contracted period.   -----
Contracted to BP in Senegal for two wells (estimated duration Apr. 19 to Sep. 19).   Plus four 1-well options	
ENSCO 6002	 	Semisubmersible - DP Megathyst	 	5600	 	Petrobras	 	Brazil	 	Jul. 13	 	Dec. 19	 	Day rate of approx. $248,000, plus approx. $17,000 per day amortized through Dec. 19 for capital upgrades. Plus cost adjustments	

Page 2  of 10

	
							
	 	 	Ensco plc
Fleet Status Report
29 October 2018	 	 	 	
Changes: bolded rig names and underlined text signify changes in rig status from previous report. 

															
Segment /
Region / Rig	 	Design	 	Water
Depth' (1)	 	Customer/
Status	 	Location	 	Contract Start Date	 	Contract End Date (2)	 	Comments	
Floaters	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe & Mediterranean	 	 	 	 	 	 	 	 	 	 	
ENSCO DS-7	 	Drillship, DP3 Samsung	 	10000/12000	 	Noble Energy	 	Israel	 	Apr. 18	 	Dec. 18	 	Contracted for six wells (estimated duration Apr. 18 to Dec.  18). Plus two 2-well priced options	
ENSCO 5004	 	Semisubmersible - Conv F & G Enhanced Pacesetter	 	1500	 	Mellitah	 	Mediterranean	 	Aug. 14	 	Nov. 18	 	Day rate of approx. $204,000, plus approx. $9,000 per day for mobilization and reimbursable upgrades amortized through Jul. 18. Plus one 2-well priced option	
ENSCO DS-6	 	Drillship, DP3 Samsung	 	10000/12000	 	Available	 	Spain	 	 	 	 	 	 	
ENSCO DS-11
	 	Drillship, DP3
DSME	 	12000	 	Available	 	Spain	 	 	 	 	 	 	
ENSCO DS-3	 	Drillship, DP3 Samsung	 	10000/12000	 	Preservation
Stacked (3)
	 	Spain	 	 	 	 	 	 	
ENSCO DS-5	 	Drillship, DP3 Samsung	 	10000/12000	 	Preservation
Stacked (3)
	 	Spain	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Africa	 	 	
ENSCO DS-4	 	Drillship, DP3 Samsung	 	10000/12000	 	Chevron	 	Nigeria	 	Aug. 17	 	Aug. 19	 	Plus one 1-year priced option	
ENSCO DS-8	 	Drillship, DP3 Samsung GF12000	 	10000/12000	 	Total	 	Angola	 	Nov. 15	 	Nov. 20	 	Day rate of approx. $620,000, plus approx. $14,000 per day amortized through Nov. 20 for mobilization. Plus one 14-month priced option	
ENSCO DS-10	 	Drillship, DP3 Samsung GF12000	 	10000/12000	 	Shell	 	Nigeria	 	Mar. 18	 	Mar. 19	 	Plus five 1-year priced options	

Page 3  of 10

	
							
	 	 	Ensco plc
Fleet Status Report
29 October 2018	 	 	 	
Changes: bolded rig names and underlined text signify changes in rig status from previous report. 

															
Segment /
Region / Rig	 	Design	 	Water
Depth' (1)	 	Customer/
Status	 	Location	 	Contract Start Date	 	Contract End Date (2)	 	Comments	
Floaters	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia & Pacific Rim	 	 	
ENSCO DPS-1	 	Semisubmersible DP
F&G ExD Millennium	 	10000	 	Woodside	 	Australia	 	Feb. 18	 	Sep. 19	 	Contracted for 12 wells (estimated duration Feb. 18 to Sep.  19). Plus two 3-month options or one 3-month and one 6-month option	
ENSCO 5006	 	Semisubmersible - Conv Bingo 8,000	 	7000/7500	 	INPEX	 	Australia	 	Jan. 15	 	Aug. 19	 	Zero rate for 12 days in 3Q18. Day rate of approx. $362,000, plus approx. $125,000 per day amortized through Aug. 19 for capital upgrades and day rates during shipyard stay and mobilizations	
ENSCO 8504	 	Semisubmersible DP	 	8500/10000	 	Contract Preparations	 	Singapore	 	 	 	 	 	Contracted to JAPEX in Japan for one well (estimated duration Apr. 19 to Jul. 19)	
ENSCO DS-9	 	Drillship, DP3 Samsung GF12000	 	10000/12000	 	Mobilizing	 	-----	 	 	 	 	 	Contracted to Total in French Guiana for one well (estimated duration Jan. 19 to Apr. 19)	
ENSCO MS-1	 	Semisubmersible
F&G ExD Millennium	 	8200	 	Available	 	Singapore	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Under Construction	 	 	
ENSCO DS-13	 	Drillship, DP3
DSME	 	12000	 	Under Construction	 	South Korea	 	 	 	 	 	Scheduled delivery date 3Q19. Upon delivery, final milestone payment of approx. $84 million and accrued interest charges may be financed through a promissory note that will bear interest at a rate of 5% per annum with a maturity date of December 30, 2022	
ENSCO DS-14	 	Drillship, DP3
DSME	 	12000	 	Under Construction	 	South Korea	 	 	 	 	 	Scheduled delivery date 2Q20. Upon delivery, final milestone payment of approx. $165 million and accrued interest charges may be financed through a promissory note that will bear interest at a rate of 5% per annum with a maturity date of December 30, 2022	

Page 4  of 10

	
							
	 	 	Ensco plc
Fleet Status Report
29 October 2018	 	 	 	
Changes: bolded rig names and underlined text signify changes in rig status from previous report.

															
Segment /
Region / Rig	 	Design	 	Water
Depth' (1)	 	Customer/
Status	 	Location	 	Contract Start Date	 	Contract End Date (2)	 	Comments	
Jackups	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
North & South America	 	 	
ENSCO 68	 	MLT 84-CE	  	400	 	Energy XXI
Castex

Fieldwood

	 	U.S. GOM
U.S. GOM

U.S. GOM

	 	May 18
Aug. 18

Apr. 19

	 	Jul. 18
Apr. 19

Jun. 19

	 	
Contracted for three  wells (estimated duration Aug. 18 to Apr. 19 )
Contracted for one well (estimated duration Apr. 19 to Jun. 19)	
ENSCO 75	 	MLT Super 116-C 	  	400	 	Talos	 	U.S. GOM

	 	May 18
	 	Sep. 19	 	Plus one 90-day option	
ENSCO 87	 	MLT 116-C	  	350	 	Fieldwood
Talos
ExxonMobil

	 	U.S. GOM
U.S. GOM
U.S. GOM

 	 	Mar. 18
Oct. 18
Nov. 18	 	Oct. 18
Nov. 18
Sep. 19	 	
Contracted for one well (estimated duration 30 days)
Contracted for 13  wells (estimated duration Nov.  18 to Sep. 19 ). -----	
ENSCO 102	 	KFELS MOD V-A	 	400	 	Arena
Fieldwood	 	U.S. GOM
U.S. GOM

	 	Nov. 17
Apr. 19	 	Apr. 19
Aug. 19	 	
Contracted for three wells (estimated duration Apr. 19 to Aug. 19).   Plus one 2-well option	

Page 5  of 10

	
							
	 	 	Ensco plc
Fleet Status Report
29 October 2018	 	 	 	
Changes: bolded rig names and underlined text signify changes in rig status from previous report.      

															
Segment /
Region / Rig	 	Design	 	Water
Depth' (1)	 	Customer/
Status	 	Location	 	Contract Start Date	 	Contract End Date (2)	 	Comments	
Jackups	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Europe	 	 	
ENSCO 70	 	Hitachi K1032N	 	250	 	Preservation
Stacked (3)	 	UK	 	 	 	 	 	 	
ENSCO 71	 	Hitachi K1032N	 	225	 	Preservation
Stacked (3)	 	UK	 	 	 	 	 	 	
ENSCO 72	 	Hitachi K1025N	 	225	 	Petrofac
Corallian	 	UK
UK	 	Apr. 18
Nov. 18	 	Oct. 18
Jan. 19	 	
Contracted for two wells (estimated duration Nov. 18 to Jan. 19)	
ENSCO 92	 	MLT 116-C	 	225	 	ConocoPhillips	 	UK	 	Feb. 17	 	Dec. 22	 	 	
ENSCO 100	 	MLT 150-88-C	 	350	 	Premier

Available	 	UK	 	Jul. 15	 	Oct. 18	 	Day rate of approx. $185,000. Contracted for 18 wells (estimated duration Jul. 15 to Oct. 18). -----	
ENSCO 101	 	KFELS MOD V-A	 	400	 	Nautical
Neptune	 	UK
UK	 	Jul. 18
Oct. 18	 	Oct. 18
Mar. 19	 	
Contracted for two wells (estimated duration Oct.  18 to Mar.  19). Plus unlimited unpriced options	
ENSCO 111	 	KFELS MOD V-B	 	400	 	Cold Stacked	 	Malta	 	 	 	 	 	 	
ENSCO 112	 	MLT Super 116-E	 	350	 	Cold Stacked	 	Malta	 	 	 	 	 	 	
ENSCO 120	 	ENSCO 120 Series	 	400	 	ConocoPhillips	 	UK	 	Jul. 17	 	Jul. 20	 	Plus two 1-year options	
ENSCO 121	 	ENSCO 120 Series	 	400	 	Contract Preparations	 	UK	 	 	 	 	 	Contracted to Eni in the UK for one well (estimated duration Dec. 18 to May 19)	
ENSCO 122	 	ENSCO 120 Series	 	400	 	NAM	 	UK	 	Sep. 17	 	Apr. 19	 	Contracted for five  wells (estimated duration Sep. 17 to Apr. 19 ). Plus various options through Dec. 20	

Page 6  of 10

	
							
	 	 	Ensco plc
Fleet Status Report
29 October 2018	 	 	 	
Changes: bolded rig names and underlined text signify changes in rig status from previous report.

															
Segment /
Region / Rig	 	Design	 	Water
Depth' (1)	 	Customer/
Status	 	Location	 	Contract Start Date	 	Contract End Date (2)	 	Comments	
Jackups	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Middle East	 	 	
ENSCO 54	 	F&G L-780 Mod II-C	 	300	 	Saudi Aramco	 	Saudi Arabia	 	Sep. 14	 	Sep. 22	 	Inspection for 25  days in 3Q18 and approx. 60 days in 4Q18 . Day rate of approx. $72,000, plus approx. $5,000 per day for upgrade costs and mobilization amortized through Sep. 22	
ENSCO 76	 	MLT Super 116-C	 	350	 	Saudi Aramco	 	Saudi Arabia	 	Jan. 15	 	Nov. 18	 	Day rate of approx. $127,000	
ENSCO 84	 	MLT 82 SD-C	 	250	 	Saudi Aramco	 	Saudi Arabia	 	Jan. 17	 	Aug. 21	 	Day rate of approx. $72,000	
ENSCO 88	 	MLT 82 SD-C	 	250	 	Saudi Aramco	 	Saudi Arabia	 	Nov. 13	 	Nov. 19	 	Day rate of approx. $65,000	
ENSCO 96	 	Hitachi 250-C	 	250	 	Saudi Aramco	 	Saudi Arabia	 	Feb. 15	 	Feb. 19	 	Day rate of approx. $65,000 to year-end 2018. Day rate increases to approx. $125,000 Jan. 19 to Feb. 19	
ENSCO 97	 	MLT 82 SD-C	 	250	 	Saudi Aramco	 	Saudi Arabia	 	Jan. 15	 	Feb. 19	 	Day rate of approx. $65,000 to year-end 2018. Day rate increases to approx. $125,000 Jan. 19 to Feb. 19	
ENSCO 104	 	KFELS MOD V-B	 	400	 	ADNOC	 	UAE	 	Feb. 18	 	May 19	 	 	
ENSCO 108	 	KFELS MOD V-B	 	400	 	Contract Preparations	 	UAE	 	 	 	 	 	Contracted to Saudi Aramco from 4Q18 to 4Q21	
ENSCO 110	 	KFELS MOD V-B	 	400	 	North Oil Company	 	Qatar	 	Sep. 17	 	Sep. 20	 	Plus one 1-year priced option	
ENSCO 140	 	ENSCO 140 Series	 	340/400	 	Saudi Aramco	 	Saudi Arabia	 	Jul. 18	 	Jun. 21	 	 	
ENSCO 141	 	ENSCO 140 Series	 	340/400	 	Saudi Aramco	 	Saudi Arabia	 	Aug. 18	 	Aug. 21	 	 	

Page 7  of 10

	
							
	 	 	Ensco plc
Fleet Status Report
29 October 2018	 	 	 	
Changes: bolded rig names and underlined text signify changes in rig status from previous report.

															
Segment /
Region / Rig	 	Design	 	Water
Depth' (1)	 	Customer/
Status	 	Location	 	Contract Start Date	 	Contract End Date (2)	 	Comments	
Jackups	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Africa	 	 	
ENSCO 109	 	KFELS MOD V-Super B	 	350	 	Chevron	 	Angola	 	Dec. 14	 	Jul. 19	 	Day rate of approx. $172,000 from mid Apr. 18 to Jul. 18, followed by undisclosed day rate from Aug. 18 to Jul. 19	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Asia & Pacific Rim	 	 	
ENSCO 67	 	MLT 84-CE	 	400	 	Pertamina	 	Indonesia	 	Dec. 16	 	Dec. 18	 	Contract discussions ongoing. Rid idled since late Feb. 18	
ENSCO 105	 	KFELS MOD V-B	 	400	 	Preservation
Stacked (3)	 	Singapore	 	 	 	 	 		
ENSCO 106	 	KFELS MOD V-B	 	400	 	BP	 	Indonesia	 	Jan. 18	 	Jan. 23	 	Plus 13 1-well priced options	
ENSCO 107	 	KFELS MOD V-B	 	400	 	Quadrant Energy/ Vermilion Energy	 	Australia	 	May 18	 	Dec. 18	 	Contracted for 160 days with Quadrant (estimated duration May 18 to Oct.  18). Assigned to Vermilion for two wells (estimated duration Oct.  18 to Dec.  18). Plus two 1-well options with Quadrant thereafter	
ENSCO 113	 	Pacific Class 400	 	400	 	Cold Stacked
	 	Philippines	 	 	 	 	 	 	
ENSCO 114	 	Pacific Class 400	 	400	 	Cold Stacked
	 	Philippines	 	 	 	 	 	 	
ENSCO 115	 	Pacific Class 400	 	400	 	Available	 	Thailand	 	 	 	 	 	Contracted to Mubadala Petroleum in Thailand from 1Q19 to 4Q19. Plus one 2-month option and three 4-month options	

Page 8  of 10

	
							
	 	 	Ensco plc
Fleet Status Report
29 October 2018	 	 	 	
Changes: bolded rig names and underlined text signify changes in rig status from previous report.

															
Segment /
Region / Rig	 	Design	 	Water
Depth' (1)	 	Customer/
Status	 	Location	 	Contract Start Date	 	Contract End Date (2)	 	Comments	
Jackups	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Under Construction	 	 	
ENSCO 123	 	ENSCO 120 Series	 	400	 	Under construction	 	Singapore	 	 	 	 	 	Final remaining payment of $6 million to be made upon expected delivery in 1Q19	
 	 	 	
Other	 	 	
Drilling Management	 	 	
Thunder Horse	 	Deepwater Semisubmersible	 	6000	 	BP	 	U.S. GOM	 	Jan. 17	 	Jan. 22	 	Day rate of approx. $95,000, plus cost adjustments and five 1-year options	
Mad Dog	 	Deepwater Spar Drilling Rig	 	4500	 	BP	 	U.S. GOM	 	Jan. 17	 	Jan. 22	 	Day rate of approx. $57,000, plus cost adjustments and five 1-year options	
 	 	 	
Held for Sale	 	 	
Continuing Operations	 	 	
ENSCO 5005	 	Semisubmersible - Conv F & G Enhanced Pacesetter	 	1500/1700	 	Sold	 	 	 	 	 	 	 	Immaterial gain on sale recognized in 3Q18	
ENSCO 80	 	MLT 116-CE	 	225	 	Sold	 	 	 	 	 	 	 	Immaterial gain on sale recognized in 3Q18	

(1) For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.
(2) Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.
(3) Prior to stacking, upfront steps are taken to preserve the rig. This may include a quayside power source to dehumidify key equipment and/or provide electrical current to the hull to prevent corrosion. Also, certain equipment may be removed from the rig for storage in a temperature-controlled environment. While stacked, large equipment that remains on the rig is periodically inspected and maintained by Ensco personnel. These steps are designed to reduce the time and lower cost to reactivate the rig when market conditions improve.

Page 9  of 10

	
							
	 	 	Ensco plc
Fleet Status Report
29 October 2018	 	 	 	
 
Additional Information Regarding this Fleet Status Report
 
Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and are the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized. Ensco announced in its Fleet Status Report dated 22 February 2017 that going forward it does not expect to release day rates for new contracts in its Fleet Status Reports. Significant zero rate estimates are reflected in the comments section for 2018.
 
Forward Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements involving future rig day rates including adjustments with the customer; discussions with the customer; backlog; cost adjustments; utilization; estimated rig availability; expected work commitments and contracts; contract duration, status, terms and other contract commitments; letters of intent, letters of award or other correspondence indicating an award; rig enhancement projects; new rig commitments; the expected period of time and number of rigs that will be in a shipyard for repairs, maintenance, enhancement or construction; sale leaseback transactions; scheduled delivery dates for new rigs; and the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including commodity price fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations; relocations; costs and difficulties related to the integration of Atwood Oceanics, Inc.; severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; possible cancellation, suspension, repudiation, or termination of drilling contracts, including termination for convenience (without cause), as a result of mechanical difficulties, performance, customer liquidity and finances, the decline or the perceived risk of a further decline in oil and/or natural gas prices, or other reasons; our ability to enter into, and the terms of, future drilling contracts; the cancellation of letters of intent or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments or awards; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website at www.enscoplc.com.  Each forward-looking statement contained herein speaks only as of the date of this Fleet Status Report, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.

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