ENSCO PLC, 10-Q filed on 4/30/2013
Quarterly Report
Document And Entity Information
3 Months Ended
Mar. 31, 2013
Apr. 22, 2013
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Mar. 31, 2013 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q1 
 
Entity Registrant Name
Ensco plc 
 
Entity Central Index Key
0000314808 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Shares, Shares Outstanding
 
232,917,732 
Condensed Consolidated Statements Of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Income Statement [Abstract]
 
 
OPERATING REVENUES
$ 1,149.9 
$ 1,020.6 
OPERATING EXPENSES
 
 
Contract drilling (exclusive of depreciation)
560.8 
502.2 
Depreciation
149.0 
136.0 
General and administrative
37.8 
38.2 
Total operating expenses
747.6 
676.4 
OPERATING INCOME
402.3 
344.2 
OTHER INCOME (EXPENSE)
 
 
Interest income
3.3 
5.9 
Interest expense, net
(39.2)
(34.6)
Other, net
6.1 
2.0 
Other income (expense), net
(29.8)
(26.7)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
372.5 
317.5 
PROVISION FOR INCOME TAXES
 
 
Current income tax expense
62.2 
32.3 
Deferred income tax (benefit) expense
(10.5)
4.7 
Total provision for income taxes
51.7 
37.0 
INCOME FROM CONTINUING OPERATIONS
320.8 
280.5 
DISCONTINUED OPERATIONS
 
 
Income (loss) from discontinued operations, net
0.2 
(13.1)
Loss on disposal of discontinued operations, net
(1.1)
DISCONTINUED OPERATIONS, NET
(0.9)
(13.1)
NET INCOME
319.9 
267.4 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(2.8)
(2.0)
NET INCOME ATTRIBUTABLE TO ENSCO
317.1 
265.4 
EARNINGS PER SHARE - BASIC
 
 
Continuing operations (in dollars per share)
$ 1.37 
$ 1.21 
Discontinued operations (in dollars per share)
$ (0.01)
$ (0.06)
Total earnings per share - basic (in dollars per share)
$ 1.36 
$ 1.15 
EARNINGS PER SHARE - DILUTED
 
 
Continuing operations (in dollars per share)
$ 1.36 
$ 1.20 
Discontinued operations (in dollars per share)
$ 0.00 
$ (0.05)
Total earnings per share - diluted (in dollars per share)
$ 1.36 
$ 1.15 
NET INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED
$ 313.8 
$ 262.7 
WEIGHTED-AVERAGE SHARES OUTSTANDING
 
 
Basic (in shares)
230.3 
228.8 
Diluted (in shares)
230.6 
229.2 
CASH DIVIDENDS PER SHARE (in dollars per share)
$ 0.50 
$ 0.375 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Comprehensive Income [Abstract]
 
 
NET INCOME
$ 319.9 
$ 267.4 
OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
Net change in fair value of derivatives
(4.0)
6.3 
Reclassification of net gains and losses on derivative instruments from other comprehensive income into net income
(1.0)
(0.1)
Other
(0.1)
(1.9)
NET OTHER COMPREHENSIVE (LOSS) INCOME
(5.1)
4.3 
COMPREHENSIVE INCOME
314.8 
271.7 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(2.8)
(2.0)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$ 312.0 
$ 269.7 
Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 561.8 
$ 487.1 
Accounts receivable, net
809.1 
811.4 
Other
414.0 
425.4 
Total current assets
1,784.9 
1,723.9 
PROPERTY AND EQUIPMENT, AT COST
15,893.6 
15,737.1 
Less accumulated depreciation
2,738.4 
2,591.5 
Property and equipment, net
13,155.2 
13,145.6 
GOODWILL
3,274.0 
3,274.0 
OTHER ASSETS, NET
378.4 
421.8 
TOTAL ASSETS
18,592.5 
18,565.3 
CURRENT LIABILITIES
 
 
Accounts payable - trade
308.9 
357.8 
Accrued liabilities and other
489.0 
584.4 
Current maturities of long-term debt
47.5 
47.5 
Total current liabilities
845.4 
989.7 
LONG-TERM DEBT
4,783.3 
4,798.4 
DEFERRED INCOME TAXES
346.8 
351.7 
OTHER LIABILITIES
548.4 
573.4 
COMMITMENTS AND CONTINGENCIES
   
   
ENSCO SHAREHOLDERS' EQUITY
 
 
Additional paid-in capital
5,422.5 
5,398.7 
Retained earnings
6,635.3 
6,434.7 
Accumulated other comprehensive income
15.0 
20.1 
Treasury shares, at cost, 4.6 million shares and 4.9 million shares
(34.6)
(31.0)
Total Ensco shareholders' equity
12,062.1 
11,846.4 
NONCONTROLLING INTERESTS
6.5 
5.7 
Total equity
12,068.6 
11,852.1 
Total liabilities and shareholders' equity
18,592.5 
18,565.3 
Class A ordinary shares, U.S. [Member]
 
 
ENSCO SHAREHOLDERS' EQUITY
 
 
Common shares, value
23.8 
23.8 
Common Class B, Par Value In GBP [Member]
 
 
ENSCO SHAREHOLDERS' EQUITY
 
 
Common shares, value
$ 0.1 
$ 0.1 
Condensed Consolidated Balance Sheets (Parenthetical)
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2013
Class A ordinary shares, U.S. [Member]
USD ($)
Dec. 31, 2012
Class A ordinary shares, U.S. [Member]
USD ($)
Mar. 31, 2013
Common Class B, Par Value In GBP [Member]
GBP (£)
Dec. 31, 2012
Common Class B, Par Value In GBP [Member]
GBP (£)
Common stock, par value per share (in dollars per share or pounds sterling per share)
 
 
$ 0.10 
$ 0.10 
£ 1 
£ 1 
Common shares, shares authorized (in shares)
 
 
450,000,000 
450,000,000 
50,000 
50,000 
Common shares, shares issued (in shares)
 
 
237,800,000 
237,700,000 
50,000 
50,000 
Treasury shares, shares held (in shares)
5,000,000 
5,300,000 
 
 
 
 
Condensed Consolidated Statements Of Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
OPERATING ACTIVITIES
 
 
Net income
$ 319.9 
$ 267.4 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Discontinued operations, net
0.9 
13.1 
Depreciation expense
149.0 
136.0 
Share-based compensation expense
12.8 
11.7 
Deferred income tax (benefit) expense
(10.5)
4.7 
Amortization of intangibles and other, net
(9.3)
(13.1)
Other
(7.0)
2.7 
Changes in operating assets and liabilities
(113.7)
133.1 
Net cash provided by operating activities of continuing operations
342.1 
555.6 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(168.3)
(764.1)
Other
0.9 
5.1 
Net cash used in investing activities of continuing operations
(167.4)
(759.0)
FINANCING ACTIVITIES
 
 
Cash dividends paid
(116.5)
(86.8)
Proceeds from exercise of share options
13.4 
11.9 
Reduction of long-term borrowings
(7.1)
(7.1)
Commercial paper borrowings, net
75.0 
Other
(5.5)
(3.6)
Net cash used in financing activities of continuing operations
(115.7)
(10.6)
DISCONTINUED OPERATIONS
 
 
Operating activities
0.2 
(8.3)
Investing activities
15.5 
Net cash provided by (used in) discontinued operations
15.7 
(8.3)
Effect of exchange rate changes on cash and cash equivalents
0.5 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
74.7 
(221.8)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
487.1 
430.7 
CASH AND CASH EQUIVALENTS, END OF PERIOD
$ 561.8 
$ 208.9 
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements
 
We prepared the accompanying condensed consolidated financial statements of Ensco plc and subsidiaries (the "Company," "Ensco," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2012 condensed consolidated balance sheet data were derived from our 2012 audited consolidated financial statements, but do not include all disclosures required by GAAP. Certain previously reported amounts have been reclassified to conform to the current year presentation. The preparation of our condensed consolidated financial statements requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.
 
The financial data for the three-month periods ended March 31, 2013 and 2012 included herein have been subjected to a limited review by KPMG LLP, our independent registered public accounting firm. The accompanying independent registered public accounting firm's review report is not a report within the meaning of Sections 7 and 11 of the Securities Act of 1933, and the independent registered public accounting firm's liability under Section 11 does not extend to it.
 
Results of operations for the three-month period ended March 31, 2013 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2013. It is recommended that these condensed consolidated financial statements be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended December 31, 2012 included in our annual report on Form 10-K filed with the SEC on February 22, 2013.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
 
The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (in millions):
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
As of March 31, 2013
 

 
 

 
 

 
 

Supplemental executive retirement plan assets 
$
35.2

 
$

 
$

 
$
35.2

Total financial assets
$
35.2

 
$

 
$

 
$
35.2

Derivatives, net 
$

 
$
(3.3
)

$

 
$
(3.3
)
Total financial liabilities
$

 
$
(3.3
)
 
$

 
$
(3.3
)
 
 
 
 
 
 
 
 
As of December 31, 2012
 

 
 

 
 

 
 

Supplemental executive retirement plan assets 
$
29.8

 
$

 
$

 
$
29.8

Derivatives, net 

 
5.2

 

 
5.2

Total financial assets
$
29.8

 
$
5.2

 
$

 
$
35.0



Supplemental Executive Retirement Plan Assets
 
Our Ensco supplemental executive retirement plans (the "SERP") are non-qualified plans that accord eligible employees an opportunity to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our condensed consolidated balance sheets. The fair value measurement of assets held in the SERP was based on quoted market prices.
 
Derivatives
 
Our derivatives were measured at fair value on a recurring basis using Level 2 inputs as of March 31, 2013 and December 31, 2012. See "Note 3 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurement of our derivatives was based on market prices that generally are observable for similar assets or liabilities at commonly-quoted intervals.
 
Other Financial Instruments
 
The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
 
March 31,
2013
 
December 31,
2012
 
Carrying Value  
 
Estimated Fair Value  
 
Carrying Value  
 
Estimated Fair Value  
4.70% Senior notes due 2021
$
1,475.3

 
$
1,679.6

 
$
1,474.7

 
$
1,715.6

6.875% Senior notes due 2020
1,036.9

 
1,123.5

 
1,040.6

 
1,138.3

3.25% Senior notes due 2016
995.3

 
1,066.1

 
995.1

 
1,068.9

8.50% Senior notes due 2019
612.5

 
661.9

 
616.4

 
661.7

7.875% Senior notes due 2040
383.5

 
433.3

 
383.8

 
423.9

7.20% Debentures due 2027
149.0

 
189.3

 
149.0

 
193.2

4.33% MARAD bonds, including current maturities, due 2016
104.3

 
105.0

 
112.3

 
113.0

6.36% MARAD bonds, including current maturities, due 2015
38.0

 
41.2

 
38.0

 
41.7

4.65% MARAD bonds, including current maturities, due 2020
36.0

 
41.1

 
36.0

 
41.4

Total
$
4,830.8

 
$
5,341.0

 
$
4,845.9

 
$
5,397.7



The estimated fair values of our senior notes and debentures were determined using quoted market prices. The estimated fair values of our MARAD bonds were determined using an income approach valuation model. The estimated fair values of our cash and cash equivalents, short-term investments, receivables, trade payables and other liabilities approximated their carrying values as of March 31, 2013 and December 31, 2012.
Derivative Instruments
Derivative Instruments
Derivative Instruments
    
Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by some of our subsidiaries are denominated in currencies other than the U.S. dollar ("foreign currencies"). These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. We use foreign currency forward contracts ("derivatives") to reduce our exposure to various market risks, primarily foreign currency exchange rate risk.
 
All derivatives were recorded on our condensed consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset in our condensed consolidated balance sheets. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Net liabilities of $3.3 million and net assets of $5.2 million associated with our foreign currency derivatives were included in our condensed consolidated balance sheets as of March 31, 2013 and December 31, 2012, respectively.  All of our derivatives mature during the next 18 months.  See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives.
 
Derivatives recorded at fair value in our condensed consolidated balance sheets consisted of the following (in millions):
 
Derivative Assets
 
Derivative Liabilities
 
March 31,
2013
 
December 31,
2012
 
March 31,
2013
 
December 31,
2012
Derivatives Designated as Hedging Instruments
 
 
 

 
 

 
 

Foreign currency forward contracts - current(1)
$
3.7

 
$
5.0

 
$
5.1

 
$
.3

Foreign currency forward contracts - non-current(2)
.3

 
.5

 
1.0

 

 
4.0

 
5.5

 
6.1

 
.3

Derivatives Not Designated as Hedging Instruments
 
 
 

 
 

 
 

Foreign currency forward contracts - current(1)
.1

 
.2

 
1.3

 
.2

 
.1

 
.2

 
1.3

 
.2

Total
$
4.1

 
$
5.7

 
$
7.4

 
$
.5

 
(1) 
Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets.

(2) 
Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets.
 
We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expenses denominated in various currencies. As of March 31, 2013, we had cash flow hedges outstanding to exchange an aggregate $368.3 million for various foreign currencies, including $140.0 million for British pounds, $138.8 million for Brazilian reais, $35.1 million for Singapore dollars, $23.4 million for Australian dollars, $21.9 million for euros and $9.1 million for other currencies.

Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of income and our condensed consolidated statements of comprehensive income for the three-month periods ended March 31, 2013 and 2012 were as follows (in millions):
 
(Loss) Gain Recognized in Other Comprehensive Income (Effective Portion)  
 
(Loss) Gain Reclassified  from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1)
 
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2)
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Interest rate lock contracts(3)
$

 
$

 
$
(.1
)
 
$
.1

 
$

 
$

Foreign currency forward contracts(4)
(4.0
)
 
6.3

 
1.1

 

 
.2

 
(.8
)
Total
$
(4.0
)
 
$
6.3

 
$
1.0

 
$
.1

 
$
.2

 
$
(.8
)

(1) 
Changes in the fair value of cash flow hedges are recorded in AOCI.  Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction.

(2) 
Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of income.

(3) 
Gains and losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net in our condensed consolidated statements of income.

(4) 
During the three-month period ended March 31, 2013, $900,000 of gains were reclassified from AOCI to contract drilling expense and $200,000 of gains were reclassified from AOCI to depreciation expense in our condensed consolidated statement of income.

We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments. In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of March 31, 2013, we held derivatives not designated as hedging instruments to exchange an aggregate $175.8 million for various foreign currencies, including $86.1 million for euros, $23.1 million for British pounds, $17.2 million for Swiss francs, $14.2 million for Australian dollars and $35.2 million for other currencies.
 
Net losses of $4.4 million and net gains of $900,000 associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of income for the three-month periods ended March 31, 2013 and 2012, respectively.
 
As of March 31, 2013, the estimated amount of net gains associated with derivative instruments, net of tax, that would be reclassified to earnings during the next twelve months totaled $200,000.
Noncontrolling Interests
Noncontrolling Interests
Noncontrolling Interests

Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our condensed consolidated balance sheets, and net income attributable to noncontrolling interests is presented separately on our condensed consolidated statements of income.
    
Income from continuing operations attributable to Ensco for the three-month periods ended March 31, 2013 and 2012 was as follows (in millions):
 
2013
 
2012
Income from continuing operations
$
320.8

 
$
280.5

Income from continuing operations attributable to noncontrolling interests
(2.8
)
 
(2.0
)
Income from continuing operations attributable to Ensco
$
318.0

 
$
278.5



Loss from discontinued operations, net, for the three-month periods ended March 31, 2013 and 2012 was attributable to Ensco.
Earnings Per Share
Earnings Per Share
Earnings Per Share
 
We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and excludes non-vested shares.
The following table is a reconciliation of net income attributable to Ensco shares used in our basic and diluted EPS computations for the three-month periods ended March 31, 2013 and 2012 (in millions):
 
2013
 
2012
Net income attributable to Ensco
$
317.1

 
$
265.4

Net income allocated to non-vested share awards
(3.3
)
 
(2.7
)
Net income attributable to Ensco shares
$
313.8

 
$
262.7


 
The following table is a reconciliation of the weighted-average shares outstanding used in our basic and diluted EPS computations for the three-month periods ended March 31, 2013 and 2012 (in millions):
 
2013
 
2012
Weighted-average shares - basic
230.3

 
228.8

Potentially dilutive shares
.3

 
.4

Weighted-average shares - diluted
230.6

 
229.2


 
Antidilutive share options totaling 100,000 and 400,000 were excluded from the computation of diluted EPS for the three-month periods ended March 31, 2013 and 2012, respectively.
Income Taxes
Income Taxes
Income Taxes
 
Our consolidated effective income tax rate for the three-month period ended March 31, 2013 of 13.9% included the impact of various discrete tax items, the majority of which was attributable to the recognition of a liability for unrecognized tax benefits of $4.9 million associated with a tax position taken in prior years. Excluding the impact of the aforementioned discrete tax items, our consolidated effective income tax rate for the three-month period ended March 31, 2013 was 12.2%, which is equivalent to the consolidated effective income tax rate, excluding discrete tax items, of 12.2% for the three-month period ended March 31, 2012.
Discontinued Operations
Discontinued Operations
Discontinued Operations
During the three-month period ended March 31, 2013, we sold jackup rig Pride Pennsylvania for net proceeds of $15.5 million. The proceeds were included in investing activities of discontinued operations in our condensed consolidated statement of cash flows for the three-month period ended March 31, 2013. We recognized a loss of $1.1 million in connection with the disposal, which was included in loss on disposal of discontinued operations, net in our condensed consolidated statement of income for the three-month period ended March 31, 2013. During the third quarter of 2012, we classified Pride Pennsylvania as held for sale and the rig was written down to fair value less estimated cost to sell.
Pride Pennsylvania operating results were reclassified to discontinued operations in our condensed consolidated statement of income for the three-month period ended March 31, 2012.
During 2012, we sold three jackup rigs (ENSCO 59, ENSCO 61 and Pride Hawaii), one moored semisubmersible rig (ENSCO 5003) and our last remaining barge rig (ENSCO I). The rigs' operating results were reclassified to discontinued operations in our condensed consolidated statement of income for the three-month period ended March 31, 2012.
The following table summarizes loss from discontinued operations for the three-month periods ended March 31, 2013 and 2012 (in millions):
 
2013
 
2012
Revenues
$

 
$
5.8

Operating expenses
.1

 
21.4

Operating loss before income taxes
(.1
)
 
(15.6
)
Other income
.3

 
.5

Income tax benefit

 
2.0

Loss on disposal of discontinued operations, net
(1.1
)
 

Loss from discontinued operations
$
(.9
)
 
$
(13.1
)


Debt and interest expense are not allocated to our discontinued operations.
Contingencies
Contingencies
Contingencies

ENSCO 74 Loss

During 2008, our jackup rig ENSCO 74 was lost as a result of Hurricane Ike in the U.S. Gulf of Mexico.  Portions of its legs remained underwater adjacent to the customer's platform, and the sunken rig hull of ENSCO 74 was located approximately 95 miles from the original drilling location when it was struck by an oil tanker during 2009.  Wreck removal operations on the sunken rig hull of ENSCO 74 were completed during 2010.
 
In April 2012, we entered into an agreement with the customer pursuant to which, among other matters, the customer agreed to remove the legs. Regardless of the actual removal costs incurred by the customer, we agreed to pay $19.0 million in nine installments upon the completion of certain milestones during the removal. We have insurance coverage for the actual removal costs incurred by the customer.

We paid $14.0 million to the customer through March 31, 2013 and received $13.1 million in insurance reimbursements. Our condensed consolidated balance sheet as of March 31, 2013 included a $5.0 million liability for remaining installments due to the customer in accrued liabilities and other and a $5.9 million receivable for recovery of related costs under our insurance policy in other assets, net.

               We filed a petition for exoneration or limitation of liability under U.S. admiralty and maritime law during 2009. A number of claimants presented claims in the exoneration/limitation proceedings. Currently, only three claims remain. 

The owner of the oil tanker that struck the hull of ENSCO 74 filed claims seeking monetary damages currently in excess of $5.0 million for losses incurred when the tanker struck the sunken hull of ENSCO 74. The owner of a pipeline filed claims alleging that ENSCO 74 caused the pipeline to rupture during Hurricane Ike and sought damages for the cost of repairs and business interruption in an amount in excess of $26.0 million. These matters are currently scheduled for trial in September 2013. Based on information currently available, primarily the adequacy of available defenses, we have not concluded that it is probable liabilities exist with respect to these matters.

The owner of a second pipeline filed claims alleging that ENSCO 74 caused the pipeline to rupture during Hurricane Ike and sought damages for the cost of repairs and business interruption. The matter currently is scheduled for trial in September 2013. Based on information currently available, primarily the adequacy of available defenses, we have concluded that it is remote that a liability exists with respect to this matter.
 
We have liability insurance policies that provide coverage for claims such as the tanker and pipeline claims as well as removal of wreckage and debris in excess of the property insurance policy sublimit, subject to a $10.0 million per occurrence self-insured retention for third-party claims and an annual aggregate limit of $500.0 million. We believe all liabilities associated with the ENSCO 74 loss during Hurricane Ike resulted from a single occurrence under the terms of the applicable insurance policies. However, legal counsel for certain liability underwriters have asserted that the liability claims arise from separate occurrences. In the event of multiple occurrences, the self-insured retention is $15.0 million for two occurrences and $1.0 million for each occurrence thereafter.

Although we do not expect final disposition of the claims associated with the ENSCO 74 loss to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome.

Asbestos Litigation

We and certain subsidiaries have been named as defendants, along with numerous third-party companies as co-defendants, in multi-party lawsuits filed in Mississippi and Louisiana by approximately 100 plaintiffs. The lawsuits seek an unspecified amount of monetary damages on behalf of individuals alleging personal injury or death, primarily under the Jones Act, purportedly resulting from exposure to asbestos on drilling rigs and associated facilities during the 1960s through the 1980s.

We intend to vigorously defend against these claims and have filed responsive pleadings preserving all defenses and challenges to jurisdiction and venue. However, discovery is still ongoing and, therefore, available information regarding the nature of all pending claims is limited. At present, we cannot reasonably determine how many of the claimants may have valid claims under the Jones Act or estimate a range of potential liability exposure, if any.
 
In addition to the pending cases in Mississippi and Louisiana, we have other asbestos or lung injury claims pending against us in litigation in other jurisdictions. Although we do not expect the final disposition of these asbestos or lung injury lawsuits to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome of the lawsuits.

    Environmental Matters

We currently are subject to pending notices of assessment issued from 2008 to 2013 pursuant to which governmental authorities in Brazil are seeking fines in an aggregate amount of approximately $2.4 million for the release of drilling fluid from drilling rigs operating offshore Brazil. We are contesting these notices and intend to vigorously defend ourselves.  Although we do not expect the outcome of these assessments to have a material adverse effect on our financial position, operating results or cash flows, there can be no assurance as to the ultimate outcome of these assessments. A $2.4 million liability related to these matters was recorded as of March 31, 2013 and included in accrued liabilities and other on our condensed consolidated balance sheet.
 
We currently are subject to a pending administrative proceeding initiated during 2009 by a Spanish government authority seeking payment in an aggregate amount of approximately $4.0 million for an alleged environmental spill originating from ENSCO 5006 while it was operating offshore Spain. Our customer has posted guarantees with the Spanish government to cover potential penalties. Additionally, we expect to be indemnified for any payments resulting from this incident by our customer under the terms of the drilling contract. A criminal investigation of the incident was initiated during 2010 by a prosecutor in Tarragona, Spain, and the administrative proceedings have been suspended pending the outcome of this investigation.  We do not know at this time what, if any, involvement we may have in this investigation.
 
We intend to vigorously defend ourselves in the administrative proceeding and any criminal investigation. At this time, we are unable to predict the outcome of these matters or estimate the extent to which we may be exposed to any resulting liability. Although we do not expect the outcome of the proceedings to have a material adverse effect on our financial position, operating results or cash flows, there can be no assurance as to the ultimate outcome of the proceedings.

Other Matters

In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results or cash flows.
Segment Information
Segment Information
Segment Information
 
Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which currently consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling.
Segment information is presented below (in millions). General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income and were included in "Reconciling Items." We measure segment assets as property and equipment. Prior year information has been reclassified to conform to the current year presentation.

Three Months Ended March 31, 2013
 
Floaters
 
Jackups
 
Other
 
Operating Segments Total
 
Reconciling Items
 
Consolidated Total
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
$
719.2

 
$
410.5

 
$
20.2

 
$
1,149.9

 
$

 
$
1,149.9

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
344.9

 
200.2

 
15.7

 
560.8

 

 
560.8

Depreciation
107.1

 
40.3

 

 
147.4

 
1.6

 
149.0

General and administrative

 

 

 

 
37.8

 
37.8

Operating income (loss)
$
267.2

 
$
170.0

 
$
4.5

 
$
441.7

 
$
(39.4
)
 
$
402.3

Property and equipment, net
$
10,710.0

 
$
2,413.3

 
$

 
$
13,123.3

 
$
31.9

 
$
13,155.2


Three Months Ended March 31, 2012
 
Floaters
 
Jackups
 
Other
 
Operating Segments Total
 
Reconciling Items
 
Consolidated Total
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
$
639.3

 
$
359.8

 
$
21.5

 
$
1,020.6

 
$

 
$
1,020.6

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
312.9

 
173.6

 
15.7

 
502.2

 

 
502.2

Depreciation
91.0

 
41.4

 

 
132.4

 
3.6

 
136.0

General and administrative

 

 

 

 
38.2

 
38.2

Operating income (loss)
$
235.4

 
$
144.8

 
$
5.8

 
$
386.0

 
$
(41.8
)
 
$
344.2

Property and equipment, net
$
10,390.4


$
2,457.7

 
$
12.4

 
$
12,860.5

 
$
29.4

 
$
12,889.9



Information about Geographic Areas
 
As of March 31, 2013, the geographic distribution of our drilling rigs by operating segment was as follows:
 
Floaters

 
Jackups

 
Total(1)

North & South America (excluding Brazil)
8
 
14
 
22
Brazil
10
 
 
10
Europe & Mediterranean
1
 
8
 
9
Middle East & Africa
4
 
9
 
13
Asia & Pacific Rim
2
 
11
 
13
Asia & Pacific Rim (under construction)
3
 
3
 
6
Total
28
 
45
 
73

(1) 
 We provide management services on three rigs owned by third-parties not included in the table above.
Supplemental Financial Information
Supplemental Financial Information
Supplemental Financial Information

Consolidated Balance Sheet Information

Accounts receivable, net, consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Trade
$
814.8

 
$
812.4

Other
12.2

 
18.2

 
827.0

 
830.6

Allowance for doubtful accounts
(17.9
)
 
(19.2
)
 
$
809.1

 
$
811.4



Other current assets consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Inventory
$
215.9

 
$
207.8

Prepaid taxes
60.9

 
62.2

Short-term investments
50.0

 
50.0

Deferred mobilization costs
29.6

 
33.7

Deferred tax assets
21.2

 
14.6

Prepaid expenses
14.5

 
20.3

Assets held for sale

 
14.2

Other
21.9

 
22.6

 
$
414.0

 
$
425.4

 
    
Other assets, net, consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Intangible assets
$
115.0

 
$
143.3

Unbilled receivables
74.9

 
77.1

Prepaid taxes on intercompany transfers of property
56.8

 
58.3

Supplemental executive retirement plan assets
35.2

 
29.8

Warranty and other claim receivables
30.6

 
30.6

Deferred tax assets
19.0

 
19.3

Deferred mobilization costs
12.2

 
20.8

Wreckage and debris removal receivables
5.9

 
13.2

Other
28.8

 
29.4

 
$
378.4

 
$
421.8



Accrued liabilities and other consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Personnel costs
$
165.6

 
$
231.1

Deferred revenue
142.3

 
146.2

Taxes
93.9

 
86.9

Interest
36.0

 
67.9

Wreckage and debris removal
5.0

 
9.0

Other
46.2

 
43.3

 
$
489.0

 
$
584.4


    
Other liabilities consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Deferred revenue
$
215.7

 
$
224.5

Unrecognized tax benefits (inclusive of interest and penalties)
132.4

 
129.6

Intangible liabilities
101.9

 
118.0

Supplemental executive retirement plan liabilities
38.4

 
33.3

Personnel costs
28.4

 
31.6

Other
31.6

 
36.4

 
$
548.4

 
$
573.4


 
Accumulated other comprehensive income consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Derivative Instruments
$
19.4

 
$
24.4

Other
(4.4
)
 
(4.3
)

$
15.0

 
$
20.1



Concentration Risk

We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents and investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which to date have been within management's expectations. We mitigate our credit risk relating to cash and investments by focusing on diversification and quality of instruments. Cash equivalents and short-term investments consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents and short-term investments is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions.  

We mitigate our credit risk relating to counterparties of our derivatives through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and generally by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement with almost all of our derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events, or set-off provisions, in addition to a master netting agreement.  Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. 

During the three-month period ended March 31, 2013, one customer in our Floaters segment provided an aggregate $200.1 million, or 17%, of our consolidated revenues.
 
Revenues provided by our drilling operations in the U.S. Gulf of Mexico during the three-month period ended March 31, 2013 totaled $401.5 million, or 35%, of our consolidated revenues, of which 75% were provided by our Floaters segment. Revenues provided by our drilling operations in Brazil during the three-month period ended March 31, 2013 totaled $243.3 million, or 21%, of our consolidated revenues, all of which were provided by our Floaters segment.
Guarantee Of Registered Securities
Guarantee Of Registered Securities
Guarantee of Registered Securities

On May 31, 2011, Ensco plc completed a merger transaction (the "Merger") with Pride International Inc. ("Pride"). In connection with the Merger, Ensco plc and Pride entered into a supplemental indenture to the indenture dated as of July 1, 2004 between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Ensco plc of Pride’s 8.50% unsecured senior notes due 2019, 6.875% unsecured senior notes due 2020 and 7.875% unsecured senior notes due 2040, which had an aggregate outstanding principal balance as of March 31, 2013 of $1.7 billion. The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes.
 
Ensco plc also is a full and unconditional guarantor of the 7.20% debentures due 2027 issued by Ensco International, Inc. in November 1997, which had an aggregate outstanding principal balance of $150.0 million as of March 31, 2013.    
    
All guarantees are unsecured obligations of Ensco plc ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness.
   
The following tables present the unaudited condensed consolidating statements of income for the three-month periods ended March 31, 2013 and 2012; the unaudited condensed consolidating statements of comprehensive income for the three-month periods ended March 31, 2013 and 2012; the condensed consolidating balance sheets as of March 31, 2013 (unaudited) and December 31, 2012; and the unaudited condensed consolidating statements of cash flows for the three-month periods ended March 31, 2013 and 2012, in accordance with Rule 3-10 of Regulation S-X.

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Three Months Ended March 31, 2013
(in millions)
(Unaudited)

 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING REVENUES
$
5.5

 
$
38.1

 
$

 
$
1,183.7

 
$
(77.4
)
 
$
1,149.9

OPERATING EXPENSES


 


 


 


 


 


Contract drilling (exclusive
of depreciation)
12.4

 
38.1

 

 
587.7

 
(77.4
)
 
560.8

Depreciation
.1

 
.8

 

 
148.1

 

 
149.0

General and administrative
16.9

 
.2

 

 
20.7

 

 
37.8

OPERATING (LOSS) INCOME
(23.9
)
 
(1.0
)
 

 
427.2

 

 
402.3

OTHER (EXPENSE) INCOME,
NET
(14.6
)
 
(7.4
)
 
(14.6
)
 
6.8

 

 
(29.8
)
(LOSS) INCOME FROM
CONTINUING OPERATIONS
BEFORE INCOME TAXES
(38.5
)
 
(8.4
)
 
(14.6
)
 
434.0

 

 
372.5

INCOME TAX PROVISION

 
29.5

 

 
22.2

 

 
51.7

DISCONTINUED
OPERATIONS, NET

 

 

 
(.9
)
 

 
(.9
)
EQUITY EARNINGS IN
AFFILIATES, NET OF TAX
355.6

 
111.7

 
52.4

 

 
(519.7
)
 

NET INCOME
317.1

 
73.8

 
37.8

 
410.9

 
(519.7
)
 
319.9

NET INCOME ATTRIBUTABLE
TO NONCONTROLLING
INTERESTS

 

 

 
(2.8
)
 

 
(2.8
)
NET INCOME
ATTRIBUTABLE TO ENSCO
$
317.1

 
$
73.8

 
$
37.8

 
$
408.1

 
$
(519.7
)
 
$
317.1



ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Three Months Ended March 31, 2012
(in millions)
(Unaudited)

 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING REVENUES
$
21.9

 
$
10.6

 
$

 
$
1,037.0

 
$
(48.9
)
 
$
1,020.6

OPERATING EXPENSES
 

 
 

 
 

 
 

 
 

 
 

Contract drilling (exclusive
of depreciation)
6.9

 
10.6

 

 
533.6

 
(48.9
)
 
502.2

Depreciation
.1

 
.8

 

 
135.1

 

 
136.0

General and administrative
14.6

 

 

 
23.6

 

 
38.2

OPERATING INCOME (LOSS)
.3

 
(.8
)
 

 
344.7

 

 
344.2

OTHER EXPENSE, NET
(11.2
)
 
(.3
)
 
(11.7
)
 
(3.5
)
 

 
(26.7
)
(LOSS) INCOME FROM
CONTINUING OPERATIONS
BEFORE INCOME TAXES
(10.9
)
 
(1.1
)
 
(11.7
)
 
341.2

 

 
317.5

INCOME TAX PROVISION

 
11.2

 

 
25.8

 

 
37.0

DISCONTINUED
OPERATIONS, NET

 

 

 
(13.1
)
 

 
(13.1
)
EQUITY EARNINGS IN
AFFILIATES, NET OF TAX
276.3

 
44.2

 
79.7

 

 
(400.2
)
 

NET INCOME
265.4

 
31.9

 
68.0

 
302.3

 
(400.2
)
 
267.4

NET INCOME ATTRIBUTABLE
TO NONCONTROLLING
INTERESTS

 

 

 
(2.0
)
 

 
(2.0
)
NET INCOME
ATTRIBUTABLE TO ENSCO
$
265.4

 
$
31.9

 
$
68.0

 
$
300.3

 
$
(400.2
)
 
$
265.4



ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended March 31, 2013
(in millions)
(Unaudited)

 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
317.1

 
$
73.8

 
$
37.8

 
$
410.9

 
$
(519.7
)
 
$
319.9

OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives

 
(4.0
)
 

 

 

 
(4.0
)
Reclassification of net gains and losses on derivative instruments from other comprehensive loss (income) into net income

 
.1

 

 
(1.1
)
 

 
(1.0
)
Other

 

 

 
(.1
)
 

 
(.1
)
NET OTHER COMPREHENSIVE LOSS

 
(3.9
)
 

 
(1.2
)
 

 
(5.1
)
 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
317.1

 
69.9

 
37.8

 
409.7

 
(519.7
)
 
314.8

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(2.8
)
 

 
(2.8
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
317.1

 
$
69.9

 
$
37.8

 
$
406.9

 
$
(519.7
)
 
$
312.0

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended March 31, 2012
(in millions)
(Unaudited)
 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
265.4

 
$
31.9

 
$
68.0

 
$
302.3

 
$
(400.2
)
 
$
267.4

OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives

 
1.9

 

 
4.4

 

 
6.3

Reclassification of net gains and losses on derivative instruments from other comprehensive loss (income) into net income

 
.1

 

 
(.2
)
 

 
(.1
)
Other

 

 

 
(1.9
)
 

 
(1.9
)
NET OTHER COMPREHENSIVE (LOSS) INCOME

 
2.0

 

 
2.3

 

 
4.3

 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
265.4

 
33.9

 
68.0

 
304.6

 
(400.2
)
 
271.7

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(2.0
)
 

 
(2.0
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
265.4

 
$
33.9

 
$
68.0

 
$
302.6

 
$
(400.2
)
 
$
269.7



ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2013
(in millions)
(Unaudited)

 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
                          ASSETS 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
289.1

 
$

 
$
115.0

 
$
157.7

 
$

 
$
561.8

Accounts receivable, net 

 
.3

 

 
808.8

 

 
809.1

Accounts receivable from affiliates
1,296.2

 
166.4

 
1.4

 
1,577.1

 
(3,041.1
)
 

Other
2.9

 
24.8

 

 
386.3

 

 
414.0

Total current assets
1,588.2

 
191.5

 
116.4

 
2,929.9

 
(3,041.1
)
 
1,784.9

PROPERTY AND EQUIPMENT, AT COST
2.1

 
30.1

 

 
15,861.4

 

 
15,893.6

Less accumulated depreciation
1.2

 
23.6

 

 
2,713.6

 

 
2,738.4

Property and equipment, net  
.9

 
6.5

 

 
13,147.8

 

 
13,155.2

GOODWILL

 

 

 
3,274.0

 

 
3,274.0

DUE FROM AFFILIATES
2,677.0

 
3,758.5

 
1,640.4

 
5,125.2

 
(13,201.1
)
 

INVESTMENTS IN AFFILIATES
13,831.0

 
2,799.8

 
3,836.2

 

 
(20,467.0
)
 

OTHER ASSETS, NET 
10.7

 
64.8

 

 
302.9

 

 
378.4

 
$
18,107.8

 
$
6,821.1

 
$
5,593.0

 
$
24,779.8

 
$
(36,709.2
)
 
$
18,592.5

LIABILITIES AND SHAREHOLDERS' EQUITY 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
4.9

 
$
47.5

 
$
23.4

 
$
722.1

 
$

 
$
797.9

Accounts payable to affiliates
1,653.7

 
56.5

 

 
1,330.9

 
(3,041.1
)
 

Current maturities of long-term debt

 

 

 
47.5

 

 
47.5

Total current liabilities
1,658.6

 
104.0

 
23.4

 
2,100.5

 
(3,041.1
)
 
845.4

DUE TO AFFILIATES 
1,910.0

 
2,260.6

 
954.6

 
8,075.9

 
(13,201.1
)
 

LONG-TERM DEBT 
2,470.6

 
149.1

 
2,032.7

 
130.9

 

 
4,783.3

DEFERRED INCOME TAXES

 
325.2

 

 
21.6

 

 
346.8

OTHER LIABILITIES

 
1.0

 
10.5

 
536.9

 

 
548.4

ENSCO SHAREHOLDERS' EQUITY 
12,068.6

 
3,981.2

 
2,571.8

 
13,907.5

 
(20,467.0
)
 
12,062.1

NONCONTROLLING INTERESTS

 

 

 
6.5

 

 
6.5

Total equity
12,068.6

 
3,981.2

 
2,571.8

 
13,914.0

 
(20,467.0
)
 
12,068.6

      
$
18,107.8

 
$
6,821.1

 
$
5,593.0

 
$
24,779.8

 
$
(36,709.2
)
 
$
18,592.5

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2012
(in millions)

 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
                          ASSETS 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
271.8

 
$
1.7

 
$
85.0

 
$
128.6

 
$

 
$
487.1

Accounts receivable, net 

 
.2

 

 
811.2

 

 
811.4

Accounts receivable from affiliates
1,294.5

 
226.5

 

 
2,375.1

 
(3,896.1
)
 

Other
2.8

 
24.9

 

 
397.7

 

 
425.4

Total current assets
1,569.1

 
253.3

 
85.0

 
3,712.6

 
(3,896.1
)
 
1,723.9

PROPERTY AND EQUIPMENT, AT COST
2.1

 
30.2

 

 
15,704.8

 

 
15,737.1

Less accumulated depreciation
1.1

 
23.5

 

 
2,566.9

 

 
2,591.5

Property and equipment, net  
1.0

 
6.7

 

 
13,137.9

 

 
13,145.6

GOODWILL

 

 

 
3,274.0

 

 
3,274.0

DUE FROM AFFILIATES
3,483.5

 
3,594.7

 
1,628.4

 
4,748.9

 
(13,455.5
)
 

INVESTMENTS IN AFFILIATES
13,469.3

 
2,693.8

 
3,824.8

 

 
(19,987.9
)
 

OTHER ASSETS, NET 
11.3

 
67.4

 

 
343.1

 

 
421.8

 
$
18,534.2

 
$
6,615.9

 
$
5,538.2

 
$
25,216.5

 
$
(37,339.5
)
 
$
18,565.3

LIABILITIES AND SHAREHOLDERS' EQUITY 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
31.0

 
$
28.1

 
$
34.1

 
$
849.0

 
$

 
$
942.2

Accounts payable to affiliates
2,364.8

 
136.9

 

 
1,394.4

 
(3,896.1
)
 

Current maturities of long-term debt

 

 

 
47.5

 

 
47.5

Total current liabilities
2,395.8

 
165.0

 
34.1

 
2,290.9

 
(3,896.1
)
 
989.7

DUE TO AFFILIATES 
1,816.7

 
2,054.7

 
877.5

 
8,706.6

 
(13,455.5
)
 

LONG-TERM DEBT 
2,469.6

 
149.0

 
2,040.8

 
139.0

 

 
4,798.4

DEFERRED INCOME TAXES

 
335.1

 

 
16.6

 

 
351.7

OTHER LIABILITIES

 

 
10.8

 
562.6

 

 
573.4

ENSCO SHAREHOLDERS' EQUITY 
11,852.1

 
3,912.1

 
2,575.0

 
13,495.1

 
(19,987.9
)
 
11,846.4

NONCONTROLLING INTERESTS

 

 

 
5.7

 

 
5.7

Total equity
11,852.1

 
3,912.1

 
2,575.0

 
13,500.8

 
(19,987.9
)
 
11,852.1

      
$
18,534.2

 
$
6,615.9

 
$
5,538.2

 
$
25,216.5

 
$
(37,339.5
)
 
$
18,565.3







ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2013
(in millions)
(Unaudited)
 
Ensco plc
 
ENSCO
International Incorporated
 
Pride
International, Inc.
 
Other
Non-guarantor
Subsidiaries of Ensco
 
Consolidating
Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

   Net cash (used in) provided by
     operating activities of continuing operations
$
(55.3
)
 
$
(34.0
)
 
$
11.3

 
$
420.1

 
$

 
$
342.1

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
Additions to property and equipment 

 

 

 
(168.3
)
 

 
(168.3
)
Other

 
.1

 

 
.8

 

 
.9

Net cash provided by (used in) investing activities of continuing operations 

 
.1

 

 
(167.5
)
 

 
(167.4
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Cash dividends paid
(116.5
)
 

 

 

 

 
(116.5
)
Proceeds from exercise of share
  options
13.4

 

 

 

 

 
13.4

Reduction of long-term borrowings

 

 

 
(7.1
)
 

 
(7.1
)
Advances from (to) affiliates
179.4

 
32.2

 
18.7

 
(230.3
)
 

 

Other
(3.7
)
 

 

 
(1.8
)
 

 
(5.5
)
      Net cash provided by (used in)
         financing activities of
    continuing operations
72.6

 
32.2

 
18.7

 
(239.2
)
 

 
(115.7
)
DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Operating activities

 

 

 
.2

 

 
.2

Investing activities

 

 

 
15.5

 

 
15.5

Net cash provided by discontinued operations

 

 

 
15.7

 

 
15.7

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
17.3

 
(1.7
)
 
30.0

 
29.1

 

 
74.7

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
271.8

 
1.7

 
85.0

 
128.6

 

 
487.1

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
289.1

 
$

 
$
115.0

 
$
157.7

 
$

 
$
561.8





ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2012
(in millions)
(Unaudited)
 
Ensco plc
 
ENSCO
International Incorporated 
 
Pride
International, Inc.
 
Other
Non-guarantor
Subsidiaries of Ensco
 
Consolidating
Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

   Net cash (used in) provided by
     operating activities of continuing operations
$
(20.3
)
 
$
(21.8
)
 
$
(67.4
)
 
$
665.1

 
$

 
$
555.6

INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Additions to property and
  equipment 

 

 

 
(764.1
)
 

 
(764.1
)
Other

 
.7

 

 
4.4

 

 
5.1

Net cash provided by
  (used in) investing activities of
    continuing operations  

 
.7

 

 
(759.7
)
 

 
(759.0
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Cash dividends paid
(86.8
)
 

 

 

 

 
(86.8
)
Commercial paper borrowings,
  net
75.0

 

 

 

 

 
75.0

Proceeds from exercise of share
  options
 
 
11.9

 

 

 

 
11.9

Reduction of long-term borrowings

 

 

 
(7.1
)
 

 
(7.1
)
Advances (to) from affiliates
(192.3
)
 
22.8

 
74.1

 
95.4

 

 

Other

 
(.1
)
 

 
(3.5
)
 

 
(3.6
)
      Net cash (used in) provided by
         financing activities of
  continuing operations
(204.1
)
 
34.6

 
74.1

 
84.8

 

 
(10.6
)
DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Operating activities

 

 

 
(8.3
)
 

 
(8.3
)
Net cash used in discontinued operations

 

 

 
(8.3
)
 

 
(8.3
)
Effect of exchange rate changes
  on cash and cash equivalents

 

 

 
.5

 

 
.5

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(224.4
)
 
13.5

 
6.7

 
(17.6
)
 

 
(221.8
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
236.6

 

 
22.6

 
171.5

 

 
430.7

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
12.2

 
$
13.5

 
$
29.3

 
$
153.9

 
$

 
$
208.9

Fair Value Measurements (Tables)
The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (in millions):
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
As of March 31, 2013
 

 
 

 
 

 
 

Supplemental executive retirement plan assets 
$
35.2

 
$

 
$

 
$
35.2

Total financial assets
$
35.2

 
$

 
$

 
$
35.2

Derivatives, net 
$

 
$
(3.3
)

$

 
$
(3.3
)
Total financial liabilities
$

 
$
(3.3
)
 
$

 
$
(3.3
)
 
 
 
 
 
 
 
 
As of December 31, 2012
 

 
 

 
 

 
 

Supplemental executive retirement plan assets 
$
29.8

 
$

 
$

 
$
29.8

Derivatives, net 

 
5.2

 

 
5.2

Total financial assets
$
29.8

 
$
5.2

 
$

 
$
35.0

The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
 
March 31,
2013
 
December 31,
2012
 
Carrying Value  
 
Estimated Fair Value  
 
Carrying Value  
 
Estimated Fair Value  
4.70% Senior notes due 2021
$
1,475.3

 
$
1,679.6

 
$
1,474.7

 
$
1,715.6

6.875% Senior notes due 2020
1,036.9

 
1,123.5

 
1,040.6

 
1,138.3

3.25% Senior notes due 2016
995.3

 
1,066.1

 
995.1

 
1,068.9

8.50% Senior notes due 2019
612.5

 
661.9

 
616.4

 
661.7

7.875% Senior notes due 2040
383.5

 
433.3

 
383.8

 
423.9

7.20% Debentures due 2027
149.0

 
189.3

 
149.0

 
193.2

4.33% MARAD bonds, including current maturities, due 2016
104.3

 
105.0

 
112.3

 
113.0

6.36% MARAD bonds, including current maturities, due 2015
38.0

 
41.2

 
38.0

 
41.7

4.65% MARAD bonds, including current maturities, due 2020
36.0

 
41.1

 
36.0

 
41.4

Total
$
4,830.8

 
$
5,341.0

 
$
4,845.9

 
$
5,397.7

Derivative Instruments (Tables)
Derivatives recorded at fair value in our condensed consolidated balance sheets consisted of the following (in millions):
 
Derivative Assets
 
Derivative Liabilities
 
March 31,
2013
 
December 31,
2012
 
March 31,
2013
 
December 31,
2012
Derivatives Designated as Hedging Instruments
 
 
 

 
 

 
 

Foreign currency forward contracts - current(1)
$
3.7

 
$
5.0

 
$
5.1

 
$
.3

Foreign currency forward contracts - non-current(2)
.3

 
.5

 
1.0

 

 
4.0

 
5.5

 
6.1

 
.3

Derivatives Not Designated as Hedging Instruments
 
 
 

 
 

 
 

Foreign currency forward contracts - current(1)
.1

 
.2

 
1.3

 
.2

 
.1

 
.2

 
1.3

 
.2

Total
$
4.1

 
$
5.7

 
$
7.4

 
$
.5

 
(1) 
Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets.

(2) 
Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets.
Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of income and our condensed consolidated statements of comprehensive income for the three-month periods ended March 31, 2013 and 2012 were as follows (in millions):
 
(Loss) Gain Recognized in Other Comprehensive Income (Effective Portion)  
 
(Loss) Gain Reclassified  from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1)
 
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2)
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Interest rate lock contracts(3)
$

 
$

 
$
(.1
)
 
$
.1

 
$

 
$

Foreign currency forward contracts(4)
(4.0
)
 
6.3

 
1.1

 

 
.2

 
(.8
)
Total
$
(4.0
)
 
$
6.3

 
$
1.0

 
$
.1

 
$
.2

 
$
(.8
)

(1) 
Changes in the fair value of cash flow hedges are recorded in AOCI.  Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction.

(2) 
Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of income.

(3) 
Gains and losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net in our condensed consolidated statements of income.

(4) 
During the three-month period ended March 31, 2013
Noncontrolling Interests (Tables)
Income from Continuing Operations Attributable to Ensco
Income from continuing operations attributable to Ensco for the three-month periods ended March 31, 2013 and 2012 was as follows (in millions):
 
2013
 
2012
Income from continuing operations
$
320.8

 
$
280.5

Income from continuing operations attributable to noncontrolling interests
(2.8
)
 
(2.0
)
Income from continuing operations attributable to Ensco
$
318.0

 
$
278.5

Earnings Per Share (Tables)
The following table is a reconciliation of net income attributable to Ensco shares used in our basic and diluted EPS computations for the three-month periods ended March 31, 2013 and 2012 (in millions):
 
2013
 
2012
Net income attributable to Ensco
$
317.1

 
$
265.4

Net income allocated to non-vested share awards
(3.3
)
 
(2.7
)
Net income attributable to Ensco shares
$
313.8

 
$
262.7

The following table is a reconciliation of the weighted-average shares outstanding used in our basic and diluted EPS computations for the three-month periods ended March 31, 2013 and 2012 (in millions):
 
2013
 
2012
Weighted-average shares - basic
230.3

 
228.8

Potentially dilutive shares
.3

 
.4

Weighted-average shares - diluted
230.6

 
229.2

Discontinued Operations (Tables)
Summary of Loss from Discontinued Operations
The following table summarizes loss from discontinued operations for the three-month periods ended March 31, 2013 and 2012 (in millions):
 
2013
 
2012
Revenues
$

 
$
5.8

Operating expenses
.1

 
21.4

Operating loss before income taxes
(.1
)
 
(15.6
)
Other income
.3

 
.5

Income tax benefit

 
2.0

Loss on disposal of discontinued operations, net
(1.1
)
 

Loss from discontinued operations
$
(.9
)
 
$
(13.1
)
Segment Information (Tables)
Three Months Ended March 31, 2013
 
Floaters
 
Jackups
 
Other
 
Operating Segments Total
 
Reconciling Items
 
Consolidated Total
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
$
719.2

 
$
410.5

 
$
20.2

 
$
1,149.9

 
$

 
$
1,149.9

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
344.9

 
200.2

 
15.7

 
560.8

 

 
560.8

Depreciation
107.1

 
40.3

 

 
147.4

 
1.6

 
149.0

General and administrative

 

 

 

 
37.8

 
37.8

Operating income (loss)
$
267.2

 
$
170.0

 
$
4.5

 
$
441.7

 
$
(39.4
)
 
$
402.3

Property and equipment, net
$
10,710.0

 
$
2,413.3

 
$

 
$
13,123.3

 
$
31.9

 
$
13,155.2


Three Months Ended March 31, 2012
 
Floaters
 
Jackups
 
Other
 
Operating Segments Total
 
Reconciling Items
 
Consolidated Total
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
$
639.3

 
$
359.8

 
$
21.5

 
$
1,020.6

 
$

 
$
1,020.6

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
312.9

 
173.6

 
15.7

 
502.2

 

 
502.2

Depreciation
91.0

 
41.4

 

 
132.4

 
3.6

 
136.0

General and administrative

 

 

 

 
38.2

 
38.2

Operating income (loss)
$
235.4

 
$
144.8

 
$
5.8

 
$
386.0

 
$
(41.8
)
 
$
344.2

Property and equipment, net
$
10,390.4


$
2,457.7

 
$
12.4

 
$
12,860.5

 
$
29.4

 
$
12,889.9

As of March 31, 2013, the geographic distribution of our drilling rigs by operating segment was as follows:
 
Floaters

 
Jackups

 
Total(1)

North & South America (excluding Brazil)
8
 
14
 
22
Brazil
10
 
 
10
Europe & Mediterranean
1
 
8
 
9
Middle East & Africa
4
 
9
 
13
Asia & Pacific Rim
2
 
11
 
13
Asia & Pacific Rim (under construction)
3
 
3
 
6
Total
28
 
45
 
73

(1) 
 We provide management services on three rigs owned by third-parties not included in the table above. 
Supplemental Financial Information (Tables)
Accounts receivable, net, consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Trade
$
814.8

 
$
812.4

Other
12.2

 
18.2

 
827.0

 
830.6

Allowance for doubtful accounts
(17.9
)
 
(19.2
)
 
$
809.1

 
$
811.4

Other current assets consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Inventory
$
215.9

 
$
207.8

Prepaid taxes
60.9

 
62.2

Short-term investments
50.0

 
50.0

Deferred mobilization costs
29.6

 
33.7

Deferred tax assets
21.2

 
14.6

Prepaid expenses
14.5

 
20.3

Assets held for sale

 
14.2

Other
21.9

 
22.6

 
$
414.0

 
$
425.4

Other assets, net, consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Intangible assets
$
115.0

 
$
143.3

Unbilled receivables
74.9

 
77.1

Prepaid taxes on intercompany transfers of property
56.8

 
58.3

Supplemental executive retirement plan assets
35.2

 
29.8

Warranty and other claim receivables
30.6

 
30.6

Deferred tax assets
19.0

 
19.3

Deferred mobilization costs
12.2

 
20.8

Wreckage and debris removal receivables
5.9

 
13.2

Other
28.8

 
29.4

 
$
378.4

 
$
421.8

Accrued liabilities and other consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Personnel costs
$
165.6

 
$
231.1

Deferred revenue
142.3

 
146.2

Taxes
93.9

 
86.9

Interest
36.0

 
67.9

Wreckage and debris removal
5.0

 
9.0

Other
46.2

 
43.3

 
$
489.0

 
$
584.4

Other liabilities consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Deferred revenue
$
215.7

 
$
224.5

Unrecognized tax benefits (inclusive of interest and penalties)
132.4

 
129.6

Intangible liabilities
101.9

 
118.0

Supplemental executive retirement plan liabilities
38.4

 
33.3

Personnel costs
28.4

 
31.6

Other
31.6

 
36.4

 
$
548.4

 
$
573.4

Accumulated other comprehensive income consisted of the following (in millions):
 
March 31,
2013
 
December 31,
2012
Derivative Instruments
$
19.4

 
$
24.4

Other
(4.4
)
 
(4.3
)

$
15.0

 
$
20.1

Guarantee Of Registered Securities (Tables)
ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Three Months Ended March 31, 2013
(in millions)
(Unaudited)

 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING REVENUES
$
5.5

 
$
38.1

 
$

 
$
1,183.7

 
$
(77.4
)
 
$
1,149.9

OPERATING EXPENSES


 


 


 


 


 


Contract drilling (exclusive
of depreciation)
12.4

 
38.1

 

 
587.7

 
(77.4
)
 
560.8

Depreciation
.1

 
.8

 

 
148.1

 

 
149.0

General and administrative
16.9

 
.2

 

 
20.7

 

 
37.8

OPERATING (LOSS) INCOME
(23.9
)
 
(1.0
)
 

 
427.2

 

 
402.3

OTHER (EXPENSE) INCOME,
NET
(14.6
)
 
(7.4
)
 
(14.6
)
 
6.8

 

 
(29.8
)
(LOSS) INCOME FROM
CONTINUING OPERATIONS
BEFORE INCOME TAXES
(38.5
)
 
(8.4
)
 
(14.6
)
 
434.0

 

 
372.5

INCOME TAX PROVISION

 
29.5

 

 
22.2

 

 
51.7

DISCONTINUED
OPERATIONS, NET

 

 

 
(.9
)
 

 
(.9
)
EQUITY EARNINGS IN
AFFILIATES, NET OF TAX
355.6

 
111.7

 
52.4

 

 
(519.7
)
 

NET INCOME
317.1

 
73.8

 
37.8

 
410.9

 
(519.7
)
 
319.9

NET INCOME ATTRIBUTABLE
TO NONCONTROLLING
INTERESTS

 

 

 
(2.8
)
 

 
(2.8
)
NET INCOME
ATTRIBUTABLE TO ENSCO
$
317.1

 
$
73.8

 
$
37.8

 
$
408.1

 
$
(519.7
)
 
$
317.1



ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Three Months Ended March 31, 2012
(in millions)
(Unaudited)

 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING REVENUES
$
21.9

 
$
10.6

 
$

 
$
1,037.0

 
$
(48.9
)
 
$
1,020.6

OPERATING EXPENSES
 

 
 

 
 

 
 

 
 

 
 

Contract drilling (exclusive
of depreciation)
6.9

 
10.6

 

 
533.6

 
(48.9
)
 
502.2

Depreciation
.1

 
.8

 

 
135.1

 

 
136.0

General and administrative
14.6

 

 

 
23.6

 

 
38.2

OPERATING INCOME (LOSS)
.3

 
(.8
)
 

 
344.7

 

 
344.2

OTHER EXPENSE, NET
(11.2
)
 
(.3
)
 
(11.7
)
 
(3.5
)
 

 
(26.7
)
(LOSS) INCOME FROM
CONTINUING OPERATIONS
BEFORE INCOME TAXES
(10.9
)
 
(1.1
)
 
(11.7
)
 
341.2

 

 
317.5

INCOME TAX PROVISION

 
11.2

 

 
25.8

 

 
37.0

DISCONTINUED
OPERATIONS, NET

 

 

 
(13.1
)
 

 
(13.1
)
EQUITY EARNINGS IN
AFFILIATES, NET OF TAX
276.3

 
44.2

 
79.7

 

 
(400.2
)
 

NET INCOME
265.4

 
31.9

 
68.0

 
302.3

 
(400.2
)
 
267.4

NET INCOME ATTRIBUTABLE
TO NONCONTROLLING
INTERESTS

 

 

 
(2.0
)
 

 
(2.0
)
NET INCOME
ATTRIBUTABLE TO ENSCO
$
265.4

 
$
31.9

 
$
68.0

 
$
300.3

 
$
(400.2
)
 
$
265.4

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended March 31, 2013
(in millions)
(Unaudited)

 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
317.1

 
$
73.8

 
$
37.8

 
$
410.9

 
$
(519.7
)
 
$
319.9

OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives

 
(4.0
)
 

 

 

 
(4.0
)
Reclassification of net gains and losses on derivative instruments from other comprehensive loss (income) into net income

 
.1

 

 
(1.1
)
 

 
(1.0
)
Other

 

 

 
(.1
)
 

 
(.1
)
NET OTHER COMPREHENSIVE LOSS

 
(3.9
)
 

 
(1.2
)
 

 
(5.1
)
 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
317.1

 
69.9

 
37.8

 
409.7

 
(519.7
)
 
314.8

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(2.8
)
 

 
(2.8
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
317.1

 
$
69.9

 
$
37.8

 
$
406.9

 
$
(519.7
)
 
$
312.0

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended March 31, 2012
(in millions)
(Unaudited)
 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
265.4

 
$
31.9

 
$
68.0

 
$
302.3

 
$
(400.2
)
 
$
267.4

OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives

 
1.9

 

 
4.4

 

 
6.3

Reclassification of net gains and losses on derivative instruments from other comprehensive loss (income) into net income

 
.1

 

 
(.2
)
 

 
(.1
)
Other

 

 

 
(1.9
)
 

 
(1.9
)
NET OTHER COMPREHENSIVE (LOSS) INCOME

 
2.0

 

 
2.3

 

 
4.3

 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
265.4

 
33.9

 
68.0

 
304.6

 
(400.2
)
 
271.7

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(2.0
)
 

 
(2.0
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
265.4

 
$
33.9

 
$
68.0

 
$
302.6

 
$
(400.2
)
 
$
269.7

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2013
(in millions)
(Unaudited)

 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
                          ASSETS 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
289.1

 
$

 
$
115.0

 
$
157.7

 
$

 
$
561.8

Accounts receivable, net 

 
.3

 

 
808.8

 

 
809.1

Accounts receivable from affiliates
1,296.2

 
166.4

 
1.4

 
1,577.1

 
(3,041.1
)
 

Other
2.9

 
24.8

 

 
386.3

 

 
414.0

Total current assets
1,588.2

 
191.5

 
116.4

 
2,929.9

 
(3,041.1
)
 
1,784.9

PROPERTY AND EQUIPMENT, AT COST
2.1

 
30.1

 

 
15,861.4

 

 
15,893.6

Less accumulated depreciation
1.2

 
23.6

 

 
2,713.6

 

 
2,738.4

Property and equipment, net  
.9

 
6.5

 

 
13,147.8

 

 
13,155.2

GOODWILL

 

 

 
3,274.0

 

 
3,274.0

DUE FROM AFFILIATES
2,677.0

 
3,758.5

 
1,640.4

 
5,125.2

 
(13,201.1
)
 

INVESTMENTS IN AFFILIATES
13,831.0

 
2,799.8

 
3,836.2

 

 
(20,467.0
)
 

OTHER ASSETS, NET 
10.7

 
64.8

 

 
302.9

 

 
378.4

 
$
18,107.8

 
$
6,821.1

 
$
5,593.0

 
$
24,779.8

 
$
(36,709.2
)
 
$
18,592.5

LIABILITIES AND SHAREHOLDERS' EQUITY 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
4.9

 
$
47.5

 
$
23.4

 
$
722.1

 
$

 
$
797.9

Accounts payable to affiliates
1,653.7

 
56.5

 

 
1,330.9

 
(3,041.1
)
 

Current maturities of long-term debt

 

 

 
47.5

 

 
47.5

Total current liabilities
1,658.6

 
104.0

 
23.4

 
2,100.5

 
(3,041.1
)
 
845.4

DUE TO AFFILIATES 
1,910.0

 
2,260.6

 
954.6

 
8,075.9

 
(13,201.1
)
 

LONG-TERM DEBT 
2,470.6

 
149.1

 
2,032.7

 
130.9

 

 
4,783.3

DEFERRED INCOME TAXES

 
325.2

 

 
21.6

 

 
346.8

OTHER LIABILITIES

 
1.0

 
10.5

 
536.9

 

 
548.4

ENSCO SHAREHOLDERS' EQUITY 
12,068.6

 
3,981.2

 
2,571.8

 
13,907.5

 
(20,467.0
)
 
12,062.1

NONCONTROLLING INTERESTS

 

 

 
6.5

 

 
6.5

Total equity
12,068.6

 
3,981.2

 
2,571.8

 
13,914.0

 
(20,467.0
)
 
12,068.6

      
$
18,107.8

 
$
6,821.1

 
$
5,593.0

 
$
24,779.8

 
$
(36,709.2
)
 
$
18,592.5

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2012
(in millions)

 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
                          ASSETS 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
271.8

 
$
1.7

 
$
85.0

 
$
128.6

 
$

 
$
487.1

Accounts receivable, net 

 
.2

 

 
811.2

 

 
811.4

Accounts receivable from affiliates
1,294.5

 
226.5

 

 
2,375.1

 
(3,896.1
)
 

Other
2.8

 
24.9

 

 
397.7

 

 
425.4

Total current assets
1,569.1

 
253.3

 
85.0

 
3,712.6

 
(3,896.1
)
 
1,723.9

PROPERTY AND EQUIPMENT, AT COST
2.1

 
30.2

 

 
15,704.8

 

 
15,737.1

Less accumulated depreciation
1.1

 
23.5

 

 
2,566.9

 

 
2,591.5

Property and equipment, net  
1.0

 
6.7

 

 
13,137.9

 

 
13,145.6

GOODWILL

 

 

 
3,274.0

 

 
3,274.0

DUE FROM AFFILIATES
3,483.5

 
3,594.7

 
1,628.4

 
4,748.9

 
(13,455.5
)
 

INVESTMENTS IN AFFILIATES
13,469.3

 
2,693.8

 
3,824.8

 

 
(19,987.9
)
 

OTHER ASSETS, NET 
11.3

 
67.4

 

 
343.1

 

 
421.8

 
$
18,534.2

 
$
6,615.9

 
$
5,538.2

 
$
25,216.5

 
$
(37,339.5
)
 
$
18,565.3

LIABILITIES AND SHAREHOLDERS' EQUITY 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
31.0

 
$
28.1

 
$
34.1

 
$
849.0

 
$

 
$
942.2

Accounts payable to affiliates
2,364.8

 
136.9

 

 
1,394.4

 
(3,896.1
)
 

Current maturities of long-term debt

 

 

 
47.5

 

 
47.5

Total current liabilities
2,395.8

 
165.0

 
34.1

 
2,290.9

 
(3,896.1
)
 
989.7

DUE TO AFFILIATES 
1,816.7

 
2,054.7

 
877.5

 
8,706.6

 
(13,455.5
)
 

LONG-TERM DEBT 
2,469.6

 
149.0

 
2,040.8

 
139.0

 

 
4,798.4

DEFERRED INCOME TAXES

 
335.1

 

 
16.6

 

 
351.7

OTHER LIABILITIES

 

 
10.8

 
562.6

 

 
573.4

ENSCO SHAREHOLDERS' EQUITY 
11,852.1

 
3,912.1

 
2,575.0

 
13,495.1

 
(19,987.9
)
 
11,846.4

NONCONTROLLING INTERESTS

 

 

 
5.7

 

 
5.7

Total equity
11,852.1

 
3,912.1

 
2,575.0

 
13,500.8

 
(19,987.9
)
 
11,852.1

      
$
18,534.2

 
$
6,615.9

 
$
5,538.2

 
$
25,216.5

 
$
(37,339.5
)
 
$
18,565.3

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2013
(in millions)
(Unaudited)
 
Ensco plc
 
ENSCO
International Incorporated
 
Pride
International, Inc.
 
Other
Non-guarantor
Subsidiaries of Ensco
 
Consolidating
Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

   Net cash (used in) provided by
     operating activities of continuing operations
$
(55.3
)
 
$
(34.0
)
 
$
11.3

 
$
420.1

 
$

 
$
342.1

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
Additions to property and equipment 

 

 

 
(168.3
)
 

 
(168.3
)
Other

 
.1

 

 
.8

 

 
.9

Net cash provided by (used in) investing activities of continuing operations 

 
.1

 

 
(167.5
)
 

 
(167.4
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Cash dividends paid
(116.5
)
 

 

 

 

 
(116.5
)
Proceeds from exercise of share
  options
13.4

 

 

 

 

 
13.4

Reduction of long-term borrowings

 

 

 
(7.1
)
 

 
(7.1
)
Advances from (to) affiliates
179.4

 
32.2

 
18.7

 
(230.3
)
 

 

Other
(3.7
)
 

 

 
(1.8
)
 

 
(5.5
)
      Net cash provided by (used in)
         financing activities of
    continuing operations
72.6

 
32.2

 
18.7

 
(239.2
)
 

 
(115.7
)
DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Operating activities

 

 

 
.2

 

 
.2

Investing activities

 

 

 
15.5

 

 
15.5

Net cash provided by discontinued operations

 

 

 
15.7

 

 
15.7

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
17.3

 
(1.7
)
 
30.0

 
29.1

 

 
74.7

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
271.8

 
1.7

 
85.0

 
128.6

 

 
487.1

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
289.1

 
$

 
$
115.0

 
$
157.7

 
$

 
$
561.8





ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2012
(in millions)
(Unaudited)
 
Ensco plc
 
ENSCO
International Incorporated 
 
Pride
International, Inc.
 
Other
Non-guarantor
Subsidiaries of Ensco
 
Consolidating
Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

   Net cash (used in) provided by
     operating activities of continuing operations
$
(20.3
)
 
$
(21.8
)
 
$
(67.4
)
 
$
665.1

 
$

 
$
555.6

INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Additions to property and
  equipment 

 

 

 
(764.1
)
 

 
(764.1
)
Other

 
.7

 

 
4.4

 

 
5.1

Net cash provided by
  (used in) investing activities of
    continuing operations  

 
.7

 

 
(759.7
)
 

 
(759.0
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Cash dividends paid
(86.8
)
 

 

 

 

 
(86.8
)
Commercial paper borrowings,
  net
75.0

 

 

 

 

 
75.0

Proceeds from exercise of share
  options
 
 
11.9

 

 

 

 
11.9

Reduction of long-term borrowings

 

 

 
(7.1
)
 

 
(7.1
)
Advances (to) from affiliates
(192.3
)
 
22.8

 
74.1

 
95.4

 

 

Other

 
(.1
)
 

 
(3.5
)
 

 
(3.6
)
      Net cash (used in) provided by
         financing activities of
  continuing operations
(204.1
)
 
34.6

 
74.1

 
84.8

 

 
(10.6
)
DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Operating activities

 

 

 
(8.3
)
 

 
(8.3
)
Net cash used in discontinued operations

 

 

 
(8.3
)
 

 
(8.3
)
Effect of exchange rate changes
  on cash and cash equivalents

 

 

 
.5

 

 
.5

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(224.4
)
 
13.5

 
6.7

 
(17.6
)
 

 
(221.8
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
236.6

 

 
22.6

 
171.5

 

 
430.7

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
12.2

 
$
13.5

 
$
29.3

 
$
153.9

 
$

 
$
208.9

Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Supplemental executive retirement plan assets
$ 35.2 
$ 29.8 
Derivatives, net
 
5.2 
Total financial assets
35.2 
35.0 
Derivatives, net
(3.3)
 
Total financial liabilities
(3.3)
 
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Supplemental executive retirement plan assets
35.2 
29.8 
Derivatives, net
 
Total financial assets
35.2 
29.8 
Derivatives, net
 
Total financial liabilities
 
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Supplemental executive retirement plan assets
Derivatives, net
 
5.2 
Total financial assets
5.2 
Derivatives, net
(3.3)
 
Total financial liabilities
(3.3)
 
Significant Unobservable Inputs (Level 3) [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Supplemental executive retirement plan assets
Derivatives, net
 
Total financial assets
Derivatives, net
 
Total financial liabilities
$ 0 
 
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Carrying Value
$ 4,830.8 
$ 4,845.9 
Estimated Fair Value
5,341.0 
5,397.7 
4.70% Senior notes due 2021 [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Carrying Value
1,475.3 
1,474.7 
Estimated Fair Value
1,679.6 
1,715.6 
Debt instrument, interest rate, stated percentage
4.70% 
4.70% 
6.875% Senior notes due 2020 [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Carrying Value
1,036.9 
1,040.6 
Estimated Fair Value
1,123.5 
1,138.3 
Debt instrument, interest rate, stated percentage
6.875% 
6.875% 
3.25% Senior notes due 2016 [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Carrying Value
995.3 
995.1 
Estimated Fair Value
1,066.1 
1,068.9 
Debt instrument, interest rate, stated percentage
3.25% 
3.25% 
8.50% Senior notes due 2019 [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Carrying Value
612.5 
616.4 
Estimated Fair Value
661.9 
661.7 
Debt instrument, interest rate, stated percentage
8.50% 
8.50% 
7.875% Senior notes due 2040 [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Carrying Value
383.5 
383.8 
Estimated Fair Value
433.3 
423.9 
Debt instrument, interest rate, stated percentage
7.875% 
7.875% 
7.20% Debentures due 2027 [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Carrying Value
149.0 
149.0 
Estimated Fair Value
189.3 
193.2 
Debt instrument, interest rate, stated percentage
7.20% 
7.20% 
4.33% MARAD bonds, including current maturities, due 2016 [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Carrying Value
104.3 
112.3 
Estimated Fair Value
105.0 
113.0 
Debt instrument, interest rate, stated percentage
4.33% 
4.33% 
6.36% MARAD bonds, including current maturities, due 2015 [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Carrying Value
38.0 
38.0 
Estimated Fair Value
41.2 
41.7 
Debt instrument, interest rate, stated percentage
6.36% 
6.36% 
4.65% MARAD bonds, including current maturities, due 2020 [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Carrying Value
36.0 
36.0 
Estimated Fair Value
$ 41.1 
$ 41.4 
Debt instrument, interest rate, stated percentage
4.65% 
4.65% 
Derivative Instruments (Narrative) (Details) (USD $)
3 Months Ended 3 Months Ended
Mar. 31, 2013
Dec. 31, 2010
Mar. 31, 2013
Not Designated [Member]
Mar. 31, 2012
Not Designated [Member]
Mar. 31, 2013
Foreign Exchange [Member]
Cash Flow Hedges [Member]
Mar. 31, 2013
Foreign Exchange [Member]
Not Designated [Member]
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
 
Derivative Liability, Fair Value, Net
$ (3,300,000)
 
 
 
 
 
Net assets associated with foreign currency derivatives
 
5,200,000 
 
 
 
 
Maturity period of derivatives (in months)
18 months 
 
 
 
 
 
Aggregate cash flow hedges outstanding
 
 
 
 
368,300,000 
175,800,000 
British pounds
 
 
 
 
140,000,000 
 
Brazilian Reais Cash Flow Hedges Outstanding
 
 
 
 
138,800,000 
 
Singapore dollars
 
 
 
 
35,100,000 
23,100,000 
Australian dollars
 
 
 
 
23,400,000 
 
Euros
 
 
 
 
21,900,000 
86,100,000 
Other currencies
 
 
 
 
9,100,000 
35,200,000 
Swiss francs
 
 
 
 
 
17,200,000 
Indonesian rupiahs
 
 
 
 
 
14,200,000 
Net gain (Loss) on derivatives not designated as hedging instruments
 
 
$ (4,400,000)
$ 900,000 
 
 
Derivative, Higher Remaining Maturity Range
18 months 
 
 
 
 
 
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Derivative [Line Items]
 
 
Total fair value of derivative assets
$ 4.1 
$ 5.7 
Total fair value of derivative liabilities
7.4 
0.5 
Designated As Hedging Instrument [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
4.0 
5.5 
Total fair value of derivative liabilities
6.1 
0.3 
Designated As Hedging Instrument [Member] |
Foreign Currency Forward Contracts - Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
3.7 1
5.0 1
Total fair value of derivative liabilities
5.1 1
0.3 1
Designated As Hedging Instrument [Member] |
Foreign Currency Forward Contracts - Non-Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
0.3 2
0.5 2
Total fair value of derivative liabilities
1.0 2
2
Not Designated [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
0.1 
0.2 
Total fair value of derivative liabilities
1.3 
0.2 
Not Designated [Member] |
Foreign Currency Forward Contracts - Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
0.1 1
0.2 1
Total fair value of derivative liabilities
$ 1.3 1
$ 0.2 1
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Derivative [Line Items]
 
 
Net Gains To Be Reclassified To Earnings
$ 200,000 
 
Interest Rate Lock Contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
1
1
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
(100,000)2
100,000 2
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
1 3
1 3
Foreign Currency Forward Contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
(4,000,000)1
6,300,000 1
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
1,100,000 1
1
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
200,000 1 3
(800,000)1 3
Foreign Currency Forward Contracts [Member] |
Contract Drilling [Member]
 
 
Derivative [Line Items]
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
900,000 1
 
Foreign Currency Forward Contracts [Member] |
Depreciation Expense [Member]
 
 
Derivative [Line Items]
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
200,000 1
 
Cash Flow Hedges [Member]
 
 
Derivative [Line Items]
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
(4,000,000)
6,300,000 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
1,000,000 
100,000 
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
$ 200,000 3
$ (800,000)3
Noncontrolling Interests (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Noncontrolling Interest [Line Items]
 
 
Income from continuing operations
$ 320.8 
$ 280.5 
Income from continuing operations attributable to noncontrolling interests
(2.8)
(2.0)
Income from continuing operations attributable to Ensco
$ 318.0 
$ 278.5 
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Earnings Per Share [Abstract]
 
 
Net income attributable to Ensco
$ 317.1 
$ 265.4 
Net income allocated to non-vested share awards
(3.3)
(2.7)
Net income attributable to Ensco shares
$ 313.8 
$ 262.7 
Earnings Per Share (Reconciliation Of Weighted-Average Shares Used In Earnings Per Share Computations) (Details)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Earnings Per Share [Abstract]
 
 
Weighted-average shares - basic (in shares)
230,300,000 
228,800,000 
Potentially dilutive share options (in shares)
300,000 
400,000 
Weighted-average shares - diluted (in shares)
230,600,000 
229,200,000 
Antidilutive share options excluded from computation of diluted earnings per share (in shares)
100,000 
400,000 
Income Taxes (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Income Tax Disclosure [Abstract]
 
 
Consolidated effective income tax rate including tax expense attributable to prior periods
13.90% 
 
Unrecognized tax benefits associated with a tax position taken in prior years
$ 4.9 
 
Effective Income Tax Rate, Continuing Operations, Excluding Discrete Items
12.20% 
12.20% 
Discontinued Operations (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Jackup Rigs [Member]
rigs
Dec. 31, 2012
Moored Semisubmersible Rigs [Member]
rigs
Dec. 31, 2012
Barge Rig [Member]
rigs
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
Net proceeds from rig sale
$ 15.5 
 
 
 
 
Loss on disposal of discontinued operations, net
$ 1.1 
$ 0 
 
 
 
Number of rigs sold
 
 
Discontinued Operations (Summary Of Income From Discontinued Operations) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Discontinued Operations and Disposal Groups [Abstract]
 
 
Revenues
$ 0 
$ 5.8 
Operating expenses
0.1 
21.4 
Operating loss before income taxes
(0.1)
(15.6)
Other income
0.3 
0.5 
Income tax benefit
2.0 
Loss on disposal of discontinued operations, net
(1.1)
DISCONTINUED OPERATIONS, NET
$ (0.9)
$ (13.1)
Contingencies (Narrative) (Details) (USD $)
1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2012
Mar. 31, 2013
occurrence
plaintiffs
claim
Mar. 31, 2013
plaintiffs
claim
Dec. 31, 2012
Dec. 31, 2009
Mar. 31, 2009
Oil and Gas Delivery Commitments and Contracts [Line Items]
 
 
 
 
 
 
Distance from original drilling location in miles
 
 
 
 
 
95 
Leg and debris removal costs
$ 19,000,000 
 
 
 
 
 
Number of payments related to leg and debris removal costs
 
 
 
 
 
Payments for Leg and Debris Removal
 
 
14,000,000 
 
 
 
Proceeds from Insurance Settlement, Investing Activities
 
13,100,000 
 
 
 
 
Wreckage And Debris Removal
 
5,000,000 
5,000,000 
9,000,000 
 
 
Wreckage And Debris Removal Receivables
 
5,900,000 
5,900,000 
13,200,000 
 
 
Loss Contingency, Pending Claims, Number
 
 
 
 
Civil litigation claim damages for cost of repair and business interruption due to pipeline rupture
 
 
 
 
26,000,000 
 
Liability insurance self-insured retention per occurrence
 
10,000,000 
10,000,000 
 
 
 
Annual liability coverage limit for wreckage and debris removal costs
 
500,000,000 
 
 
 
 
Liability insurance self-insured retention
 
15,000,000 
15,000,000 
 
 
 
Number of Occurrences
 
 
 
 
 
Liability insurance self insured retention for each occurrence thereafter
 
1,000,000 
 
 
 
 
Number of plaintiffs
 
100 
100 
 
 
 
Environmental liabilities
 
2,400,000 
 
 
 
 
Spain [Member]
 
 
 
 
 
 
Oil and Gas Delivery Commitments and Contracts [Line Items]
 
 
 
 
 
 
Aggregate amount of pending administrative proceeding raised by governmental authority
 
4,000,000 
 
 
 
 
Minimum [Member]
 
 
 
 
 
 
Oil and Gas Delivery Commitments and Contracts [Line Items]
 
 
 
 
 
 
Loss Contingency, Damages Sought, Value
 
$ 5,000,000 
 
 
 
 
Segment Information (Narrative) (Details)
3 Months Ended
Mar. 31, 2013
contract
segments
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
 
Number of operating segments (in segments)
Number of reportable segments (in segments)
Number of drilling management contracts (in contracts)
Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Segment Reporting Information [Line Items]
 
 
 
Revenues
$ 1,149.9 
$ 1,020.6 
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
560.8 
502.2 
 
Depreciation
149.0 
136.0 
 
General and administrative
37.8 
38.2 
 
OPERATING INCOME
402.3 
344.2 
 
Property and equipment, net
13,155.2 
12,889.9 
13,145.6 
Floaters [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
719.2 
639.3 
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
344.9 
312.9 
 
Depreciation
107.1 
91.0 
 
General and administrative
 
OPERATING INCOME
267.2 
235.4 
 
Property and equipment, net
10,710.0 
10,390.4 
 
Jackups [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
410.5 
359.8 
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
200.2 
173.6 
 
Depreciation
40.3 
41.4 
 
General and administrative
 
OPERATING INCOME
170.0 
144.8 
 
Property and equipment, net
2,413.3 
2,457.7 
 
Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
20.2 
21.5 
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
15.7 
15.7 
 
Depreciation
 
General and administrative
 
OPERATING INCOME
4.5 
5.8 
 
Property and equipment, net
12.4 
 
Operating Segments Total [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
1,149.9 
1,020.6 
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
560.8 
502.2 
 
Depreciation
147.4 
132.4 
 
General and administrative
 
OPERATING INCOME
441.7 
386.0 
 
Property and equipment, net
13,123.3 
12,860.5 
 
Reconciling Items [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
 
Depreciation
1.6 
3.6 
 
General and administrative
37.8 
38.2 
 
OPERATING INCOME
(39.4)
(41.8)
 
Property and equipment, net
$ 31.9 
$ 29.4 
 
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)
3 Months Ended
Mar. 31, 2013
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
73 1
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
28 
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
45 
North & South America (Excl. Brazil) [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
22 1
North & South America (Excl. Brazil) [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
North & South America (Excl. Brazil) [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
14 
Brazil [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
10 1
Brazil [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
10 
Brazil [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Europe & Mediterranean [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
1
Europe & Mediterranean [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Europe & Mediterranean [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Middle East & Africa [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
13 1
Middle East & Africa [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Middle East & Africa [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Asia & Pacific Rim [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
13 1
Asia & Pacific Rim [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Asia & Pacific Rim [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
11 
Asia & Pacific Rim (under construction) [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
1
Asia & Pacific Rim (under construction) [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Asia & Pacific Rim (under construction) [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Supplemental Financial Information Supplemental Financial Information (Narrative) (Details) (Sales Revenue, Services, Net [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Floaters [Member] |
Product Concentration Risk [Member]
 
Revenues
$ 200.1 
Concentration Risk, Percentage
17.00% 
US Gulf Of Mexico [Member] |
Geographic Concentration Risk [Member]
 
Revenues
401.5 
Concentration Risk, Percentage
35.00% 
US Gulf Of Mexico [Member] |
Floaters [Member] |
Geographic Concentration Risk [Member]
 
Concentration Risk, Percentage
75.00% 
Brazil [Member] |
Geographic Concentration Risk [Member]
 
Revenues
$ 243.3 
Concentration Risk, Percentage
21.00% 
Supplemental Financial Information (Accounts Receivable, Net) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
$ 827.0 
$ 830.6 
Allowance for doubtful accounts
(17.9)
(19.2)
Accounts receivable, net
809.1 
811.4 
Trade [Member]
 
 
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
814.8 
812.4 
Other [Member]
 
 
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
$ 12.2 
$ 18.2 
Supplemental Financial Information (Other Current Assets) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Supplemental Financial Information [Abstract]
 
 
Inventory
$ 215.9 
$ 207.8 
Prepaid taxes
60.9 
62.2 
Short-term investments
50.0 
50.0 
Deferred mobilization costs
29.6 
33.7 
Deferred tax assets
21.2 
14.6 
Prepaid expenses
14.5 
20.3 
Assets Held-for-sale, Current
14.2 
Other
21.9 
22.6 
Other current assets
$ 414.0 
$ 425.4 
Supplemental Financial Information (Other Assets, Net) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Supplemental Financial Information [Abstract]
 
 
Intangible assets
$ 115.0 
$ 143.3 
Unbilled reimbursable receivables
74.9 
77.1 
Prepaid taxes on intercompany transfers of property
56.8 
58.3 
Supplemental executive retirement plan assets
35.2 
29.8 
Warranty and other claim receivables
30.6 
30.6 
Deferred tax assets
19.0 
19.3 
Deferred mobilization costs
12.2 
20.8 
Wreckage and debris removal receivables
5.9 
13.2 
Other
28.8 
29.4 
Other Assets, Net
$ 378.4 
$ 421.8 
Supplemental Financial Information (Accrued Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Supplemental Financial Information [Abstract]
 
 
Personnel costs
$ 165.6 
$ 231.1 
Deferred revenue
142.3 
146.2 
Taxes
93.9 
86.9 
Accrued interest
36.0 
67.9 
Wreckage and debris removal
5.0 
9.0 
Other
46.2 
43.3 
Accrued liabilities and other
$ 489.0 
$ 584.4 
Supplemental Financial Information (Other Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Supplemental Financial Information [Abstract]
 
 
Deferred revenue
$ 215.7 
$ 224.5 
Unrecognized tax benefits (inclusive of interest and penalties)
132.4 
129.6 
Intangible liabilities
101.9 
118.0 
Supplemental executive retirement plan liabilities
38.4 
33.3 
Personnel costs
28.4 
31.6 
Other
31.6 
36.4 
Other liabilities
$ 548.4 
$ 573.4 
Supplemental Financial Information Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Supplemental Financial Information [Abstract]
 
 
Derivative Instruments
$ 19.4 
$ 24.4 
Other
(4.4)
(4.3)
Accumulated other comprehensive income
$ 15.0 
$ 20.1 
Guarantee Of Registered Securities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Guarantor Obligations [Line Items]
 
Senior notes aggregate outstanding principal balance
$ 1,700.0 
8.50% Senior notes due 2019 [Member]
 
Guarantor Obligations [Line Items]
 
Debt instrument interest rate stated percentage
8.50% 
Senior note, maturity year
2019 
6.875% Senior notes due 2020 [Member]
 
Guarantor Obligations [Line Items]
 
Debt instrument interest rate stated percentage
6.875% 
Senior note, maturity year
2020 
7.875% Senior notes due 2040 [Member]
 
Guarantor Obligations [Line Items]
 
Debt instrument interest rate stated percentage
7.875% 
Senior note, maturity year
2040 
7.20% Debentures Due 2027 [Member]
 
Guarantor Obligations [Line Items]
 
Debt instrument interest rate stated percentage
7.20% 
Senior note, maturity year
2027 
Senior notes aggregate outstanding principal balance
$ 150.0 
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
$ 1,149.9 
$ 1,020.6 
Contract drilling (exclusive of depreciation)
560.8 
502.2 
Depreciation
149.0 
136.0 
General and administrative
37.8 
38.2 
OPERATING INCOME
402.3 
344.2 
OTHER INCOME (EXPENSE), NET
(29.8)
(26.7)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
372.5 
317.5 
INCOME TAX PROVISION
51.7 
37.0 
DISCONTINUED OPERATIONS, NET
(0.9)
(13.1)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
NET INCOME
319.9 
267.4 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(2.8)
(2.0)
NET INCOME ATTRIBUTABLE TO ENSCO
317.1 
265.4 
Ensco Plc [Member]
 
 
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
5.5 
21.9 
Contract drilling (exclusive of depreciation)
12.4 
6.9 
Depreciation
0.1 
0.1 
General and administrative
16.9 
14.6 
OPERATING INCOME
(23.9)
0.3 
OTHER INCOME (EXPENSE), NET
(14.6)
(11.2)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(38.5)
(10.9)
INCOME TAX PROVISION
DISCONTINUED OPERATIONS, NET
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
355.6 
276.3 
NET INCOME
317.1 
265.4 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME ATTRIBUTABLE TO ENSCO
317.1 
265.4 
ENSCO International Inc. [Member]
 
 
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
38.1 
10.6 
Contract drilling (exclusive of depreciation)
38.1 
10.6 
Depreciation
0.8 
0.8 
General and administrative
0.2 
OPERATING INCOME
(1.0)
(0.8)
OTHER INCOME (EXPENSE), NET
(7.4)
(0.3)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(8.4)
(1.1)
INCOME TAX PROVISION
29.5 
11.2 
DISCONTINUED OPERATIONS, NET
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
111.7 
44.2 
NET INCOME
73.8 
31.9 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME ATTRIBUTABLE TO ENSCO
73.8 
31.9 
Pride International, Inc. [Member]
 
 
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
Contract drilling (exclusive of depreciation)
Depreciation
General and administrative
OPERATING INCOME
OTHER INCOME (EXPENSE), NET
(14.6)
(11.7)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(14.6)
(11.7)
INCOME TAX PROVISION
DISCONTINUED OPERATIONS, NET
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
52.4 
79.7 
NET INCOME
37.8 
68.0 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME ATTRIBUTABLE TO ENSCO
37.8 
68.0 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
1,183.7 
1,037.0 
Contract drilling (exclusive of depreciation)
587.7 
533.6 
Depreciation
148.1 
135.1 
General and administrative
20.7 
23.6 
OPERATING INCOME
427.2 
344.7 
OTHER INCOME (EXPENSE), NET
6.8 
(3.5)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
434.0 
341.2 
INCOME TAX PROVISION
22.2 
25.8 
DISCONTINUED OPERATIONS, NET
(0.9)
(13.1)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
NET INCOME
410.9 
302.3 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(2.8)
(2.0)
NET INCOME ATTRIBUTABLE TO ENSCO
408.1 
300.3 
Consolidating Adjustments [Member]
 
 
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
(77.4)
(48.9)
Contract drilling (exclusive of depreciation)
(77.4)
(48.9)
Depreciation
General and administrative
OPERATING INCOME
OTHER INCOME (EXPENSE), NET
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
INCOME TAX PROVISION
DISCONTINUED OPERATIONS, NET
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
(519.7)
(400.2)
NET INCOME
(519.7)
(400.2)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME ATTRIBUTABLE TO ENSCO
$ (519.7)
$ (400.2)
Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
NET INCOME
$ 319.9 
$ 267.4 
OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
Net change in fair value of derivatives
(4.0)
6.3 
Reclassification of gains and losses on derivative instruments from other comprehensive (income) into net income
(1.0)
(0.1)
Other
(0.1)
(1.9)
NET OTHER COMPREHENSIVE (LOSS) INCOME
(5.1)
4.3 
COMPREHENSIVE INCOME
314.8 
271.7 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(2.8)
(2.0)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
312.0 
269.7 
Ensco Plc [Member]
 
 
NET INCOME
317.1 
265.4 
OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
Net change in fair value of derivatives
Reclassification of gains and losses on derivative instruments from other comprehensive (income) into net income
Other
NET OTHER COMPREHENSIVE (LOSS) INCOME
COMPREHENSIVE INCOME
317.1 
265.4 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
317.1 
265.4 
ENSCO International Inc. [Member]
 
 
NET INCOME
73.8 
31.9 
OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
Net change in fair value of derivatives
(4.0)
1.9 
Reclassification of gains and losses on derivative instruments from other comprehensive (income) into net income
0.1 
0.1 
Other
NET OTHER COMPREHENSIVE (LOSS) INCOME
(3.9)
2.0 
COMPREHENSIVE INCOME
69.9 
33.9 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
69.9 
33.9 
Pride International, Inc. [Member]
 
 
NET INCOME
37.8 
68.0 
OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
Net change in fair value of derivatives
Reclassification of gains and losses on derivative instruments from other comprehensive (income) into net income
Other
NET OTHER COMPREHENSIVE (LOSS) INCOME
COMPREHENSIVE INCOME
37.8 
68.0 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
37.8 
68.0 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
NET INCOME
410.9 
302.3 
OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
Net change in fair value of derivatives
4.4 
Reclassification of gains and losses on derivative instruments from other comprehensive (income) into net income
(1.1)
(0.2)
Other
(0.1)
(1.9)
NET OTHER COMPREHENSIVE (LOSS) INCOME
(1.2)
2.3 
COMPREHENSIVE INCOME
409.7 
304.6 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(2.8)
(2.0)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
406.9 
302.6 
Consolidating Adjustments [Member]
 
 
NET INCOME
(519.7)
(400.2)
OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
Net change in fair value of derivatives
Reclassification of gains and losses on derivative instruments from other comprehensive (income) into net income
Other
NET OTHER COMPREHENSIVE (LOSS) INCOME
COMPREHENSIVE INCOME
(519.7)
(400.2)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$ (519.7)
$ (400.2)
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2012
Dec. 31, 2011
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
$ 561.8 
$ 487.1 
$ 208.9 
$ 430.7 
Accounts receivable
809.1 
811.4 
 
 
Accounts receivable from affiliates
 
 
Other
414.0 
425.4 
 
 
Total current assets
1,784.9 
1,723.9 
 
 
PROPERTY AND EQUIPMENT, AT COST
15,893.6 
15,737.1 
 
 
Less accumulated depreciation
2,738.4 
2,591.5 
 
 
Property and equipment, net
13,155.2 
13,145.6 
12,889.9 
 
GOODWILL
3,274.0 
3,274.0 
 
 
DUE FROM AFFILIATES
 
 
INVESTMENTS IN AFFILIATES
 
 
OTHER ASSETS, NET
378.4 
421.8 
 
 
TOTAL ASSETS
18,592.5 
18,565.3 
 
 
Accounts payable and accrued liabilities
797.9 
942.2 
 
 
Accounts payable to affiliates
 
 
Current maturities of long-term debt
47.5 
47.5 
 
 
Total current liabilities
845.4 
989.7 
 
 
DUE TO AFFILIATES
 
 
LONG-TERM DEBT
4,783.3 
4,798.4 
 
 
DEFERRED INCOME TAXES
346.8 
351.7 
 
 
OTHER LIABILITIES
548.4 
573.4 
 
 
ENSCO SHAREHOLDERS' EQUITY
12,062.1 
11,846.4 
 
 
NONCONTROLLING INTERESTS
6.5 
5.7 
 
 
Total equity
12,068.6 
11,852.1 
 
 
Total liabilities and shareholders' equity
18,592.5 
18,565.3 
 
 
Ensco Plc [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
289.1 
271.8 
12.2 
236.6 
Accounts receivable
 
 
Accounts receivable from affiliates
1,296.2 
1,294.5 
 
 
Other
2.9 
2.8 
 
 
Total current assets
1,588.2 
1,569.1 
 
 
PROPERTY AND EQUIPMENT, AT COST
2.1 
2.1 
 
 
Less accumulated depreciation
1.2 
1.1 
 
 
Property and equipment, net
0.9 
1.0 
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
2,677.0 
3,483.5 
 
 
INVESTMENTS IN AFFILIATES
13,831.0 
13,469.3 
 
 
OTHER ASSETS, NET
10.7 
11.3 
 
 
TOTAL ASSETS
18,107.8 
18,534.2 
 
 
Accounts payable and accrued liabilities
4.9 
31.0 
 
 
Accounts payable to affiliates
1,653.7 
2,364.8 
 
 
Current maturities of long-term debt
 
 
Total current liabilities
1,658.6 
2,395.8 
 
 
DUE TO AFFILIATES
1,910.0 
1,816.7 
 
 
LONG-TERM DEBT
2,470.6 
2,469.6 
 
 
DEFERRED INCOME TAXES
 
 
OTHER LIABILITIES
 
 
ENSCO SHAREHOLDERS' EQUITY
12,068.6 
11,852.1 
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
12,068.6 
11,852.1 
 
 
Total liabilities and shareholders' equity
18,107.8 
18,534.2 
 
 
ENSCO International Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
1.7 
13.5 
Accounts receivable
0.3 
0.2 
 
 
Accounts receivable from affiliates
166.4 
226.5 
 
 
Other
24.8 
24.9 
 
 
Total current assets
191.5 
253.3 
 
 
PROPERTY AND EQUIPMENT, AT COST
30.1 
30.2 
 
 
Less accumulated depreciation
23.6 
23.5 
 
 
Property and equipment, net
6.5 
6.7 
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
3,758.5 
3,594.7 
 
 
INVESTMENTS IN AFFILIATES
2,799.8 
2,693.8 
 
 
OTHER ASSETS, NET
64.8 
67.4 
 
 
TOTAL ASSETS
6,821.1 
6,615.9 
 
 
Accounts payable and accrued liabilities
47.5 
28.1 
 
 
Accounts payable to affiliates
56.5 
136.9 
 
 
Current maturities of long-term debt
 
 
Total current liabilities
104.0 
165.0 
 
 
DUE TO AFFILIATES
2,260.6 
2,054.7 
 
 
LONG-TERM DEBT
149.1 
149.0 
 
 
DEFERRED INCOME TAXES
325.2 
335.1 
 
 
OTHER LIABILITIES
1.0 
 
 
ENSCO SHAREHOLDERS' EQUITY
3,981.2 
3,912.1 
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
3,981.2 
3,912.1 
 
 
Total liabilities and shareholders' equity
6,821.1 
6,615.9 
 
 
Pride International, Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
115.0 
85.0 
29.3 
22.6 
Accounts receivable
 
 
Accounts receivable from affiliates
1.4 
 
 
Other
 
 
Total current assets
116.4 
85.0 
 
 
PROPERTY AND EQUIPMENT, AT COST
 
 
Less accumulated depreciation
 
 
Property and equipment, net
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
1,640.4 
1,628.4 
 
 
INVESTMENTS IN AFFILIATES
3,836.2 
3,824.8 
 
 
OTHER ASSETS, NET
 
 
TOTAL ASSETS
5,593.0 
5,538.2 
 
 
Accounts payable and accrued liabilities
23.4 
34.1 
 
 
Accounts payable to affiliates
 
 
Current maturities of long-term debt
 
 
Total current liabilities
23.4 
34.1 
 
 
DUE TO AFFILIATES
954.6 
877.5 
 
 
LONG-TERM DEBT
2,032.7 
2,040.8 
 
 
DEFERRED INCOME TAXES
 
 
OTHER LIABILITIES
10.5 
10.8 
 
 
ENSCO SHAREHOLDERS' EQUITY
2,571.8 
2,575.0 
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
2,571.8 
2,575.0 
 
 
Total liabilities and shareholders' equity
5,593.0 
5,538.2 
 
 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
157.7 
128.6 
153.9 
171.5 
Accounts receivable
808.8 
811.2 
 
 
Accounts receivable from affiliates
1,577.1 
2,375.1 
 
 
Other
386.3 
397.7 
 
 
Total current assets
2,929.9 
3,712.6 
 
 
PROPERTY AND EQUIPMENT, AT COST
15,861.4 
15,704.8 
 
 
Less accumulated depreciation
2,713.6 
2,566.9 
 
 
Property and equipment, net
13,147.8 
13,137.9 
 
 
GOODWILL
3,274.0 
3,274.0 
 
 
DUE FROM AFFILIATES
5,125.2 
4,748.9 
 
 
INVESTMENTS IN AFFILIATES
 
 
OTHER ASSETS, NET
302.9 
343.1 
 
 
TOTAL ASSETS
24,779.8 
25,216.5 
 
 
Accounts payable and accrued liabilities
722.1 
849.0 
 
 
Accounts payable to affiliates
1,330.9 
1,394.4 
 
 
Current maturities of long-term debt
47.5 
47.5 
 
 
Total current liabilities
2,100.5 
2,290.9 
 
 
DUE TO AFFILIATES
8,075.9 
8,706.6 
 
 
LONG-TERM DEBT
130.9 
139.0 
 
 
DEFERRED INCOME TAXES
21.6 
16.6 
 
 
OTHER LIABILITIES
536.9 
562.6 
 
 
ENSCO SHAREHOLDERS' EQUITY
13,907.5 
13,495.1 
 
 
NONCONTROLLING INTERESTS
6.5 
5.7 
 
 
Total equity
13,914.0 
13,500.8 
 
 
Total liabilities and shareholders' equity
24,779.8 
25,216.5 
 
 
Consolidating Adjustments [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
Accounts receivable
 
 
Accounts receivable from affiliates
(3,041.1)
(3,896.1)
 
 
Other
 
 
Total current assets
(3,041.1)
(3,896.1)
 
 
PROPERTY AND EQUIPMENT, AT COST
 
 
Less accumulated depreciation
 
 
Property and equipment, net
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
(13,201.1)
(13,455.5)
 
 
INVESTMENTS IN AFFILIATES
(20,467.0)
(19,987.9)
 
 
OTHER ASSETS, NET
 
 
TOTAL ASSETS
(36,709.2)
(37,339.5)
 
 
Accounts payable and accrued liabilities
 
 
Accounts payable to affiliates
(3,041.1)
(3,896.1)
 
 
Current maturities of long-term debt
 
 
Total current liabilities
(3,041.1)
(3,896.1)
 
 
DUE TO AFFILIATES
(13,201.1)
(13,455.5)
 
 
LONG-TERM DEBT
 
 
DEFERRED INCOME TAXES
 
 
OTHER LIABILITIES
 
 
ENSCO SHAREHOLDERS' EQUITY
(20,467.0)
(19,987.9)
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
(20,467.0)
(19,987.9)
 
 
Total liabilities and shareholders' equity
$ (36,709.2)
$ (37,339.5)
 
 
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
$ 342.1 
$ 555.6 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(168.3)
(764.1)
Other
0.9 
5.1 
Net cash used in investing activities of continuing operations
(167.4)
(759.0)
FINANCING ACTIVITIES
 
 
Cash dividends paid
(116.5)
(86.8)
Commercial paper borrowings, net
75.0 
Proceeds from exercise of share options
13.4 
11.9 
Reduction of long-term borrowings
(7.1)
(7.1)
Advances (to) from affiliates
Other
(5.5)
(3.6)
Net cash used in financing activities of continuing operations
(115.7)
(10.6)
DISCONTINUED OPERATIONS
 
 
Operating activities
0.2 
(8.3)
Investing activities
15.5 
Net cash provided by (used in) discontinued operations
15.7 
(8.3)
Effect of exchange rate changes on cash and cash equivalents
0.5 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
74.7 
(221.8)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
487.1 
430.7 
CASH AND CASH EQUIVALENTS, END OF PERIOD
561.8 
208.9 
Ensco Plc [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
(55.3)
(20.3)
INVESTING ACTIVITIES
 
 
Additions to property and equipment
Other
Net cash used in investing activities of continuing operations
FINANCING ACTIVITIES
 
 
Cash dividends paid
(116.5)
(86.8)
Commercial paper borrowings, net
 
75.0 
Proceeds from exercise of share options
13.4 
 
Reduction of long-term borrowings
Advances (to) from affiliates
179.4 
(192.3)
Other
(3.7)
Net cash used in financing activities of continuing operations
72.6 
(204.1)
DISCONTINUED OPERATIONS
 
 
Operating activities
Investing activities
 
Net cash provided by (used in) discontinued operations
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
17.3 
(224.4)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
271.8 
236.6 
CASH AND CASH EQUIVALENTS, END OF PERIOD
289.1 
12.2 
ENSCO International Inc. [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
(34.0)
(21.8)
INVESTING ACTIVITIES
 
 
Additions to property and equipment
Other
0.1 
0.7 
Net cash used in investing activities of continuing operations
0.1 
0.7 
FINANCING ACTIVITIES
 
 
Cash dividends paid
Commercial paper borrowings, net
 
Proceeds from exercise of share options
11.9 
Reduction of long-term borrowings
Advances (to) from affiliates
32.2 
22.8 
Other
(0.1)
Net cash used in financing activities of continuing operations
32.2 
34.6 
DISCONTINUED OPERATIONS
 
 
Operating activities
Investing activities
 
Net cash provided by (used in) discontinued operations
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(1.7)
13.5 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
1.7 
CASH AND CASH EQUIVALENTS, END OF PERIOD
13.5 
Pride International, Inc. [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
11.3 
(67.4)
INVESTING ACTIVITIES
 
 
Additions to property and equipment
Other
Net cash used in investing activities of continuing operations
FINANCING ACTIVITIES
 
 
Cash dividends paid
Commercial paper borrowings, net
 
Proceeds from exercise of share options
Reduction of long-term borrowings
Advances (to) from affiliates
18.7 
74.1 
Other
Net cash used in financing activities of continuing operations
18.7 
74.1 
DISCONTINUED OPERATIONS
 
 
Operating activities
Investing activities
 
Net cash provided by (used in) discontinued operations
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
30.0 
6.7 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
85.0 
22.6 
CASH AND CASH EQUIVALENTS, END OF PERIOD
115.0 
29.3 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
420.1 
665.1 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(168.3)
(764.1)
Other
0.8 
4.4 
Net cash used in investing activities of continuing operations
(167.5)
(759.7)
FINANCING ACTIVITIES
 
 
Cash dividends paid
Commercial paper borrowings, net
 
Proceeds from exercise of share options
Reduction of long-term borrowings
(7.1)
(7.1)
Advances (to) from affiliates
(230.3)
95.4 
Other
(1.8)
(3.5)
Net cash used in financing activities of continuing operations
(239.2)
84.8 
DISCONTINUED OPERATIONS
 
 
Operating activities
0.2 
(8.3)
Investing activities
15.5 
 
Net cash provided by (used in) discontinued operations
15.7 
(8.3)
Effect of exchange rate changes on cash and cash equivalents
0.5 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
29.1 
(17.6)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
128.6 
171.5 
CASH AND CASH EQUIVALENTS, END OF PERIOD
157.7 
153.9 
Consolidating Adjustments [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
INVESTING ACTIVITIES
 
 
Additions to property and equipment
Other
Net cash used in investing activities of continuing operations
FINANCING ACTIVITIES
 
 
Cash dividends paid
Commercial paper borrowings, net
 
Proceeds from exercise of share options
Reduction of long-term borrowings
Advances (to) from affiliates
Other
Net cash used in financing activities of continuing operations
DISCONTINUED OPERATIONS
 
 
Operating activities
Investing activities
 
Net cash provided by (used in) discontinued operations
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS, END OF PERIOD
$ 0 
$ 0