<PAGE>
___________________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 11-K
__________________
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
Commission File Number 1-8097
ENSCO Savings Plan
(Full title of the plan)
ENSCO International Incorporated
2700 Fountain Place
1445 Ross Avenue
Dallas, Texas 75202-2792
(Name and address of principal executive office of issuer)
___________________________________________________________________________
<PAGE>
The financial statements listed in the accompanying table of contents on
the following page are filed as part of this Form 11-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administrative Committee of the Plan has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
ENSCO Savings Plan
/s/ Michael K. Wiley
Date : June 26, 1996 ----------------------------
By: Michael K. Wiley
Plan Administrator <PAGE>
ENSCO SAVINGS PLAN
TABLE OF CONTENTS TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
PAGE
----
Financial Statements:
Report of Independent Accountants 1
Statement of Net Assets Available for Plan Benefits, with
Fund Information - December 31, 1995 2
Statement of Net Assets Available for Plan Benefits, with
Fund Information - December 31, 1994 3
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information - Year Ended December 31, 1995 5
Notes to Financial Statements 8
Additional Information:
Schedule I - Schedule of Assets Held for Investment Purposes 14
Schedule II - Schedule of Reportable Transactions 15
Exhibits:
Consent of Independent Accountants 16
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Trustees of the
ENSCO Savings Plan
In our opinion, the accompanying statements of net assets available for
plan benefits, and the related statement of changes in net assets available
for plan benefits present fairly, in all material respects, the net assets
available for plan benefits of the ENSCO Savings Plan (the "Plan") at
December 31, 1995 and 1994, and the changes in its net assets available for
plan benefits for the year ended December 31, 1995, in conformity with
generally accepted accounting principles. These financial statements are
the responsibility of the Plan's management; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with generally
accepted auditing standards which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for the opinion expressed above.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included
in Schedules I and II is presented for purposes of additional analysis and
is not a required part of the basic financial statements but is additional
information required by ERISA. The Fund Information in the statements of
net assets available for plan benefits and the statement of changes in net
assets available for plan benefits is presented for purposes of additional
analysis rather than to present the net assets available for plan benefits
and the changes in net assets available for plan benefits of each fund.
The additional information and fund information have been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, are fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
/s/ PRICE WATERHOUSE LLP
- ------------------------
PRICE WATERHOUSE LLP
Dallas, Texas
June 24, 1996
-1-<PAGE>
<TABLE>
<CAPTION>
ENSCO SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
AT DECEMBER 31, 1995
Fund Information
------------------------------------------------------------------------
Company Blended Spectrum Spectrum
Stock Stable Balanced Income Growth Loan
1995 Fund Value Fund Fund Fund Fund Fund Total
- ---- ---------- ----------- -------- -------- ---------- ------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Receivables:
Participant contributions . . . . $ 6,941 $ 20,390 $ 2,620 $ 5,995 $ 7,514 $ - $ 43,460
Employer contributions . . . . . 171,513 960,062 56,699 117,601 166,306 - 1,472,181
Investments, at fair value . . . . . 2,335,933 - 779,758 743,198 2,198,061 - 6,056,950
Loans to participants . . . . . . . - - - - - 30,835 30,835
Investments, at contract value:
The Prudential Insurance Co. of
America Investment Contract
GA-6436 . . . . . . . . . . . . - 9,927,635 - - - - 9,927,635
T. Rowe Price Stable Value common
trust fund . . . . . . . . . . - 4,316,754 - - - - 4,316,754
Total investments . . . . . . . 2,335,933 14,244,389 779,758 743,198 2,198,061 30,835 20,332,174
Total assets . . . . . . . 2,514,387 15,224,841 839,077 866,794 2,371,881 30,835 21,847,815
LIABILITIES:
Other payables . . . . . . . . . . - 103,755 - - - - 103,755
Total liabilities . . . . . - 103,755 - - - - 103,755
NET ASSETS AVAILABLE FOR PLAN BENEFITS $2,514,387 $15,121,086 $839,077 $866,794 $2,371,881 $30,835 $21,744,060
The accompanying notes are an integral part of these financial statements.
</TABLE>
-2-<PAGE>
<TABLE>
<CAPTION>
ENSCO SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
AT DECEMBER 31, 1994
Fund Information
-------------------------------------------------
Guaranteed Pooled Company
Investment Equity Intermediate Stock
1994 Fund Fund Bond Fund Fund
- ----- ---------- -------- ------------ --------
<S> <C> <C> <C> <C>
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . $1,810,202 $484,830 $433,662 $ 40,334
Receivables:
Participant contributions . . . . . . . . . . . . . 73,043 18,597 25,978 14,934
Employer contributions . . . . . . . . . . . . . . 808,869 107,643 108,640 74,848
Accrued interest and dividends . . . . . . . . . . 2,685 304 374 281
Due from participating funds . . . . . . . . . . . - 2,094 1,017 1,107
Loans to participants . . . . . . . . . . . . . . . - - - -
Investments, at fair value . . . . . . . . . . . . . - - - 593,134
Total assets . . . . . . . . . . . . . . . . . . 2,694,799 613,468 569,671 724,638
LIABILITIES:
Payable to participating funds . . . . . . . . . . . 4,218 - - -
Other payables . . . . . . . . . . . . . . . . . . . - - - 5
Total liabilities . . . . . . . . . . . . . . . . 4,218 - - 5
NET ASSETS AVAILABLE FOR PLAN BENEFITS . . . . . . . . $2,690,581 $613,468 $569,671 $724,633
The accompanying notes are an integral part of these financial statements.
</TABLE>
-3-<PAGE>
<TABLE>
<CAPTION>
ENSCO SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
AT DECEMBER 31, 1994 (Continued)
Fund Information
-------------------------------------------------------------------
Guaranteed Money Jennison Jennison
Interest Market PRIDEX Equity Balanced
1994 (continued) Fund Fund Fund Fund Fund Total
- ---------------- ----------- ------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Cash and cash equivalents . . . . . . . . $ 38,915 $ - $ - $ - $ - $ 2,807,943
Receivables:
Participant contributions . . . . . . - - - - - 132,552
Employer contributions . . . . . . . . - - - - - 1,100,000
Accrued interest and dividends . . . . - - - - - 3,644
Due from participating funds . . . . . - - - - - 4,218
Loans to participants . . . . . . . . 54,616 - - - - 54,616
Investments, at fair value . . . . . . . 11,567,562 10,676 407,232 575,764 686,998 13,841,366
Total assets . . . . . . . . . . . 11,661,093 10,676 407,232 575,764 686,998 17,944,339
LIABILITIES:
Payable to participating funds . . . . . - - - - - 4,218
Other payables . . . . . . . . . . . . . 49,666 - - - - 49,671
Total liabilities . . . . . . . . . 49,666 - - - - 53,889
NET ASSETS AVAILABLE FOR PLAN
BENEFITS . . . . . . . . . . . . . . . . $11,611,427 $10,676 $407,232 $575,764 $686,998 $17,890,450
The accompanying notes are an integral part of these financial statements.
</TABLE>
-4-<PAGE>
<TABLE>
<CAPTION>
ENSCO SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995
Fund Information
--------------------------------------------------------------------
Company Blended Spectrum Spectrum
Stock Stable Balanced Income Growth Loan
Fund Value Fund Fund Fund Fund Fund
----------- ------------ --------- --------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Interest and dividends . . . . . . . . . . $ - $ 707,242 $ 37,859 $ 44,573 $ 147,272 $ 862
Participant contributions:
Savings contributions . . . . . . . . . . 228,284 892,114 67,057 202,105 291,111 -
Rollover contributions . . . . . . . . . 5,656 3,107 278 10,437 13,543 -
Employer contributions . . . . . . . . . . 846,514 966,043 56,699 117,603 166,308 -
Net appreciation (depreciation) in the
fair value of investments . . . . . . . . 925,544 - 106,778 64,509 321,804 -
Total additions . . . . . . . . . . . . 2,005,998 2,568,506 268,671 439,227 940,038 862
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants . . . . . . . 207,528 1,775,049 92,966 121,752 265,803 5,676
Administrative expenses . . . . . . . . . . 2,957 30,747 - 175 232 -
Total deductions . . . . . . . . . . . 210,485 1,805,796 92,966 121,927 266,035 5,676
NET INCREASE (DECREASE) PRIOR TO INTERFUND
TRANSFERS . . . . . . . . . . . . . . . . . 1,795,513 762,710 175,705 317,300 674,003 (4,814)
Transfer of assets (to) from trustees . . . - 14,379,710 709,600 553,955 1,601,012 54,733
Interfund transfers . . . . . . . . . . . . (5,759) (21,334) (46,228) (4,461) 96,866 (19,084)
NET ADDITIONS (DEDUCTIONS) . . . . . . . . . 1,789,754 15,121,086 839,077 866,794 2,371,881 30,835
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year . . . . . . . . . . . . 724,633 - - - - -
End of year . . . . . . . . . . . . . . . $2,514,387 $15,121,086 $839,077 $866,794 $2,371,881 $30,835
The accompanying notes are an integral part of these financial statements.
</TABLE>
-5-<PAGE>
<TABLE>
<CAPTION>
ENSCO SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995 (Continued)
Fund Information
----------------------------------------------------
Guaranteed Pooled
Investment Equity Intermediate
Fund Fund Bond Fund
----------- --------- ------------
<S> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Interest and dividends . . . . . . . . . . . . . . . . . . . . . $ 444 $ 108 $ 113
Participant contributions:
Savings contributions . . . . . . . . . . . . . . . . . . . . . - - -
Rollover contributions . . . . . . . . . . . . . . . . . . . . - - -
Employer contributions . . . . . . . . . . . . . . . . . . . . . - - -
Net appreciation (depreciation) in fair value
of investments . . . . . . . . . . . . . . . . . . . . . . . . - - -
Total additions . . . . . . . . . . . . . . . . . . . . . . . 444 108 113
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants . . . . . . . . . . . . . . . . . . 3,161 - -
Administrative Expenses . . . . . . . . . . . . . . . . . . . . . - - -
Total deductions . . . . . . . . . . . . . . . . . . . . . . 3,161 - -
NET INCREASE (DECREASE) PRIOR TO INTERFUND TRANSFERS . . . . . . . (2,717) 108 113
Transfer of assets (to) from trustees . . . . . . . . . . . . . . (2,687,864) (613,576) (569,784)
Interfund transfers . . . . . . . . . . . . . . . . . . . . . . . - - -
NET ADDITIONS (DEDUCTIONS) . . . . . . . . . . . . . . . . . . . . (2,690,581) (613,468) (569,671)
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . 2,690,581 613,468 569,671
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . $ - $ - $ -
The accompanying notes are an integral part of these financial statements.
</TABLE>
-6-<PAGE>
<TABLE>
<CAPTION>
ENSCO SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995 (Continued)
Fund Information
-------------------------------------------------------------
Guaranteed Money Jennison Jennison
Interest Market PRIDEX Equity Balanced
Fund Fund Fund Fund Fund Total
------------ -------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Interest and dividends . . . . . . . . . . . $ 124,440 $ - $ - $ - $ - $ 1,062,913
Participant contributions:
Savings contributions . . . . . . . . . . . - - - - - 1,680,671
Rollover contributions . . . . . . . . . . - - - - - 33,021
Employer contributions . . . . . . . . . . . - - - - - 2,153,167
Net appreciation (depreciation) in the
fair value of investments . . . . . . . . . - 37 5,420 (980) 7,002 1,430,114
Total additions . . . . . . . . . . . . . 124,440 37 5,420 (980) 7,002 6,359,886
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants . . . . . . . . - - - - 230 2,472,165
Administrative expenses . . . . . . . . . . . - - - - - 34,111
Total deductions . . . . . . . . . . . . - - - - 230 2,506,276
NET INCREASE (DECREASE) PRIOR TO INTERFUND
TRANSFERS . . . . . . . . . . . . . . . . . . 124,440 37 5,420 (980) 6,772 3,853,610
Transfer of assets (to) from trustees . . . . (11,735,867) (10,713) (412,652) (574,784) (693,770) -
Interfund transfers . . . . . . . . . . . . . - - - - - -
NET ADDITIONS (DEDUCTIONS) . . . . . . . . . . (11,611,427) (10,676) (407,232) (575,764) (686,998) 3,853,610
NET ASSETS AVAILABLE FOR PLAN BENEFITS:
Beginning of year . . . . . . . . . . . . . 11,611,427 10,676 407,232 575,764 686,998 17,890,450
End of year . . . . . . . . . . . . . . . . $ - $ - $ - $ - $ - $21,744,060
The accompanying notes are an integral part of these financial statements.
</TABLE>
-7-<PAGE>
ENSCO SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. PLAN ORGANIZATION AND DESCRIPTION
On May 15, 1991, Energy Service Company, Inc. established the Energy
Service Company, Inc. Profit Sharing Plan. The Profit Sharing Plan was
renamed the ENSCO Savings Plan (collectively referred to as "the Plan") in
1993. Effective December 31, 1993, the Penrod Thrift Plan was merged into
the Plan. At the Annual Meeting of Stockholders held on May 23, 1995, the
Stockholders approved a change of the company name from Energy Service
Company, Inc. to ENSCO International Incorporated ("the Company").
The Plan is a defined contribution plan established to provide a retirement
benefit for employees through a Company profit sharing contribution, and to
promote and encourage employees to provide additional security and income
for their retirement through a systematic savings program. The Plan is
subject to the provisions of the Employee Retirement Income Security Act of
1974 ("ERISA"). The following description of the Plan provides only
general information. Participants should refer to the Plan document for a
more complete description of the Plan's provisions.
Participation
- -------------
Employees of the Company may participate in the Plan upon completing
certain service requirements, except for those employees who already
receive retirement benefits in connection with a collective bargaining
agreement and certain nonresident employees. Eligible employees may elect
to participate in the employee savings feature of the Plan after completing
a three-month period of service with the Company ("Savings Participants").
Eligible employees will automatically participate in the profit sharing
feature of the Plan after completing a twelve-month period of service with
the Company.
Contributions
- -------------
Savings Participants may elect to make contributions to the Plan by salary
deductions ("Savings Contributions"), which qualify for tax deferment under
Section 401(k) of the Internal Revenue Code ("the Code"). Savings
Contributions are generally limited to the lesser of 10% of the Savings
Participant's compensation, or the annual dollar limitation set forth in
Section 402(g) of the Code ($9,240 for the year ended December 31, 1995).
Within certain limits, as defined in the Plan, Savings Participants may
elect to increase, decrease or suspend their Savings Contributions and
corresponding salary deductions.
At the discretion of its Board of Directors, the Company may make
contributions to the Plan for the benefit of Savings Participants
("Matching Contributions"). Matching Contributions may be made by the
Company in the form of a stated dollar amount or in the form of a matching
percentage of Savings Contributions. Matching Contributions, which are
made to the Company Stock Fund, are allocated to individual Savings
Participants pro rata based on their respective Savings Contributions for
the Plan year, limited to 6% of their compensation, as defined by the
-8-<PAGE>
Plan document. The Company made matching Contributions equal to 25% of the
first 6% contributed by each individual participant through April 30, 1995.
Effective May 1, 1995, the Company increased the matching percentage of the
Plan participant's contributions as follows:
Contribution Level Matching Percentage
------------------ -------------------
First 2% of participant contribution 100 %
Second 2% of participant contribution 50 %
Third 2% of participant contribution 25 %
Total Matching Contributions for the year ended December 31, 1995 amounted
to $703,167.
At the discretion of its Board of Directors, the Company may also make
annual contributions to the Plan for the benefit of all eligible employees
("Profit Sharing Contributions"). The Company may make Profit Sharing
Contributions in either cash or in the Company's common stock. Annual
Profit Sharing Contributions are allocated to eligible employees based on
their proportionate compensation. At December 31, 1995, the Plan recorded
a receivable from the Company in the amount of $1.45 million related to the
1995 profit sharing contribution which was paid in March 1996.
The Plan limits the sum of a participant's annual Matching Contribution and
Profit Sharing Contribution ("Company Contributions") to the lesser of
$30,000 or 25% of the Plan participant's compensation. Under certain
circumstances, Plan participants may make contributions to the Plan in the
form of rollover contributions ("Rollover Contributions").
Plan Administration
- -------------------
Texas Commerce Bank ("TCB") served as the Plan's recordkeeper and
investment manager for the Guaranteed Investment Fund, the Pooled Equity
Fund, the Intermediate Bond Fund and the Company Stock Fund (collectively
referred to as "the TCB Funds") through October 31, 1994. Beginning
November 1, 1994, the Plan assigned its recordkeeping and investment
management responsi-bilities to T. Rowe Price. Also, Prudential Defined
Contribution Services ("Prudential") served as the investment manager for
the Guaranteed Interest Fund, the Temporary Investment (Money Market) Fund,
the Prudential Index Stock ("PRIDEX") Fund, the Jennison Equity Fund and
the Jennison Balanced Fund (collectively referred to as "the Prudential
Funds").
On January 3, 1995, TCB transferred the assets in the TCB Funds to T. Rowe
Price. On February 10, 1995, Prudential transferred the assets in the
Prudential Funds and the investment management responsibility for these
funds, with the exception of the Guaranteed Interest Fund, to T. Rowe
Price. Beginning in March 1995, in accordance with the fund's contract,
Prudential began transferring the Guaranteed Interest Fund to T. Rowe Price
in 60 consecutive monthly installments.
Plan participants directed the investment of the transferred funds into one
or more of the following funds: the Company Stock Fund, the Blended Stable
Value Fund, the Balanced Fund, the Spectrum Income Fund and the Spectrum
Growth Fund.
-9-<PAGE>
Vesting
- -------
A Plan participant's Matching Contribution account balance and Profit
Sharing Contribution account balance shall become vested and nonforfeitable
upon the completion of certain years of service with the Company, as
follows:
Completed years of service Vested percentage
-------------------------- -----------------
Less than two years 0 %
Two years 20 %
Three years 40 %
Four years 60 %
Five years 80 %
Six or more years 100 %
Certain former Penrod Thrift Plan participants with greater than three
years of service at December 31, 1993 will continue to vest under the
guidelines that were in place under that plan, whereas participants with
less than three years service will vest in the sponsoring companies'
contributions plus actual earnings thereon in accordance with the above.
In addition, a Plan participant shall become fully vested in his or her
Matching Contribution account balance and Profit Sharing account balance
upon certain events, including death or disability, attaining the age of
60, or a full or partial termination of the Plan. A Plan participant's
Savings Contribution account balance and Rollover Contribution account
balance is fully vested at all times.
Upon completion of each Plan year the nonvested portion of Matching
Contribution account balances and Profit Sharing Contribution account
balances of terminated Plan participants are forfeited ("forfeitures") to
the Plan and may be used to reduce the amount of Matching Contributions and
Profit Sharing Contributions due or administrative expenses to be paid by
the Company. At December 31, 1995 and 1994, the Plan had forfeiture
balances of $103,755 and $49,666, respectively, which were reported as
Other Liabilities in the Statement of Net Assets Available for Plan
Benefits.
Distributions
- -------------
Distributions of a Plan participant's Savings Contribution account and
Rollover Contribution account and the vested portion of a participant's
Matching Contribution account and Profit Sharing Contribution account are
generally made within 60 days of the close of the Plan year in which a
participant attains the age of 65 or termination of employment occurs.
At December 31, 1995 and 1994, the Plan includes approximately $330,000 and
$17,000, respectively, for amounts allocated to the accounts of persons who
have elected to withdraw from the Plan but have not yet been paid.
-10-<PAGE>
Investments
- -----------
The Plan allows participants to invest among a number of different
investment choices. The following are descriptions of the investment
choices in the Plan:
THE COMPANY STOCK FUND - The objective is to provide long-term
growth of capital by investing in ENSCO International
Incorporated common stock.
THE BLENDED STABLE VALUE FUND - The objective is to provide
principal stability and a high level of monthly income by
investing in an investment contract issued by an insurance
company and the T. Rowe Price Stable Value common trust fund
which invests in investment contracts issued by insurance
companies and banks.
THE BALANCED FUND - The objective is to provide long-term capital
appreciation, current income and capital preservation by
investing in a balanced mix of common stocks and fixed
income securities.
THE SPECTRUM INCOME FUND - The objective is to provide a high
level of current income by investing in a managed mix of
domestic bank funds, an international bond fund and an income-
oriented stock fund.
THE SPECTRUM GROWTH FUND - The objective is to provide long-term
growth of capital and current income by investing in a managed
mix of domestic stock funds, an international stock fund and a
money market fund.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Method of Accounting
- --------------------
The Plan's financial statements are prepared on the accrual basis of
accounting.
Investments and Investment Income
- ---------------------------------
The Plan's investments are stated at fair value, except for the Blended
Stable Value Fund which is stated at contract value (Note 3). The Plan's
investments are principally comprised of cash, mutual funds, debt and
equity securities and the Company's common stock. The fair value of the
debt and equity securities and the Company's common stock is determined by
the Trustee and is based on quoted market prices.
Purchases and sales of securities and the Company's common stock are
recorded on a trade-date basis. Interest is recorded on the accrual basis
and dividends are recorded on the ex-dividend date.
-11-<PAGE>
Distributions
- -------------
Distributions are recorded when paid.
Loans
- -----
A loan program was available to all employees participating in the former
Penrod Thrift Plan. Participants of this merged plan were no longer able
to negotiate new loans as of December 31, 1993. Existing loans will
continue under their current terms. The loans generally are required to be
repaid within five years except for loans used to acquire the principal
residence of the participant. The interest rate on a loan was based on the
prevailing interest rates charged on similarly secured personal loans by
persons in the business of lending money in the same geographic region in
which the prior merged plan was administered.
T. Rowe Price assumed administration of the loan program from Prudential.
As security for the loan, the participant's Blended Stable Value Account
balance is reduced for the purposes of withdrawals, transfers and annuity
amounts, by an amount equal to the outstanding loan balance.
Cash Equivalents
- ----------------
Cash Equivalents include amounts invested in highly liquid cash management
funds that are readily convertible to cash.
3. INVESTMENT CONTRACTS
The Blended Stable Value Fund invests in an investment contract issued by
Prudential and in a common trust fund which invests in investment contracts
issued by insurance companies and banks. The Blended Stable Value Fund
credited participant accounts at rates of interest ranging from 6.0% to
7.5% and 6.1% to 6.2% on the Prudential Insurance Co. of America investment
and the T. Rowe Price Stable Value common trust fund, respectively, during
1995. The Blended Stable Value Fund is included in the financial
statements at contract value, which approximates fair value. Contract
value represents contributions made plus credited interest, less Plan
withdrawals.
4. PLAN INVESTMENTS
Plan investments that represent 5% or more of the Plan's net assets are
identified as follows:
-12-<PAGE>
December 31,
---------------------------
1995 1994
----------- ------------
Investments at Fair Value as Determined by
Quoted Market Price
Mutual Funds:
Spectrum Growth Fund, 162,940 Units $ 2,198,061 $ -
Other 1,553,791 1,680,670
Common Stock:
ENSCO International Incorporated,
101,562 and 47,930 shares, respectively 2,335,933 593,134
6,087,785 2,273,804
Investments at Contract Value
Blended Stable Value Fund 14,244,389 -
Guaranteed Investment Fund - 11,567,562
14,244,389 11,567,562
Total Investments $20,332,174 $13,841,366
5. ADMINISTRATIVE FEES
The Plan has no employees. During 1995, the Company and the Plan paid
$58,516 and $34,111, respectively, for the administrative costs of the
Plan.
6. EXCESS CONTRIBUTIONS
Net assets available for Plan benefits at December 31, 1995 and 1994
include $53,141 and $82,861, respectively, of amounts refunded from the
Plan to certain highly compensated employees due to contributions which
exceeded the discrimination limits under Internal Revenue Code ("IRC")
Section 401(k). The 1995 and 1994 excess contributions were refunded in
March 1996 and 1995, respectively.
7. TAX STATUS
Management believes that the Plan is qualified under Section 401(a) of the
Internal Revenue Code and therefore the trust is exempt from taxation under
Section 501(a). An IRS determination letter dated September 21, 1995 was
received for the Plan. Generally, contributions to a qualified plan are
deductible by the Company when made, earnings of the trust are tax exempt
and participants are not taxed on their benefits until withdrawn from the
Plan.
8. SUBSEQUENT EVENTS
On June 12, 1996, the Company acquired DUAL DRILLING COMPANY. It is
anticipated that the DUAL DRILLING COMPANY Employees Tax Deferred/Thrift
Savings Plan and Trust will be merged into the Plan during 1996.
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<TABLE>
<CAPTION>
Additional Information
Schedule I
ENSCO SAVINGS PLAN
Item 27a (Form 5500) - Schedule of Assets Held for Investment Purposes
at December 31, 1995
Description of investment
----------------------------------------------------------------------------------------
Identity of issue or Rate of Units or Current
party involved Description of Investment interest shares Cost value
- -------------------- ------------------------- ----------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C>
T. Rowe Price:
Blended Stable Value Fund:
*The Prudential Insurance Co.
of America Investment GIC 6.0% - 7.5% - $ 9,927,635 $ 9,927,635
T. Rowe Price Stable
Value Common Trust Fund GIC 6.1% - 6.2% - 4,316,754 4,316,754
Balanced Fund Mutual Fund - 58,983 693,930 779,758
*Spectrum Income Fund Mutual Fund - 66,121 687,877 743,198
*Spectrum Growth Fund Mutual Fund - 162,940 1,916,051 2,198,061
17,542,247 17,965,406
Employer securities:
*ENSCO International ENSCO International
Incorporated Incorporated Common Stock - 101,562 1,474,041 2,335,933
Loan Fund Participant Loans 7.0% - 10.0% - 30,835 30,835
$19,047,123 $20,332,174
<FN>
* Party-in interest.
</FN>
</TABLE>
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<TABLE>
<CAPTION>
Additional Information
Schedule II
ENSCO SAVINGS PLAN
Item 27d (Form 5500) - Schedule of Reportable Transactions (in the Aggregate)
Year Ended December 31, 1995
Market
Ex- value on
Lease pense trans-
Identity of party Descriptions Purchase Selling rent- incur- Cost of action Net
involved of transaction price price al red asset date gain
--------------------- ------------------ ---------- ---------- ----- ------ ---------- ---------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
T. Rowe Price Stable Purchase of shares $5,977,220 $5,977,220
Value Common Trust Sales of shares $1,820,355 $1,820,355 1,820,355 -
Fund
T. Rowe Price Purchase of shares 897,813 897,813
Balanced Fund Sales of shares 224,833 203,882 224,833 $20,951
T. Rowe Price Purchase of shares 797,924 797,353
Spectrum Income Fund Sales of shares 118,489 110,237 118,489 8,252
T. Rowe Price Purchase of shares 2,144,283 2,143,962
Spectrum Growth Fund Sales of shares 267,473 230,690 267,473 36,783
ENSCO International Purchase of shares 975,061 968,959
Incorporated Sales of Shares 148,746 110,586 148,746 38,160
</TABLE>
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<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the
Registration Statement on Form S-8 (No. 33-40282) of ENSCO
International Incorporated (formerly Energy Service Company,
Inc.) of our report dated June 24, 1996 appearing on page 1 in
this Annual Report on Form 11-K of the ENSCO Savings Plan.
/S/ PRICE WATERHOUSE LLP
------------------------
PRICE WATERHOUSE LLP
Dallas, Texas
June 24, 1996
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