EX-12.1 2 esv-ex121x12312015.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1


ENSCO PLC AND SUBSIDIARIES
Statement of Calculation of Ratios of Earnings to Fixed Charges
(In millions, except ratios)
(Unaudited)
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
Earnings
 
 
 

 
 

 
 

 
 

(Loss) income from continuing operations before income tax
$
(1,471.2
)
 
$
(2,548.8
)
 
$
1,633.2

 
$
1,304.7

 
$
673.5

Fixed charges deducted from income from continuing operations
323.2

 
260.4

 
245.3

 
247.3

 
187.6

Amortization of capitalized interest
18.2

 
17.0

 
13.3

 
12.3

 
6.7

Less:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income tax attributable to noncontrolling interests
(10.5
)
 
(15.5
)
 
(9.7
)
 
(7.4
)
 
(5.8
)
Interest capitalized
(87.4
)
 
(78.2
)
 
(67.7
)
 
(105.8
)
 
(80.2
)
 
(1,227.7
)
 
(2,365.1
)
 
1,814.4

 
1,451.1

 
781.8

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest on indebtedness, including amortization of deferred loan costs
216.3

 
161.4

 
158.8

 
123.6

 
95.9

Estimated interest within rental expense
19.5

 
20.8

 
18.8

 
17.9

 
11.5

Fixed charges deducted from income from continuing operations
235.8

 
182.2

 
177.6

 
141.5

 
107.4

Interest capitalized
87.4

 
78.2

 
67.7

 
105.8

 
80.2

Total
$
323.2

 
$
260.4

 
$
245.3

 
$
247.3

 
$
187.6

 


 


 


 


 


Ratio of Earnings to Fixed Charges
(a)

 
(a)

 
7.4

 
5.9

 
4.2


(a)
For the year ended December 31, 2015 and December 31, 2014, our earnings were inadequate to cover our fixed charges by $1,550.9 million and $2,625.5 million, respectively. Net loss from continuing operations before income taxes of $1,471.2 million and $2,548.8 million for the years ended December 31, 2015 and December 31, 2014, respectively, included a non-cash loss on impairment of $2,746.4 million and $4,218.7 million, respectively.