EX-12.1 4 a2233889zex-12_1.htm EX-12.1
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Exhibit 12.1


ENSCO PLC AND SUBSIDIARIES

Statement of Calculation of Ratios of Earnings to Fixed Charges

(In millions, except ratios)

(Unaudited)

 
   Nine Months
Ended
September 30,
2017 		  Year Ended December 31,  
 
   2016   2015   2014   2013   2012  

Earnings

                                      

(Loss) income from continuing operations before income tax

   $ (29.9 ) $ 997.5   $ (1,471.2 ) $ (2,548.8 ) $ 1,633.2   $ 1,304.7  

Fixed charges deducted from income from continuing operations

     229.2     284.4     323.2     260.4     245.3     247.3  

Amortization of capitalized interest

     13.0     16.4     18.2     17.0     13.3     12.3  

Less:

                                      

Loss (income) from continuing operations before income tax attributable to noncontrolling interests

   $ 0.6   $ (7.7 ) $ (10.5 ) $ (15.5 ) $ (9.7 ) $ (7.4 )

Interest capitalized

     (54.9 )   (45.7 )   (87.4 )   (78.2 )   (67.7 )   (105.8 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

    158.0     1,244.9     (1,227.7 )   (2,365.1 )   1,814.4     1,451.1  

Fixed Charges

                                      

Interest on indebtedness, including amortization of deferred loan costs

     167.0     228.8     216.3     161.4     158.8     123.6  

Estimated interest within rental expense

     7.3     9.9     19.5     20.8     18.8     17.9  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges deducted from income from continuing operations

     174.3     238.7     235.8     182.2     177.6     141.5  

Interest capitalized

     54.9     45.7     87.4     78.2     67.7     105.8  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 229.2   $ 284.4   $ 323.2   $ 260.4   $ 245.3   $ 247.3  

Ratio of Earnings to Fixed Charges

      (a)   4.4       (b)     (b)   7.4     5.9  
(a)
For the nine month period ended September 30, 2017, our earnings were inadequate to cover our fixed charges by $71.2 million.

(b)
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.



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ENSCO PLC AND SUBSIDIARIES Statement of Calculation of Ratios of Earnings to Fixed Charges (In millions, except ratios) (Unaudited)