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Guarantee Of Registered Securities
3 Months Ended
Mar. 31, 2013
Guarantees [Abstract]  
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