|
|
|
|
|
|
Deepwater |
$143.6 | |
Asia Pacific |
84.6 | |
Europe and Africa |
61.4 | |
North and South America |
46.6 | |
Total |
$336.2 | |
2009 |
2008 |
2007 | |
Net income attributable to Ensco |
$779.4 |
$1,150.8 |
$992.0 |
Net income allocated to non-vested share awards |
(9.7) |
(12.6) |
(7.3) |
| |||
Net income attributable to Ensco shares |
$769.7 |
$1,138.2 |
$984.7 |
|
2009 |
2008 |
2007 | |
Weighted-average shares - basic |
140.4 |
141.6 |
146.7 |
Potentially dilutive share options |
.1 |
.3 |
.5 |
| |||
Weighted-average shares - diluted |
140.5 |
141.9 |
147.2 |
2009 |
2008 |
2007 | |
Income from continuing operations |
$747.3 |
$1,053.2 |
$866.2 |
Income from continuing operations attributable to
noncontrolling interests |
(4.2) |
(5.1) |
(5.9) |
| |||
Income from continuing operations attributable to Ensco |
$743.1 |
$1,048.1 |
$860.3 |
2009 |
2008 |
2007 | |||||
Income from discontinued operations |
$37.2 |
$103.5 |
$132.7 |
||||
Income from discontinued operations attributable to
noncontrolling interests |
(.9 |
) |
(.8 |
) |
(1.0 |
) | |
| |||||||
Income from discontinued operations attributable to Ensco |
$36.3 |
$102.7 |
$131.7 |
||||
|
|
2009 |
2008 | |||
Drilling rigs and equipment |
$4,801.1 |
$3,829.8 |
||
Other |
47.0 |
45.5 |
||
Work in progress |
1,303.1 |
1,501.0 |
||
$6,151.2 |
$5,376.3 |
|||
|
|
2009 |
2008 | ||||
7.20% Debentures due 2027 |
$148.9 |
$148.8 |
|||
6.36% Bonds due 2015 |
76.0 |
88.7 |
|||
4.65% Bonds due 2020 |
49.5 |
54.0 |
|||
274.4 |
291.5 |
||||
Less current maturities |
(17.2 |
) |
(17.2 |
) | |
| |||||
Total long-term debt |
$257.2 |
$274.3 |
|||
|
2010 |
$ 17.2 | ||
2011 |
17.2 | ||
2012 |
17.2 | ||
2013 |
17.2 | ||
2014 |
17.2 | ||
Thereafter |
189.5 | ||
| |||
Total |
$275.5 | ||
|
|
Assets |
Liabilities | |||
2009 |
2008 |
2009 |
2008 | |
Derivatives Designated as Hedging Instruments |
||||
Foreign currency forward contracts - current(1) |
$10.2 |
$ .3 |
$1.1 |
$25.8 |
Foreign currency forward contracts - non-current(2) |
3.8 |
5.1 |
-- |
.0 |
14.0 |
5.4 |
1.1 |
25.8 | |
| ||||
Derivatives not Designated as Hedging Instruments |
||||
Foreign currency forward contracts - current(1) |
.3 |
.1 |
.0 |
.0 |
.3 |
.1 |
.0 |
.0 | |
| ||||
Total |
$14.3 |
$5.5 |
$1.1 |
$25.8 |
|
(1) |
Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. |
(2) |
Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. | |
Gain (Loss)
Recognized in
Other Comprehensive
Income (Loss) ("OCI")
on Derivatives
(Effective Portion) |
(Loss) Gain
Reclassified
from AOCI
into Income
(Effective Portion) |
(Loss) Gain Recognized
in Income on
Derivatives (Ineffective
Portion and Amount
Excluded from
Effectiveness Testing)(1) | |||||||||||||||||
2009 |
2008 |
2007 |
2009 |
2008 |
2007 |
2009 |
2008 |
2007 | |||||||||||
Foreign currency forward contracts(2) |
$13.5 |
$(16.4) |
$8.2 |
$(8.0) |
$(2.9) |
$ 7.9 |
$(2.9) |
$(1.0) |
$ .7 | ||||||||||
Interest rate lock contracts(3) |
-- |
-- |
-- |
(.7) |
(.7) |
(1.0) |
-- |
-- |
- | ||||||||||
| |||||||||||||||||||
Total |
$13.5 |
$(16.4) |
$8.2 |
$(8.7) |
$(3.6) |
$ 6.9 |
$(2.9) |
$(1.0) |
$ .7 |
(1) |
Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other income (expense), net, in our consolidated statements of income. |
(2) |
Gains and losses on derivative instruments reclassified from AOCI into income (effective portion) were included in contract drilling expense in our consolidated statements of income. |
(3) |
Losses on derivatives reclassified from AOCI into income (effective portion) were included in other income (expense), net, in our consolidated statements of income. | |
Net gains to be reclassified to contract drilling expense |
$3.9 |
||
Net losses to be reclassified to other income (expense), net |
(.6 |
) | |
| |||
Net gains to be reclassified to earnings |
$3.3 |
||
|
|
2009 |
2008 |
2007 | |||||
Net Income |
$784.5 |
$1,156.7 |
$ 998.9 |
||||
Other comprehensive income: |
|||||||
Net change in fair value of derivatives |
13.5 |
(16.4 |
) |
8.2 |
|||
Reclassification of unrealized gains and losses on
derivative instruments from other comprehensive
loss (income) into net income |
8.7 |
3.6 |
(6.9 |
) | |||
Net other comprehensive income (loss) |
22.2 |
(12.8 |
) |
1.3 |
|||
| |||||||
Comprehensive income |
806.7 |
1,143.9 |
1,000.2 |
||||
Comprehensive income attributable to noncontrolling interests |
(5.1) |
(5.9 |
) |
(6.9 |
) | ||
| |||||||
Comprehensive income attributable to Ensco |
$801.6 |
$1,138.0 |
$ 993.3 |
||||
|
|
Accumulated |
|||||||||||||||
Other |
|||||||||||||||
Additional |
Comprehensive |
||||||||||||||
Par |
Paid-In |
Retained |
Income |
Treasury |
Noncontrolling | ||||||||||
Shares |
Value |
Capital |
Earnings |
(Loss) |
Shares |
Interest | |||||||||
BALANCE, December 31, 2006 |
178.7 |
|
$17.9 |
|
$1,621.3 |
$1,994.5 |
$ (5.5 |
) |
$ (412.2 |
) |
$ 3.4 |
||||
Cumulative effect of adoption of FIN 48 |
-- |
-- |
-- |
5.8 |
-- |
-- |
-- |
||||||||
Net income |
-- |
-- |
-- |
992.0 |
-- |
-- |
6.9 |
||||||||
Cash dividends paid |
-- |
-- |
-- |
(14.8 |
) |
-- |
-- |
-- |
|||||||
Distributions to noncontrolling interests |
-- |
-- |
-- |
-- |
-- |
-- |
(5.7 |
) | |||||||
Shares issued under share‑based compensation
plans, net |
1.6 | .1 | 35.7 | -- | -- | -- | -- | ||||||||
Tax benefit from share‑based compensation |
-- | -- | 6.6 | -- | -- | -- | -- | ||||||||
Repurchase of shares |
-- |
-- |
-- |
-- |
-- |
(527.6 |
) |
-- |
|||||||
Share‑based compensation cost |
-- |
-- |
36.9 |
-- |
-- |
-- |
-- |
||||||||
Net other comprehensive income |
-- |
-- |
-- |
-- |
1.3 |
-- |
-- |
||||||||
BALANCE, December 31, 2007 |
180.3 |
18.0 |
1,700.5 |
2,977.5 |
(4.2 |
) |
(939.8 |
) |
4.6 |
||||||
Net income |
-- |
-- |
-- |
1,150.8 |
-- |
-- |
5.9 |
||||||||
Cash dividends paid |
-- |
-- |
-- |
(14.3 |
) |
-- |
-- |
|
-- |
||||||
Distributions to noncontrolling interests |
-- |
-- |
-- |
-- |
-- |
-- |
(3.8 |
) | |||||||
Shares issued under share‑based compensation
plans, net |
1.6 | .2 | 27.1 | -- | -- | -- | -- | ||||||||
Tax benefit from share‑based compensation |
-- | -- | 5.3 | -- | -- | -- | |||||||||
Repurchase of shares |
-- |
-- |
-- |
-- |
-- |
(259.7 |
) |
-- |
|||||||
Share‑based compensation cost |
-- |
-- |
28.3 |
-- |
-- |
-- |
-- |
||||||||
Net other comprehensive loss |
-- |
-- |
-- |
-- |
(12.8 |
) |
-- |
-- |
|||||||
BALANCE, December 31, 2008 |
181.9 |
18.2 |
1,761.2 |
4,114.0 |
(17.0 |
) |
(1,199.5 |
) |
6.7 |
||||||
Net income |
-- |
-- |
-- |
779.4 |
-- |
-- |
5.1 |
||||||||
Cash dividends paid |
-- |
-- |
-- |
(14.2 |
) |
-- |
-- |
-- |
|||||||
Distributions to noncontrolling interests |
-- |
-- |
-- |
-- |
-- |
-- |
(3.9 |
) | |||||||
Shares issued under share‑based compensation
plans, net |
.9 | .1 | 9.5 | -- | -- | -- | -- | ||||||||
Tax deficiency from share‑based compensation |
-- | -- | (2.4 | ) | -- | -- | -- | -- | |||||||
Repurchase of shares |
-- |
-- |
-- |
-- |
-- |
(6.5 |
) |
-- |
|||||||
Retirement of treasury shares |
(40.2 |
) |
(4.0 |
) |
(1,200.0 |
) |
-- |
-- |
1,203.9 |
-- |
|||||
Share‑based compensation cost |
-- |
-- |
34.3 |
-- |
-- |
-- |
-- |
||||||||
Net other comprehensive income |
-- |
-- |
-- |
-- |
22.2 |
-- |
-- |
||||||||
Cancellation of shares of common stock during
redomestication |
(142.6 |
) |
(14.3 |
) |
-- |
-- |
-- |
-- |
-- |
||||||
Issuance of ordinary shares pursuant to the
redomestication |
150.1 |
15.1 |
-- |
-- |
-- |
(.8 |
) |
-- |
|||||||
BALANCE, December 31, 2009 |
150.1 |
$ 15.1 |
$ 602.6 |
$4,879.2 |
$ 5.2 |
$ (2.9 |
) |
$ 7.9 |
|||||||
|
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1) |
Significant
Other
Observable
Inputs
(Level 2) |
Significant
Unobservable
Inputs
(Level 3) |
Total | |||||||||
As of December 31, 2009 |
||||||||||||
Auction rate securities |
$ -- |
$ -- |
$60.5 |
$60.5 |
||||||||
Supplemental executive retirement plan assets |
18.7 |
-- |
-- |
18.7 |
||||||||
Derivatives, net |
-- |
13.2 |
-- |
13.2 |
||||||||
Total financial assets |
$18.7 |
$13.2 |
$60.5 |
$92.4 |
||||||||
As of December 31, 2008 |
||||||||||||
Auction rate securities |
$ -- |
$ -- |
$64.2 |
$64.2 |
||||||||
Supplemental executive retirement plan assets |
13.9 |
-- |
-- |
13.9 |
||||||||
Total financial assets |
$13.9 |
$ -- |
$64.2 |
$78.1 |
||||||||
Derivatives, net |
$ -- |
$20.3 |
$ -- |
$20.3 |
||||||||
Total financial liabilities |
$ -- |
$20.3 |
$ -- |
$20.3 |
||||||||
2009 |
2008 | |||
Beginning Balance |
$64.2 |
$ -- | ||
(Sales) purchases, net |
(5.5) |
72.3 | ||
Unrealized gains (losses)* |
1.8 |
(8.1) | ||
Realized losses |
-- |
-- | ||
Transfers in and/or out of Level 3 |
-- |
-- | ||
Ending balance |
$60.5 |
$64.2 | ||
* |
Unrealized gains (losses) are included in other income (expense), net, in our consolidated statement of income. |
December 31,
2009 |
December 31,
2008 | ||||||||
Carrying
Value |
Estimated
Fair
Value |
Carrying
Value |
Estimated
Fair
Value | ||||||
7.20% Debentures |
$148.9 |
$155.9 |
$148.8 |
$140.3 |
|||||
6.36% Bonds, including current maturities |
76.0 |
85.8 |
88.7 |
103.9 |
|||||
4.65% Bonds, including current maturities |
49.5 |
53.8 |
54.0 |
62.1 |
|||||
|
2009 |
2008 |
2007 | |||||
Contract drilling |
$16.8 |
|
$11.4 |
|
$ 5.5 |
| |
General and administrative |
11.4 |
7.6 |
17.5 |
||||
Non-vested share award related compensation expense |
|||||||
included in operating expenses |
28.2 |
19.0 |
23.0 |
||||
Tax benefit |
(7.0 |
) |
(4.7 |
) |
(7.1 |
) | |
Total non-vested share award related compensation |
|||||||
expense included in net income |
$21.2 |
$14.3 |
$15.9 |
2009 |
2008 |
2007 | |||||
Weighted-average grant-date fair value of |
|
|
| ||||
non-vested share awards granted (per share) |
$40.91 |
$67.99 |
$60.18 |
||||
Total fair value of non-vested share awards |
|||||||
vested during the period (in millions) |
$18.6 |
$17.9 |
$19.8 |
Shares |
Weighted-
Average
Grant-Date
Fair Value | ||||
Non-vested as of January 1, 2009 |
1,755 |
$60.27 |
|||
Granted |
613 |
40.91 |
|||
Vested |
(495 |
) |
58.89 |
||
Forfeited |
(62 |
) |
56.94 |
||
Non-vested as of December 31, 2009 |
1,811 |
$54.21 |
|||
2009 |
2008 |
2007 | |||||
Contract drilling |
$ 1.7 |
$ 3.3 |
$ 5.8 |
| |||
General and administrative |
3.7 |
5.0 |
7.8 |
||||
Option related compensation expense included in |
|||||||
operating expenses |
5.4 |
8.3 |
13.6 |
||||
Tax benefit |
(1.6) |
(2.3) |
(3.8) |
||||
Total option related compensation expense included |
|||||||
in net income |
|
$ 3.8 |
|
$ 6.0 |
|
$ 9.8 |
|
2009 |
2008 |
2007 | |||||
Risk-free interest rate |
1.8 |
% |
-- |
4.8 |
% | ||
Expected term (in years) |
3.9 |
-- |
4.7 |
||||
Expected volatility |
53.3 |
% |
-- |
29.8 |
% | ||
Dividend yield |
.2 |
% |
-- |
.2 |
% | ||
Shares |
Weighted-
Average
Exercise
Price |
Weighted-
Average
Contractual
Term |
Intrinsic
Value | ||||||
Outstanding as of January 1, 2009 |
1,544 |
$45 |
.15 |
||||||
Granted |
115 |
41 |
.29 |
||||||
Exercised |
(344 |
) |
28 |
.03 |
|||||
Forfeited |
(48 |
) |
52 |
.06 |
|||||
Expired |
(54 |
) |
53 |
.60 |
|||||
Outstanding as of December 31, 2009 |
1,213 |
$48 |
.98 |
3 |
.8 |
$1,043 |
|||
Exercisable as of December 31, 2009 |
794 |
$47 |
.87 |
3 |
.4 |
$1,043 |
2009 |
2008 |
2007 | |||||
Weighted-average grant-date fair value of |
|||||||
options granted (per share) |
$17.17 |
$ -- |
$20.44 |
||||
Intrinsic value of options exercised during |
|||||||
the year (in millions) |
$ 3.6 |
$25.5 |
$30.0 |
Options Outstanding |
Options Exercisable | ||||||||||
|
Weighted-Average |
||||||||||
Number |
Remaining |
Weighted-Average |
Number |
Weighted-Average | |||||||
Exercise Prices |
Outstanding |
Contractual Life |
Exercise Price |
Exercisable |
Exercise Price | ||||||
$23.12 - $33.55 |
163 |
2.4 years |
$33.54 |
163 |
$33.54 |
||||||
41.29 - 47.12 |
381 |
4.2 years |
45.10 |
228 |
46.48 |
||||||
50.09 - 52.82 |
369 |
3.5 years |
50.31 |
243 |
50.32 |
||||||
57.38 - 60.74 |
300 |
4.4 years |
60.67 |
160 |
60.69 |
||||||
1,213 |
3.8 years |
$48.98 |
794 |
$47.87 |
|
2009 |
2008 |
2007 | |||||
Current income tax expense: |
|||||||
U.S. |
$ 63.7 |
$101.4 |
$ 96.3 |
||||
Non-U.S. |
92.2 |
111.5 |
136.2 |
||||
155.9 |
212.9 |
232.5 |
|||||
Deferred income tax expense (benefit): |
|||||||
U.S. |
25.3 |
12.7 |
5.7 |
||||
Non-U.S. |
(4.6 |
) |
(5.2 |
) |
(3.6 |
) | |
20.7 |
7.5 |
2.1 |
|||||
Total income tax expense |
$176.6 |
$220.4 |
$234.6 |
2009 |
2008 | ||||
Deferred tax assets: |
|||||
Deferred revenue |
$ 34.1 |
$ 9.7 |
|||
Employee benefits, including share-based compensation |
25.6 |
21.2 |
|||
Other |
18.3 |
24.2 |
|||
Total deferred tax assets |
78.0 |
55.1 |
|||
Deferred tax liabilities: |
|||||
Property and equipment |
(348.9 |
) |
(320.2 |
) | |
Intercompany transfers of property |
(45.5 |
) |
(36.6 |
) | |
Deferred costs |
(23.5 |
) |
(18.5 |
) | |
Other |
(7.7 |
) |
(.4 |
) | |
Total deferred tax liabilities |
(425.6 |
) |
(375.7 |
) | |
Net deferred tax liability |
$(347.6 |
) |
$(320.6 |
) | |
Net current deferred tax asset |
$ 29.7 |
$ 19.9 |
|||
Net noncurrent deferred tax liability |
(377.3 |
) |
(340.5 |
) | |
Net deferred tax liability |
$(347.6 |
) |
$(320.6 |
) |
2009 |
2008 |
2007 | |||||
U.S. statutory income tax rate |
35.0 |
% |
35.0 |
% |
35.0 |
% | |
Non-U.S. taxes |
(17.8 |
) |
(19.3 |
) |
(13.2 |
) | |
Amortization of deferred charges
associated with intercompany rig sales |
1.8 |
1.3 |
-- |
| |||
Redomestication related income taxes |
1.0 |
-- |
-- |
||||
Net (benefit) expense in connection with resolutions |
|||||||
of tax issues and adjustments relating to prior years |
(.9 |
) |
.5 |
(.6 |
) | ||
Other |
-- |
(.2 |
) |
.1 |
|||
Effective income tax rate |
19.1 |
% |
17.3 |
% |
21.3 |
% |
2009 |
2008 | ||||
Balance, beginning of year |
$26.8 |
$13.5 |
|||
Increases in unrecognized tax benefits as a result
of tax positions taken during the current year |
2.0 |
7.2 |
|||
Increases in unrecognized tax benefits as a result
of tax positions taken during prior years |
-- |
12.7 |
|||
Decreases in unrecognized tax benefits as a result
of tax positions taken during prior years |
(2.7 |
) |
(1.3 |
) | |
Settlements with taxing authorities |
(8.7 |
) |
(.9 |
) | |
Lapse of applicable statutes of limitations |
(.8 |
) |
(3.3 |
) | |
Impact of foreign currency exchange rates |
1.0 |
(1.1 |
) | ||
Balance, end of year |
$17.6 |
$26.8 |
|
2009 |
2008 |
2007 | ||||
Revenues |
$105.0 |
$276.3 |
|
$249.8 |
| |
Operating expenses |
46.7 |
119.5 |
90.0 |
|||
Operating income before income taxes |
58.3 |
156.8 |
159.8 |
|||
Income tax expense |
9.3 |
29.8 |
27.1 |
|||
Loss on disposal of discontinued operations, net |
(11.8 |
) |
(23.5 |
) |
-- |
|
Income from discontinued operations |
$ 37.2 |
$103.5 |
|
$132.7 |
|
2010 |
$ 482.4 | ||
2011 |
425.5 | ||
2012 |
219.0 | ||
Total |
$1,126.9 |
|
North |
||||||||||||||||||||||
Europe |
and |
Operating |
||||||||||||||||||||
Asia |
and |
South |
Segments |
Reconciling |
Consolidated | |||||||||||||||||
Deepwater |
Pacific |
Africa |
America |
Total |
Items |
Total | ||||||||||||||||
Revenues |
$ 254.1 |
$ 645.0 |
$569.1 |
$398.7 |
$1,866.9 |
$ -- |
$1,866.9 |
|||||||||||||||
Operating expenses
Contract drilling (exclusive
of depreciation) |
108.1 |
219.3 |
208.8 |
159.6 |
695.8 |
-- |
695.8 |
|||||||||||||||
Depreciation |
22.2 |
74.1 |
44.5 |
49.9 |
190.7 |
1.3 |
192.0 |
|||||||||||||||
General and administrative |
-- |
-- |
-- |
-- |
-- |
64.0 |
64.0 |
|||||||||||||||
Operating income |
$ 123.8 |
$ 351.6 |
$315.8 |
$189.2 |
$ 980.4 |
$ (65.3) |
$ 915.1 |
|||||||||||||||
Total assets |
$2,444.6 |
$1,290.6 |
$779.9 |
$856.0 |
$5,371.1 |
$1,376.1 |
$6,747.2 |
|||||||||||||||
Capital expenditures |
644.4 |
42.1 |
66.2 |
102.3 |
855.0 |
2.7 |
857.7 |
North |
||||||||||||||||||||||
Europe |
and |
Operating |
||||||||||||||||||||
Asia |
and |
South |
Segments |
Reconciling |
Consolidated | |||||||||||||||||
Deepwater |
Pacific |
Africa |
America |
Total |
Items |
Total | ||||||||||||||||
Revenues |
$ 84.4 |
$ 869.6 |
$804.1 |
$452.2 |
$2,210.3 |
$ -- |
$2,210.3 |
|||||||||||||||
Operating expenses
Contract drilling (exclusive
of depreciation) |
31.2 |
269.4 |
246.7 |
158.1 |
705.4 |
-- |
705.4 |
|||||||||||||||
Depreciation |
9.1 |
72.0 |
43.0 |
47.3 |
171.4 |
1.9 |
173.3 |
|||||||||||||||
General and administrative |
-- |
-- |
-- |
-- |
-- |
53.8 |
53.8 |
|||||||||||||||
Operating income |
$ 44.1 |
$ 528.2 |
$514.4 |
$246.8 |
$1,333.5 |
$ (55.7) |
$1,277.8 |
|||||||||||||||
Total assets |
$1,759.9 |
$1,327.7 |
$806.7 |
$773.1 |
$4,667.4 |
$1,162.7 |
$5,830.1 |
|||||||||||||||
Capital expenditures |
657.8 |
34.8 |
22.7 |
46.1 |
761.4 |
2.7 |
764.1 |
North |
||||||||||||||||||||||
Europe |
and |
Operating |
||||||||||||||||||||
Asia |
and |
South |
Segments |
Reconciling |
Consolidated | |||||||||||||||||
Deepwater |
Pacific |
Africa |
America |
Total |
Items |
Total | ||||||||||||||||
Revenues |
$ 72.8 |
$ 748.5 |
$670.8 |
$401.9 |
$1,894.0 |
$ -- |
$1,894.0 |
|||||||||||||||
Operating expenses
Contract drilling (exclusive
of depreciation) |
28.8 |
226.3 |
208.4 |
141.9 |
605.4 |
-- |
605.4 |
|||||||||||||||
Depreciation |
9.3 |
69.7 |
40.4 |
42.6 |
162.0 |
4.1 |
166.1 |
|||||||||||||||
General and administrative |
-- |
-- |
-- |
-- |
-- |
59.5 |
59.5 |
|||||||||||||||
Operating income |
$ 34.7 |
$ 452.5 |
$422.0 |
$217.4 |
$1,126.6 |
$ (63.6) |
$1,063.0 |
|||||||||||||||
Total assets |
$973.8 |
$1,386.6 |
$773.6 |
$808.8 |
$3,942.8 |
$1,026.0 |
$4,968.8 |
|||||||||||||||
Capital expenditures |
352.4 |
48.5 |
22.0 |
93.0 |
515.9 |
1.4 |
517.3 |
Revenues |
Long-lived Assets | ||||||||||||
2009 |
2008 |
2007 |
2009 |
2008 |
2007 | ||||||||
United Kingdom |
$ 353.2 |
$ 478.3 |
$ 392.5 |
$ 457.4 |
$ 309.0 |
$ 425.5 |
|||||||
United States |
267.0 |
485.8 |
474.7 |
1,806.7 |
1,663.6 |
1,640.3 |
|||||||
Indonesia |
72.3 |
254.2 |
116.1 |
50.2 |
153.9 |
325.4 |
|||||||
Singapore |
-- |
-- |
-- |
720.1 |
550.5 |
17.1 |
|||||||
Other countries |
1,174.4 |
992.0 |
910.7 |
1,442.9 |
1,194.3 |
950.6 |
|||||||
Total |
$1,866.9 |
$2,210.3 |
$1,894.0 |
$4,477.3 |
$3,871.3 |
$3,358.9 |
|
2009 |
2008 | ||||
Trade |
$310.1 |
$483.5 |
|||
Other |
17.9 |
19.7 |
|||
328.0 |
503.2 |
||||
Allowance for doubtful accounts |
(3.4 |
) |
(20.5 |
) | |
$324.6 |
$482.7 |
2009 |
2008 | ||||
Inventory |
$ 53.1 |
$ 47.0 |
|||
Prepaid taxes |
39.6 |
16.4 |
|||
Deferred tax assets |
30.0 |
20.3 |
|||
Deferred mobilization costs |
29.0 |
24.4 |
|||
Prepaid expenses |
13.6 |
9.4 |
|||
Other |
21.5 |
11.1 |
|||
$186.8 |
$128.6 |
2009 |
2008 | ||||
Prepaid taxes on intercompany transfers of property |
$ 99.0 |
$ 91.3 |
|||
Wreckage and debris removal receivables |
55.8 |
18.8 |
|||
Deferred mobilization costs |
23.7 |
23.1 |
|||
Supplemental executive retirement plan assets |
18.7 |
13.9 |
|||
Other |
23.2 |
10.4 |
|||
$220.4 |
$157.5 |
2009 |
2008 | ||||
Taxes |
$ 97.3 |
$ 48.2 |
|||
Deferred revenue |
89.0 |
67.7 |
|||
Wreckage and debris removal |
50.3 |
15.0 |
|||
Personnel costs |
48.6 |
50.5 |
|||
Derivative liabilities |
1.1 |
25.8 |
|||
Other |
22.3 |
7.7 |
|||
$308.6 |
$214.9 |
2009 |
2008 | ||||
Deferred revenue |
$ 51.2 |
$ 34.4 |
|||
Unrecognized tax benefits (inclusive of interest and penalties) |
33.4 |
|
39.7 |
||
Supplemental executive retirement plan liabilities |
21.0 |
13.9 |
|||
Other |
15.1 |
15.8 |
|||
$120.7 |
$103.8 |
2009 |
2008 |
2007 | ||
Repair and maintenance expense |
$119.9 |
$112.3 |
$91.6 |
2009 |
2008 |
2007 | ||
Interest, net of amounts capitalized |
$ .1 |
$ .5 |
$ 4.6 | |
Income taxes |
152.9 |
331.6 |
202.9 |
|
2009 |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
Year | |||||||||||
Operating revenues |
$484.2 |
$497.3 |
$408.9 |
$476.5 |
$1,866.9 |
|||||||||||
Operating expenses |
||||||||||||||||
Contract drilling (exclusive of depreciation) |
154.6 |
171.2 |
177.0 |
193.0 |
695.8 |
|||||||||||
Depreciation |
43.8 |
45.8 |
49.9 |
52.5 |
192.0 |
|||||||||||
General and administrative |
12.0 |
16.0 |
13.6 |
22.4 |
64.0 |
|||||||||||
Operating income |
273.8 |
264.3 |
168.4 |
208.6 |
915.1 |
|||||||||||
Other income (expense), net |
(4.3 |
) |
6.9 |
3.6 |
2.6 |
8.8 |
||||||||||
Income from continuing operations before income taxes |
269.5 |
271.2 |
172.0 |
211.2 |
923.9 |
|||||||||||
Provision for income taxes |
54.2 |
49.5 |
28.6 |
44.3 |
176.6 |
|||||||||||
Income from continuing operations |
215.3 |
221.7 |
143.4 |
166.9 |
747.3 |
|||||||||||
Income (loss) from discontinued operations, net |
6.8 |
|
(20.3 |
) |
7.4 |
43.3 |
37.2 |
|||||||||
Net income |
222.1 |
201.4 |
150.8 |
210.2 |
784.5 |
|||||||||||
Net income attributable to noncontrolling interests |
(1.4 |
) |
(1.1 |
) |
(1.1 |
) |
(1.5 |
) |
(5.1 |
) | ||||||
Net income attributable to Ensco |
$220.7 |
$200.3 |
$149.7 |
$208.7 |
$ 779.4 |
|||||||||||
Earnings (loss) per share - basic |
||||||||||||||||
Continuing operations |
$ 1.51 |
$ 1.55 |
$ 1.00 |
$ 1.16 |
$ 5.22 |
|||||||||||
Discontinued operations |
.05 |
|
(.14 |
) |
.05 |
.30 |
.26 |
|||||||||
$ 1.56 |
$ 1.41 |
$ 1.05 |
$ 1.46 |
$ 5.48 |
||||||||||||
Earnings (loss) per share - diluted |
||||||||||||||||
Continuing operations |
$ 1.51 |
$ 1.55 |
$ 1.00 |
$ 1.16 |
$ 5.22 |
|||||||||||
Discontinued operations |
.05 |
|
(.14 |
) |
.05 |
.30 |
.26 |
|||||||||
$ 1.56 |
$ 1.41 |
$ 1.05 |
$ 1.46 |
$ 5.48 |
2008 |
First
Quarter |
Second
Quarter |
Third
Quarter |
Fourth
Quarter |
Year | |||||||||||
Operating revenues |
$521.0 |
$565.1 |
$569.4 |
$554.8 |
$2,210.3 |
|||||||||||
Operating expenses |
||||||||||||||||
Contract drilling (exclusive of depreciation) |
166.5 |
189.5 |
174.6 |
174.8 |
705.4 |
|||||||||||
Depreciation |
42.5 |
43.4 |
43.5 |
43.9 |
173.3 |
|||||||||||
General and administrative |
12.7 |
13.8 |
15.2 |
12.1 |
53.8 |
|||||||||||
Operating income |
299.3 |
318.4 |
336.1 |
324.0 |
1,277.8 |
|||||||||||
Other income (expense), net |
4.5 |
6.8 |
(6.5 |
) |
(9.0 |
) |
(4.2 |
) | ||||||||
Income from continuing operations before income taxes |
303.8 |
325.2 |
329.6 |
315.0 |
1,273.6 |
|||||||||||
Provision for income taxes |
57.0 |
59.8 |
63.4 |
40.2 |
220.4 |
|||||||||||
Income from continuing operations |
246.8 |
265.4 |
266.2 |
274.8 |
1,053.2 |
|||||||||||
Income from discontinued operations, net |
26.9 |
32.5 |
17.5 |
|
26.6 |
|
103.5 |
| ||||||||
Net income |
273.7 |
297.9 |
283.7 |
301.4 |
1,156.7 |
|||||||||||
Net income attributable to noncontrolling interests |
(1.7 |
) |
(1.2 |
) |
(1.4 |
) |
(1.6 |
) |
(5.9 |
) | ||||||
Net income attributable to Ensco |
$272.0 |
$296.7 |
$282.3 |
$299.8 |
$1,150.8 |
|||||||||||
Earnings per share - basic |
||||||||||||||||
Continuing operations |
$ 1.70 |
$ 1.83 |
$ 1.86 |
$ 1.93 |
$ 7.32 |
|||||||||||
Discontinued operations |
.19 |
.23 |
.12 |
|
.19 |
|
.72 |
| ||||||||
$ 1.89 |
$ 2.06 |
$ 1.98 |
$ 2.12 |
$ 8.04 |
||||||||||||
Earnings per share - diluted |
||||||||||||||||
Continuing operations |
$ 1.70 |
$ 1.83 |
$ 1.85 |
$ 1.93 |
$ 7.30 |
|||||||||||
Discontinued operations |
.18 |
.22 |
.12 |
|
.18 |
|
.72 |
| ||||||||
$ 1.88 |
$ 2.05 |
$ 1.97 |
$ 2.11 |
$ 8.02 |
|