Acquisition Of Atwood Acquisition Of Atwood (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Provisional Amounts for Assets Acquired and Liabilities Assumed

The provisional amounts for assets acquired and liabilities assumed are based on preliminary estimates of their fair values as of the Merger Date and were as follows (in millions):



	Estimated Fair Value
Assets:
Cash and cash equivalents⁽¹⁾	$	445.4
Accounts receivable⁽²⁾	62.3
Other current assets	118.1
Property and equipment	1,762.0
Other assets	23.7
Liabilities:
Accounts payable and accrued liabilities	64.9
Other liabilities	118.7
Net assets acquired	2,227.9
Less:
Merger consideration	(781.8		)
Repayment of Atwood debt	(1,305.9		)
Bargain purchase gain	$	140.2

⁽¹⁾ Upon closing of the Merger, we utilized acquired cash of $445.4 million and cash on hand from the liquidation of short-term investments to repay Atwood's debt and accrued interest of $1.3 billion.

⁽²⁾ Gross contractual amounts receivable totaled $64.7 million as of the Merger Date.

Business Acquisition, Pro Forma Information

The following unaudited supplemental pro forma results present consolidated information as if the Merger was completed on January 1, 2016. The pro forma results include, among others, (i) the amortization associated with acquired intangible assets and liabilities, (ii) a reduction in depreciation expense for adjustments to property and equipment and (iii) a reduction to interest expense resulting from the retirement of Atwood's revolving credit facility and 6.50% senior notes due 2020. The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the Merger.



(in millions, except per share amounts)	Twelve Months Ended (Unaudited)
	2017⁽¹⁾			2016
Revenues	$	2,243.0		$	3,622.1
Net income (loss)	(168.7		)	1,284.9
Earnings (loss) per share - basic and diluted	(.39		)	3.18

⁽¹⁾ Pro forma net income and earnings per share were adjusted to exclude an aggregate $80.7 million of merger-related and integration costs incurred by Ensco and Atwood during 2017.