Ensco Files 8K - Other Events
August 18 2016 - 4:32PM
Dow Jones News
ENSCO PLC (ESV) filed a Form 8K - Other Events - with the U.S
Securities and Exchange Commission on August 18, 2016.
Ensco plc has received a notice of early termination for
convenience from its customer for the ENSCO DS-7 drilling contract
with an estimated effective date of early fourth quarter 2016 based
on the customer's current well program.
The drilling contract obligates the customer to pay Ensco daily
termination fees through November 2017. For the first 90 days
following the early fourth quarter 2016 effective date, the daily
termination fee is equal to the operating day rate of approximately
$585,000. For the remaining term through November 2017, the daily
termination fee is equal to 75% of the operating day rate, or
approximately $439,000. Daily termination fees payable by the
customer will be defrayed during any period that Ensco contracts
the rig to a third party through November 2017. The customer is
also contractually obligated to pay a demobilization fee. Given
these contract terms, Ensco does not anticipate a material impact
to its financial results for 2016 and 2017 as a result of this
termination.
Statements contained in this Form 8-K that are not historical
facts are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements include statements
involving the estimated termination effective date and the impact
of the ENSCO DS-7 drilling contract termination on financial
results. Such statements are subject to numerous risks,
uncertainties and assumptions. In addition, you should also
carefully read and consider "Item 1A. Risk Factors" in Part I and
"Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations" in Part II of our most recent
annual report on Form 10-K, as updated in the Company's subsequent
quarterly reports on Form 10-Q, which are available on the SEC's
website at www.sec.gov or on the Investor Relations section of the
our website at www.enscoplc.com. Each forward-looking statement
speaks only as of the date of the particular statement, and we
undertake no obligation to publicly update or revise any
forward-looking statements, except as required by law.
The full text of this SEC filing can be retrieved at:
http://www.sec.gov/Archives/edgar/data/314808/000031480816000396/form8k_item801ds-7terminat.htm
Any exhibits and associated documents for this SEC filing can be
retrieved at:
http://www.sec.gov/Archives/edgar/data/314808/000031480816000396/0000314808-16-000396-index.htm
Public companies must file a Form 8-K, or current report, with
the SEC generally within four days of any event that could
materially affect a company's financial position or the value of
its shares.
(END) Dow Jones Newswires
August 18, 2016 17:17 ET (21:17 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Ensco (NYSE:ESV)
Historical Stock Chart
From Apr 2024 to May 2024
Ensco (NYSE:ESV)
Historical Stock Chart
From May 2023 to May 2024