Exhibit 12.1
ENSCO PLC AND SUBSIDIARIES
Statement of Calculation of Ratios of Earnings to Fixed Charges
(In millions, except ratios)
(Unaudited)
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| Nine Months |
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| Ended |
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| September 30, |
| Year Ended December 31, |
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| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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Earnings |
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Income from continuing operations before income tax(a) |
| $ | 321.2 |
| $ | 1,664.7 |
| $ | 1,397.7 |
| $ | 739.0 |
| $ | 507.9 |
| $ | 833.3 |
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Fixed charges deducted from income from continuing operations |
| 183.5 |
| 245.6 |
| 247.6 |
| 187.8 |
| 26.6 |
| 25.6 |
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Amortization of capitalized interest |
| 12.7 |
| 14.1 |
| 13.2 |
| 7.2 |
| 4.5 |
| 2.6 |
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Less: |
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Income from continuing operations before income tax attributable to noncontrolling interests |
| $ | (12.1 | ) | (10.2 | ) | (8.0 | ) | (6.0 | ) | (6.2 | ) | (4.2 | ) | |||||
Interest capitalized |
| (58.6 | ) | (67.7 | ) | (105.8 | ) | (80.2 | ) | (21.3 | ) | (20.9 | ) | ||||||
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| 446.7 |
| 1,846.5 |
| 1,544.7 |
| 847.8 |
| 511.5 |
| 836.4 |
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Fixed Charges |
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Interest on indebtedness, including amortization of deferred loan costs |
| 109.0 |
| 158.8 |
| 123.6 |
| 95.9 |
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Estimated interest within rental expense |
| 15.9 |
| 19.1 |
| 18.2 |
| 11.7 |
| 5.3 |
| 4.7 |
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Fixed charges deducted from income from continuing operations |
| 124.9 |
| 177.9 |
| 141.8 |
| 107.6 |
| 5.3 |
| 4.7 |
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Interest capitalized |
| 58.6 |
| 67.7 |
| 105.8 |
| 80.2 |
| 21.3 |
| 20.9 |
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Total |
| $ | 183.5 |
| $ | 245.6 |
| $ | 247.6 |
| $ | 187.8 |
| $ | 26.6 |
| $ | 25.6 |
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Ratio of Earnings to Fixed Charges |
| 2.4 |
| 7.5 |
| 6.2 |
| 4.5 |
| 19.2 |
| 32.7 |
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(a) Net income from continuing operations before income taxes of $321.2 million for the nine-month period ended September 30, 2014 included a non-cash loss on impairment of $991.5 million recorded during the period.