Ensco plc Announces Cash Tender Offer
Mar 4 15
Ensco plc announced that it has commenced a cash tender offer to purchase any and all of its outstanding 3.25% Senior Notes due 2016 (CUSIP No. 29358QAB5). The tender offer is being made pursuant to an Offer to Purchase dated on March 4, 2015 and a related Letter of Transmittal and Notice of Guaranteed Delivery, which set out the terms and conditions of the tender offer. As of March 4, 2015, the aggregate principal amount of the notes outstanding is $1.0 billion. The consideration for each $1,000 principal amount of notes validly tendered and accepted for payment pursuant to the tender offer will be determined in the manner described in the Offer to Purchase by reference to a fixed spread of 20 bps over the yield based on the bid side price of the 0.375% U.S. Treasury due March 15, 2016, as calculated by Deutsche Bank Securities Inc. at 2:00 p.m., New York City time, on March 10, 2015. Holders whose notes are purchased will also receive accrued and unpaid interest thereon from the last interest payment date up to, but not including, the settlement date. The tender offer will expire at 5:00 p.m. New York City time on March 10, 2015, unless extended. Holders of notes must validly tender and not validly withdraw their notes before 5:00 p.m. New York City time on the tender offer expiration date to be eligible to receive the consideration. Tendered notes may be withdrawn at any time prior to the expiration time. The tender offer is conditioned upon the satisfaction of certain conditions more fully described in the Offer to Purchase, including the completion of a contemporaneous notes offering by Ensco. The tender offer is not conditioned upon any minimum amount of notes being tendered. The tender offer may be amended, extended, terminated or withdrawn.
Ensco plc Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Effective Tax Rate and Capital Spending Guidance for the Year 2015; Provides CapEx Guidance for the Year 2016; Reports Impairment Charges for the Fourth Quarter of 2014
Feb 26 15
Ensco plc announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, operating revenues were $1,159.8 million against $1,138 million a year ago. Operating loss was $3,037.1 million against operating income of $474.9 million a year ago. Loss from continuing operations before income taxes was $3,086.7 million against income from continuing operations before income taxes of $446.0 million a year ago. Loss from continuing operations was $3,060.5 million or $13.22 per share basic and diluted against income from continuing operations of $401.4 million or $1.70 per share diluted a year ago. Net loss attributable to the company was $3,451.8 million or $14.89 per basic and diluted share against net income attributable to the company of $361.4 million or $1.54 per diluted share a year ago. Cash flow from operations were $546 million. Revenues grew 2%, mostly due to the addition of three ENSCO 120 Series jackups to the active fleet and a full quarter of operations for ENSCO DS-7 in fourth quarter 2014. These four newbuild rigs more than offset a decline in reported utilization.
For the year, the company reported operating revenues of $4,564.5 million against $4,323.4 million a year ago. Operating loss was $2,400.9 million against operating income of $1,733.3 million a year ago. Loss from continuing operations before income taxes was $2,548.8 million against income from continuing operations before income taxes of $1,633.2 million a year ago. Loss from continuing operations was $2,689.3 million or $11.70 per share basic and diluted against income from continuing operations of $1,430.1 million or $6.08 per share diluted a year ago. Net loss attributable to the company was $3,902.6 million or $16.88 per basic and diluted share against net income attributable to the company of $1,418.2 million or $6.07 per diluted share a year ago. Net cash provided by operating activities of continuing operations was $2,057.9 million against $1,811.2 million a year ago. Additions to property and equipment were $1,568.8 million against $1,763.5 million a year ago.
The company expects 2015 effective tax rate should be approximately 18% based on current fleet composition and geographic positioning. 2015 capital spending is expected to be approximately $2.1 billion. This includes $1.6 billion in newbuild CapEx plus $250 million for rig enhancement projects and $250 million for sustaining projects.
The company projects total 2016 CapEx to be less than half of 2015 guidance.
The company reported loss on impairment of $3,515.2 million for the fourth quarter of 2014 compared to nil a year ago.
Ensco plc Declares Cash Dividend, Payable on March 20, 2015
Feb 26 15
Ensco plc board of directors declared a $0.15 cash dividend per Class A ordinary share payable on 20 March 2015, a $0.60 reduction from the prior level. The ex-dividend date is expected to be 5 March 2015 with a record date of 9 March 2015.