EX-12.1 2 esv-6x30x2015xexhibit121.htm EXHIBIT 12.1
ENSCO PLC AND SUBSIDIARIES
Statement of Calculation of Ratios of Earnings to Fixed Charges
(In millions, except ratios)
(Unaudited)

| Six Months Ended June 30, 2015 |  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012 |  | 2011 |  | 2010
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations before income tax | $ | 736.6 |  |  | $ | (2,548.8 | ) |  | $ | 1,633.2 |  |  | $ | 1,304.7 |  |  | $ | 673.5 |  |  | $ | 494.7 |
Fixed charges deducted from income from continuing operations | 160.3 |  |  | 260.4 |  |  | 245.3 |  |  | 247.3 |  |  | 187.6 |  |  | 26.6 |
Amortization of capitalized interest | 8.7 |  |  | 17.0 |  |  | 13.3 |  |  | 12.3 |  |  | 6.7 |  |  | 4.5 |
Less: |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income tax attributable to noncontrolling interests | (6.8 | ) |  | (15.5 | ) |  | (9.7 | ) |  | (7.4 | ) |  | (5.8 | ) |  | (7.7 | )
Interest capitalized | (46.4 | ) |  | (78.2 | ) |  | (67.7 | ) |  | (105.8 | ) |  | (80.2 | ) |  | (21.3 | )
| 852.4 |  |  | (2,365.1 | ) |  | 1,814.4 |  |  | 1,451.1 |  |  | 781.8 |  |  | 496.8 |
Fixed Charges |  |  |  |  |  |  |  |  |  |  |
Interest on indebtedness, including amortization of deferred loan costs | 103.6 |  |  | 161.4 |  |  | 158.8 |  |  | 123.6 |  |  | 95.9 |  |  | — |
Estimated interest within rental expense | 10.3 |  |  | 20.8 |  |  | 18.8 |  |  | 17.9 |  |  | 11.5 |  |  | 5.3 |
Fixed charges deducted from income from continuing operations | 113.9 |  |  | 182.2 |  |  | 177.6 |  |  | 141.5 |  |  | 107.4 |  |  | 5.3 |
Interest capitalized | 46.4 |  |  | 78.2 |  |  | 67.7 |  |  | 105.8 |  |  | 80.2 |  |  | 21.3 |
Total | $ | 160.3 |  |  | $ | 260.4 |  |  | $ | 245.3 |  |  | $ | 247.3 |  |  | $ | 187.6 |  |  | $ | 26.6 |
Ratio of Earnings to Fixed Charges | 5.3 |  |  | (a) |  |  | 7.4 |  |  | 5.9 |  |  | 4.2 |  |  | 18.7 |

(a) | For the year ended December 31, 2014, our earnings were inadequate to cover our fixed charges by $2,625.5 million. Net loss from continuing operations before income taxes of $2,548.8 million for the year ended December 31, 2014 included a non-cash loss on impairment of $4,218.7 million recorded during the period.