Ensco plc | 2013 | FY | 3


GUARANTEE OF REGISTERED SECURITIES
 
In connection with the Merger, Ensco plc and Pride entered into a supplemental indenture to the indenture dated as of July 1, 2004 between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Ensco plc of Pride’s 8.5% senior notes due 2019, 6.875% senior notes due 2020 and 7.875% senior notes due 2040, which had an aggregate outstanding principal balance of $1.7 billion as of December 31, 2013. The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes.
 
Ensco plc is also a full and unconditional guarantor of the 7.2% Debentures due 2027 issued by Ensco Delaware in November 1997, which had an aggregate outstanding principal balance of $150.0 million as of December 31, 2013.
 
All guarantees are unsecured obligations of Ensco plc ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness.

The following tables present our condensed consolidating statements of income for each of the years in the three-year period ended December 31, 2013; our condensed consolidating statements of comprehensive income for each of the years in the three-year period ended December 31, 2013; our condensed consolidating balance sheets as of December 31, 2013 and 2012; and our condensed consolidating statements of cash flows for each of the years in the three-year period ended December 31, 2013, in accordance with Rule 3-10 of Regulation S-X. 
 
ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Year Ended December 31, 2013
(in millions)
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-guarantor Subsidiaries of Ensco  
 
Consolidating Adjustments
 
Total  
OPERATING REVENUES
$
35.0

 
$
149.4

 
$

 
$
5,042.8

 
$
(307.4
)
 
$
4,919.8

OPERATING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
27.5

 
149.4

 

 
2,533.0

 
(307.4
)
 
2,402.5

Depreciation
.3

 
4.0

 

 
607.6

 

 
611.9

General and administrative
63.5

 
.5

 

 
82.8

 

 
146.8

OPERATING (LOSS) INCOME
(56.3
)
 
(4.5
)
 

 
1,819.4

 

 
1,758.6

OTHER (EXPENSE) INCOME, NET
(65.6
)
 
(9.4
)
 
(27.9
)
 
2.8

 

 
(100.1
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(121.9
)
 
(13.9
)

(27.9
)

1,822.2




1,658.5

INCOME TAX PROVISION

 
92.5

 

 
133.1

 

 
225.6

DISCONTINUED OPERATIONS, NET

 

 

 
(5.0
)
 

 
(5.0
)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
1,540.1

 
366.2

 
111.6

 

 
(2,017.9
)
 

NET INCOME
1,418.2

 
259.8


83.7


1,684.1


(2,017.9
)

1,427.9

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(9.7
)
 

 
(9.7
)
NET INCOME ATTRIBUTABLE TO ENSCO
$
1,418.2

 
$
259.8


$
83.7


$
1,674.4


$
(2,017.9
)

$
1,418.2


ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Year Ended December 31, 2012
(in millions)
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-guarantor Subsidiaries of Ensco  
 
Consolidating Adjustments
 
Total  
OPERATING REVENUES
$
44.0

 
$
147.6

 
$

 
$
4,429.2

 
$
(320.1
)
 
$
4,300.7

OPERATING EXPENSES
 
 
 
 
 
 
 
 
 
 


Contract drilling (exclusive of depreciation)
51.2

 
147.6

 

 
2,149.3

 
(320.1
)
 
2,028.0

Depreciation
.4

 
3.5

 

 
554.7

 

 
558.6

General and administrative
63.8

 
.4

 

 
84.7

 

 
148.9

OPERATING (LOSS) INCOME
(71.4
)

(3.9
)



1,640.5




1,565.2

OTHER (EXPENSE) INCOME, NET
(41.8
)
 
(7.0
)
 
(50.0
)
 
.2

 

 
(98.6
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(113.2
)

(10.9
)

(50.0
)

1,640.7




1,466.6

INCOME TAX PROVISION

 
68.8

 

 
175.6

 

 
244.4

DISCONTINUED OPERATIONS, NET

 

 

 
(45.5
)
 

 
(45.5
)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
1,282.9

 
335.9

 
239.2

 

 
(1,858.0
)
 

NET INCOME
1,169.7


256.2


189.2


1,419.6


(1,858.0
)

1,176.7

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(7.0
)
 

 
(7.0
)
NET INCOME ATTRIBUTABLE TO ENSCO
$
1,169.7


$
256.2


$
189.2


$
1,412.6


$
(1,858.0
)

$
1,169.7


ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Year Ended December 31, 2011
(in millions)
 
Ensco plc
 
ENSCO International Incorporated 
 
Pride International, Inc.
 
Other Non-guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total  
OPERATING REVENUES
$

 
$
70.0

 
$

 
$
2,869.5

 
$
(141.8
)
 
$
2,797.7

OPERATING EXPENSES
 

 
 

 
 

 
 

 
 

 
 

Contract drilling (exclusive of depreciation)
46.9

 
70.0

 

 
1,474.0

 
(141.8
)
 
1,449.1

Depreciation
.4

 
1.8

 

 
406.7

 

 
408.9

General and administrative
52.2

 

 

 
106.4

 

 
158.6

OPERATING (LOSS) INCOME
(99.5
)

(1.8
)
 


882.4




781.1

OTHER INCOME (EXPENSE), NET
32.1

 
.4

 
(22.7
)
 
(67.7
)
 

 
(57.9
)
(LOSS) INCOME BEFORE INCOME TAXES
(67.4
)

(1.4
)
 
(22.7
)

814.7




723.2

INCOME TAX PROVISION

 
38.5

 
1.5

 
75.4

 

 
115.4

DISCONTINUED OPERATIONS, NET

 
(11.1
)
 

 
8.9

 
 
 
(2.2
)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
667.8

 
271.5

 
143.9

 

 
(1,083.2
)
 

NET INCOME
600.4


220.5

 
119.7


748.2


(1,083.2
)

605.6

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(5.2
)
 

 
(5.2
)
NET INCOME ATTRIBUTABLE TO ENSCO
$
600.4


$
220.5

 
$
119.7


$
743.0


$
(1,083.2
)

$
600.4






ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Year Ended December 31, 2013
(in millions)
 
 Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
1,418.2

 
$
259.8

 
$
83.7

 
$
1,684.1

 
$
(2,017.9
)
 
$
1,427.9

OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives

 
(5.8
)
 

 

 

 
(5.8
)
Reclassification of net losses on derivative instruments from other comprehensive income into net income

 
2.0

 

 

 

 
2.0

Other

 

 

 
1.9

 

 
1.9

NET OTHER COMPREHENSIVE (LOSS) INCOME

 
(3.8
)
 

 
1.9

 

 
(1.9
)
 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
1,418.2

 
256.0

 
83.7

 
1,686.0

 
(2,017.9
)
 
1,426.0

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(9.7
)
 

 
(9.7
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
1,418.2

 
$
256.0

 
$
83.7

 
$
1,676.3

 
$
(2,017.9
)
 
$
1,416.3



ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Year Ended December 31, 2012
(in millions)
 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
1,169.7

 
$
256.2

 
$
189.2

 
$
1,419.6

 
$
(1,858.0
)
 
$
1,176.7

OTHER COMPREHENSIVE INCOME (LOSS), NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives

 
6.3

 

 
2.4

 

 
8.7

Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income

 
.2

 

 
(.2
)
 

 

Other

 

 

 
2.8

 

 
2.8

NET OTHER COMPREHENSIVE INCOME

 
6.5

 

 
5.0

 

 
11.5

 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
1,169.7

 
262.7

 
189.2

 
1,424.6

 
(1,858.0
)
 
1,188.2

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(7.0
)
 

 
(7.0
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
1,169.7

 
$
262.7

 
$
189.2

 
$
1,417.6

 
$
(1,858.0
)
 
$
1,181.2




ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Year Ended December 31, 2011
(in millions)
 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
600.4

 
$
220.5

 
$
119.7

 
$
748.2

 
$
(1,083.2
)
 
$
605.6

OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives

 
(4.2
)
 

 
4.3

 

 
.1

Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income

 
.2

 

 
(5.7
)
 

 
(5.5
)
Other

 

 

 
2.9

 

 
2.9

NET OTHER COMPREHENSIVE (LOSS) INCOME

 
(4.0
)
 

 
1.5

 

 
(2.5
)
 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
600.4

 
216.5

 
119.7

 
749.7

 
(1,083.2
)
 
603.1

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(5.2
)
 

 
(5.2
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
600.4

 
$
216.5

 
$
119.7

 
$
744.5

 
$
(1,083.2
)
 
$
597.9



























ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2013
(in millions)
 
Ensco plc
 
ENSCO
International Incorporated
 
Pride
International,
Inc. 
 
Other
Non-guarantor
Subsidiaries of Ensco
 
Consolidating
Adjustments
 
Total

                          ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
46.5

 
$
.5

 
$
4.9

 
$
113.7

 
$

 
$
165.6

Accounts receivable, net 

 

 

 
855.7

 

 
855.7

Accounts receivable from
  affiliates
1,235.0

 
213.8

 
5.5

 
4,169.2

 
(5,623.5
)
 

Other
3.2

 
61.3

 

 
449.4

 

 
513.9

 Total current assets
1,284.7

 
275.6

 
10.4

 
5,588.0

 
(5,623.5
)
 
1,535.2

PROPERTY AND EQUIPMENT, AT COST
2.1

 
34.3

 

 
17,462.1

 

 
17,498.5

Less accumulated depreciation
1.5

 
26.5

 

 
3,159.5

 

 
3,187.5

Property and equipment, net  
.6

 
7.8

 

 
14,302.6

 

 
14,311.0

GOODWILL

 

 

 
3,274.0

 

 
3,274.0

DUE FROM AFFILIATES
4,876.8

 
4,236.0

 
1,898.0

 
5,069.7

 
(16,080.5
)
 

INVESTMENTS IN AFFILIATES
13,830.1

 
4,868.6

 
4,092.2

 

 
(22,790.9
)
 

OTHER ASSETS, NET 
8.8

 
60.1

 

 
283.8

 

 
352.7

 
$
20,001.0

 
$
9,448.1

 
$
6,000.6

 
$
28,518.1

 
$
(44,494.9
)
 
$
19,472.9

LIABILITIES AND SHAREHOLDERS' EQUITY 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
   Accounts payable and accrued
     liabilities
$
31.5

 
$
9.1

 
$
34.2

 
$
925.0

 
$

 
$
999.8

Accounts payable to affiliates
3,666.1

 
549.7

 

 
1,407.7

 
(5,623.5
)
 

Current maturities of long-term
  debt

 

 

 
47.5

 

 
47.5

Total current liabilities
3,697.6

 
558.8

 
34.2

 
2,380.2

 
(5,623.5
)
 
1,047.3

DUE TO AFFILIATES 
1,030.8

 
2,760.4

 
1,331.1

 
10,958.2

 
(16,080.5
)
 

LONG-TERM DEBT 
2,473.7

 
149.1

 
2,007.8

 
88.3

 

 
4,718.9

DEFERRED INCOME TAXES

 
358.3

 

 
3.8

 

 
362.1

OTHER LIABILITIES

 
2.3

 
8.7

 
534.7

 

 
545.7

ENSCO SHAREHOLDERS' EQUITY 
12,798.9

 
5,619.2

 
2,618.8

 
14,545.6

 
(22,790.9
)
 
12,791.6

NONCONTROLLING INTERESTS

 

 

 
7.3

 

 
7.3

Total equity
12,798.9

 
5,619.2

 
2,618.8

 
14,552.9

 
(22,790.9
)
 
12,798.9

      
$
20,001.0

 
$
9,448.1

 
$
6,000.6

 
$
28,518.1

 
$
(44,494.9
)
 
$
19,472.9

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2012
(in millions)
 
Ensco plc
 
ENSCO
International Incorporated
 
Pride
International, Inc. 
 
Other
Non-guarantor
Subsidiaries of Ensco
 
Consolidating
Adjustments
 
Total
                          ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
   Cash and cash equivalents
$
271.8

 
$
1.7

 
$
85.0

 
$
128.6

 
$

 
$
487.1

Accounts receivable, net 

 
.2

 

 
811.2

 

 
811.4

Accounts receivable from
  affiliates
1,294.5

 
226.5

 

 
2,375.1

 
(3,896.1
)
 

Other
2.8

 
24.9

 

 
397.7

 

 
425.4

 Total current assets
1,569.1

 
253.3

 
85.0

 
3,712.6

 
(3,896.1
)
 
1,723.9

PROPERTY AND EQUIPMENT, AT COST
2.1

 
30.2

 

 
15,704.8

 

 
15,737.1

Less accumulated depreciation
1.1

 
23.5

 

 
2,566.9

 

 
2,591.5

Property and equipment, net  
1.0

 
6.7

 

 
13,137.9

 

 
13,145.6

GOODWILL

 

 

 
3,274.0

 

 
3,274.0

DUE FROM AFFILIATES
3,483.5

 
3,594.7

 
1,628.4

 
4,748.9

 
(13,455.5
)
 

INVESTMENTS IN AFFILIATES
13,469.3

 
2,693.8

 
3,824.8

 

 
(19,987.9
)
 

OTHER ASSETS, NET 
11.3

 
67.4

 

 
343.1

 

 
421.8

 
$
18,534.2

 
$
6,615.9

 
$
5,538.2

 
$
25,216.5

 
$
(37,339.5
)
 
$
18,565.3

LIABILITIES AND SHAREHOLDERS' EQUITY 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
   Accounts payable and accrued
     liabilities
$
31.0

 
$
28.1

 
$
34.1

 
$
849.0

 
$

 
$
942.2

Accounts payable to affiliates
2,364.8

 
136.9

 

 
1,394.4

 
(3,896.1
)
 

Current maturities of long-term
  debt

 

 

 
47.5

 

 
47.5

Total current liabilities
2,395.8

 
165.0

 
34.1

 
2,290.9

 
(3,896.1
)
 
989.7

DUE TO AFFILIATES 
1,816.7

 
2,054.7

 
877.5

 
8,706.6

 
(13,455.5
)
 

LONG-TERM DEBT 
2,469.6

 
149.0

 
2,040.8

 
139.0

 

 
4,798.4

DEFERRED INCOME TAXES

 
335.1

 

 
16.6

 

 
351.7

OTHER LIABILITIES

 

 
10.8

 
562.6

 

 
573.4

ENSCO SHAREHOLDERS' EQUITY 
11,852.1

 
3,912.1

 
2,575.0

 
13,495.1

 
(19,987.9
)
 
11,846.4

NONCONTROLLING INTERESTS

 

 

 
5.7

 

 
5.7

Total equity
11,852.1

 
3,912.1

 
2,575.0

 
13,500.8

 
(19,987.9
)
 
11,852.1

      
$
18,534.2

 
$
6,615.9

 
$
5,538.2

 
$
25,216.5

 
$
(37,339.5
)
 
$
18,565.3



ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended December 31, 2013
(in millions)
 
Ensco plc
 
ENSCO International Incorporated  
 
Pride International, Inc.
 
Other Non-guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

   Net cash (used in) provided by
     operating activities of continuing operations
$
(114.8
)
 
$
(128.7
)
 
$
(62.9
)
 
$
2,286.7

 
$

 
$
1,980.3

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
Additions to property and equipment 

 

 

 
(1,779.2
)
 

 
(1,779.2
)
Purchases of short-term investments

 

 

 
(50.0
)
 

 
(50.0
)
Maturities of short-term investments

 

 

 
50.0

 

 
50.0

Advance payment received on sale of assets

 

 

 
33.0

 

 
33.0

Other

 
(4.1
)
 

 
10.1

 

 
6.0

Net cash used in investing activities of continuing operations 

 
(4.1
)
 

 
(1,736.1
)
 

 
(1,740.2
)
FINANCING ACTIVITIES
 
 
 
 
 
 
 

 
 

 


Cash dividends paid
(525.6
)
 

 

 

 

 
(525.6
)
Reduction of long-term
  borrowings

 

 

 
(47.5
)
 

 
(47.5
)
Proceeds from exercise of share
  options
22.3

 

 

 

 

 
22.3

Debt financing costs

 
(4.6
)
 

 

 

 
(4.6
)
Advances from (to) affiliates
407.2

 
136.2

 
(17.2
)
 
(526.2
)
 

 

Other
(14.4
)
 

 

 
(7.3
)
 

 
(21.7
)
      Net cash (used in) provided by
         financing activities
(110.5
)
 
131.6

 
(17.2
)
 
(581.0
)
 

 
(577.1
)
DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
 
 


Operating activities

 

 

 
.2

 

 
.2

Investing activities

 

 

 
15.5

 

 
15.5

Net cash provided by discontinued operations

 

 


15.7



 
15.7

Effect of exchange rate changes on cash and cash equivalents

 

 

 
(.2
)
 

 
(.2
)
DECREASE IN CASH AND CASH EQUIVALENTS
(225.3
)
 
(1.2
)

(80.1
)

(14.9
)



(321.5
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
271.8

 
1.7

 
85.0

 
128.6

 

 
487.1

CASH AND CASH EQUIVALENTS, END OF YEAR
$
46.5

 
$
.5


$
4.9


$
113.7


$


$
165.6



ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended December 31, 2012
(in millions)
 
Ensco plc
 
ENSCO International Incorporated 
 
Pride International, Inc.
 
Other Non-guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

   Net cash (used in) provided by
     operating activities of continuing operations
$
(71.6
)
 
$
(38.2
)
 
$
(21.6
)
 
$
2,331.6

 
$

 
$
2,200.2

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 


Additions to property and
  equipment 

 

 

 
(1,802.2
)
 

 
(1,802.2
)
Purchases of short-term investments

 

 

 
(90.0
)
 

 
(90.0
)
Maturities of short-term investments

 

 

 
44.5

 

 
44.5

Other
(.3
)
 
.4

 

 
3.1

 

 
3.2

   Net cash (used in) provided
       by investing activities of
       continuing operations  
(.3
)
 
.4

 

 
(1,844.6
)
 

 
(1,844.5
)
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 


Cash dividends paid
(348.1
)
 

 

 

 

 
(348.1
)
Commercial paper borrowings,
  net
(125.0
)
 

 

 

 

 
(125.0
)
Equity issuance reimbursement
66.7

 

 

 

 

 
66.7

Reduction of long-term
  borrowings

 

 

 
(47.5
)
 

 
(47.5
)
Proceeds from exercise of share
  options
23.9

 
11.9

 

 

 

 
35.8

Advances from (to) affiliates
501.2

 
27.6

 
84.0

 
(612.8
)
 

 

Other
(11.6
)
 

 

 
(5.8
)
 

 
(17.4
)
      Net cash provided by (used in)
         financing activities
107.1

 
39.5


84.0


(666.1
)


 
(435.5
)
DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
 
 


Operating activities

 

 

 
(13.1
)
 

 
(13.1
)
Investing activities

 

 

 
147.3

 

 
147.3

Net cash provided by discontinued operations

 




134.2




134.2

Effect of exchange rate changes
  on cash and cash equivalents

 

 

 
2.0

 

 
2.0

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
35.2

 
1.7


62.4


(42.9
)



56.4

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
236.6

 

 
22.6

 
171.5

 

 
430.7

CASH AND CASH EQUIVALENTS, END OF YEAR
$
271.8

 
$
1.7


$
85.0


$
128.6


$

 
$
487.1

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Year Ended December 31, 2011
(in millions)
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-guarantor Subsidiaries of Ensco    
 
Consolidating Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 
 
 

 
 

 
 

   Net cash provided by (used in)
     operating activities of continuing operations
$
2.0

 
$
(2.6
)
 
$
(59.9
)
 
$
792.3

 
$

 
$
731.8

INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 


   Acquisition of Pride International, Inc.,
net of cash acquired 

 

 
92.9

 
(2,748.9
)
 

 
(2,656.0
)
Additions to property and equipment 

 

 

 
(729.0
)
 

 
(729.0
)
Purchases of short-term investments

 

 

 
(4.5
)
 

 
(4.5
)
Other

 
(6.1
)
 

 
11.4

 

 
5.3

   Net cash (used in) provided
      by investing activities of
      continuing operations  

 
(6.1
)

92.9


(3,471.0
)


 
(3,384.2
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 


Proceeds from issuance of senior
notes
2,462.8

 

 

 

 

 
2,462.8

Cash dividends paid 
(292.3
)
 

 

 

 

 
(292.3
)
Reduction of long-term borrowings

 

 
(181.0
)
 
(32.3
)
 

 
(213.3
)
Commercial paper borrowings,
  net
125.0

 

 

 

 

 
125.0

Equity issuance cost
(70.5
)
 

 

 

 

 
(70.5
)
Proceeds from exercise of share options 

 
39.9

 
 
 
 
 
 
 
39.9

Debt financing costs
(27.1
)
 
(4.7
)
 

 

 

 
(31.8
)
Advances (to) from affiliates
(1,956.1
)
 
(34.5
)
 
170.6

 
1,820.0

 

 

Other
(10.6
)
 

 

 
(5.1
)
 

 
(15.7
)
Net cash provided by (used in) financing activities
231.2

 
.7


(10.4
)

1,782.6



 
2,004.1

DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
 
 


Operating activities

 
(11.1
)
 

 
11.5

 

 
.4

Investing activities

 

 

 
28.7

 

 
28.7

Net cash (used in) provided by discontinued operations

 
(11.1
)



40.2



 
29.1

Effect of exchange rate changes on cash and cash equivalents

 

 

 
(.8
)
 

 
(.8
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
233.2

 
(19.1
)

22.6


(856.7
)


 
(620.0
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
3.4

 
19.1

 

 
1,028.2

 

 
1,050.7

CASH AND CASH EQUIVALENTS, END
       OF YEAR
$
236.6

 
$


$
22.6


$
171.5