Edgar Filing: Ensco plc

Form 11-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)

x	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

¨	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-8097

A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:

Ensco Multinational Savings Plan

B.	Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Ensco plc

6 Chesterfield Gardens

London, England W1J 5BQ

ENSCO MULTINATIONAL SAVINGS PLAN

TABLE OF CONTENTS TO FINANCIAL STATEMENTS

AND SUPPLEMENTAL INFORMATION


Financial Statements:

Report of Independent Registered Public Accounting Firm			1

Statement of Net Assets Available for Benefits as of December 31, 2011			2

Statement of Net Assets Available for Benefits as of December 31, 2010			3

Statement of Changes in Net Assets Available for Benefits Year Ended December 31, 2011			4

Statement of Changes in Net Assets Available for Benefits Year Ended December 31, 2010			5

Notes to Financial Statements			6

Supplemental Information:

Schedule I - Investments as of December 31, 2011			12

Signature			13

Exhibits:

Consent of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

To the Trustees of and Plan Administrator of the

Ensco Multinational Savings Plan

We have audited the accompanying statements of net assets available for benefits of the Ensco Multinational Savings Plan as of December 31, 2011 and 2010 and the related statements of changes in net assets available for benefits for the years then ended. 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 in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Ensco Multinational Savings Plan as of December 31, 2011 and 2010, and the changes in its net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the financial statements referred to above. The supplemental schedule of Schedule I – Investments as of December 31, 2011, is presented for the purpose of additional analysis and is not a required part of the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements referred to above taken as a whole.

/s/ Whitley Penn LLP

Fort Worth, Texas

March 29, 2012

ENSCO MULTINATIONAL SAVINGS PLAN

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2011


	Total		Ensco plc American Depositary Shares		Invesco AIM US Dollar Liquidity Portfolio		MFS Meridian Global Equity Fund		Pioneer Funds- North American Basic Value		Templeton Global Bond Fund		Skandia Total Return USD Bond Fund		MFS Meridian Global Total Return Fund		Legg Mason Global Funds- Royce Smaller Companies		Cash
ASSETS:
Investments at fair value:
Other investments (cost $6,074,488)	$	6,297,753	$	—	$	2,342,681	$	861,426	$	673,062	$	728,266	$	667,799	$	601,523	$	422,996	$	—
Ensco plc American depositary shares (cost $1,438,666)		1,475,165		1,475,165		—		—		—		—		—		—		—		—

Total investments		7,772,918		1,475,165		2,342,681		861,426		673,062		728,266		667,799		601,523		422,996		—
Cash		164,042		—		—		—		—		—		—		—		—		164,042
Receivables:
Employer contributions		1,550,118		212,573		607,072		166,087		116,741		127,638		107,412		104,711		98,199		9,685

NET ASSETS AVAILABLE FOR BENEFITS	$	9,487,078	$	1,687,738	$	2,949,753	$	1,027,513	$	789,803	$	855,904	$	775,211	$	706,234	$	521,195	$	173,727

The accompanying notes are an integral part of these financial statements.

ENSCO MULTINATIONAL SAVINGS PLAN

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2010


	Total		Ensco plc American Depositary Shares		Invesco AIM US Dollar Liquidity Portfolio		MFS Meridian Global Equity Fund		Pioneer Funds- North American Basic Value		Templeton Global Bond Fund		Skandia Total Return USD Bond Fund		MFS Meridian Global Total Return Fund		Legg Mason Global Funds- Royce Smaller Companies		Cash
ASSETS:
Investments at fair value:
Other investments (cost $3,916,858)	$	4,374,368	$	—	$	1,504,777	$	662,645	$	519,488	$	519,634	$	458,692	$	412,248	$	296,884	$	—
Ensco plc American depositary shares (cost $1,178,384)		1,457,648		1,457,648		—		—		—		—		—		—		—		—

Total investments		5,832,016		1,457,648		1,504,777		662,645		519,488		519,634		458,692		412,248		296,884		—
Cash		133,818		—		—		—		—		—		—		—		—		133,818
Receivables:
Employer contributions		1,241,995		175,769		496,308		137,983		90,001		95,407		94,726		82,623		69,178		—

NET ASSETS AVAILABLE FOR BENEFITS	$	7,207,829	$	1,633,417	$	2,001,085	$	800,628	$	609,489	$	615,041	$	553,418	$	494,871	$	366,062	$	133,818

The accompanying notes are an integral part of these financial statements.

ENSCO MULTINATIONAL SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE

FOR BENEFITS

YEAR ENDED DECEMBER 31, 2011


	Total			Ensco plc American Depositary Shares			Invesco AIM US Dollar Liquidity Portfolio			MFS Meridian Global Equity Fund			Pioneer Funds- North American Basic Value			Templeton Global Bond Fund			Skandia Total Return USD Bond Fund			MFS Meridian Global Total Return Fund			Legg Mason Global Funds- Royce Smaller Companies			Cash
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income:
Interest and dividends	$	43,526		$	42,706		$	627		$	—		$	—		$	—		$	—		$	—		$	—		$	193
Realized gains		102,799			23,616			—			31,458			13,476			6,424			10,131			5,244			12,450			—
Unrealized depreciation		(480,148	)		(241,380	)		—			(86,905)			(67,981)			(32,825)			(1,378)			(3,700)			(45,979)			—

Total investment income (loss)		(333,823	)		(175,058	)		627			(55,447)			(54,505)			(26,401)			8,753			1,544			(33,529)			193

Contributions:
Participant		1,108,935			162,776			322,863			128,461			114,214			117,185			107,298			83,374			72,764			—
Employer		2,008,910			286,242			743,262			222,837			157,072			172,140			146,072			142,803			128,797			9,685

Total contributions		3,117,845			449,018			1,066,125			351,298			271,286			289,325			253,370			226,177			201,561			9,685

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants		(504,298	)		(102,600	)		(242,492	)		(32,910	)		(31,727	)		(18,817	)		(29,531	)		(16,490	)		(27,207)			(2,524)
Administrative expenses		(475	)		—			—			—			—			—			—			—			—			(475	)

Total deductions		(504,773	)		(102,600	)		(242,492	)		(32,910	)		(31,727	)		(18,817	)		(29,531	)		(16,490	)		(27,207	)		(2,999	)

TRANSFERS, NET		—			(117,039	)		124,408			(36,056	)		(4,740	)		(3,244	)		(10,799	)		132			14,308			33,030
NET INCREASE		2,279,249			54,321			948,668			226,885			180,314			240,863			221,793			211,363			155,133			39,909
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year		7,207,829			1,633,417			2,001,085			800,628			609,489			615,041			553,418			494,871			366,062			133,818

End of year	$	9,487,078		$	1,687,738		$	2,949,753		$	1,027,513		$	789,803		$	855,904		$	775,211		$	706,234		$	521,195		$	173,727

The accompanying notes are an integral part of these financial statements.

ENSCO MULTINATIONAL SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE

FOR BENEFITS

YEAR ENDED DECEMBER 31, 2010


	Total			Ensco plc American Depositary Shares			Invesco AIM US Dollar Liquidity Portfolio			MFS Meridian Global Equity Fund			Pioneer Funds- North American Basic Value			Templeton Global Bond Fund			Skandia Total Return USD Bond Fund			MFS Meridian Global Total Return Fund			Legg Mason Global Funds- Royce Smaller Companies			Cash
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income:
Interest and dividends	$	29,585		$	28,985		$	436		$	—		$	—		$	—		$	—		$	—		$	—		$	164
Realized gains		70,443			9,055			—			13,581			14,041			7,687			8,662			8,907			8,510			—
Unrealized appreciation		516,269			328,253			—			53,212			27,549			35,763			14,999			14,253			42,240			—

Total investment income		616,297			366,293			436			66,793			41,590			43,450			23,661			23,160			50,750			164

Contributions:
Participant		898,890			146,218			254,679			104,471			85,348			91,793			89,136			71,007			56,238			—
Employer		1,743,442			260,782			651,622			198,331			132,573			140,509			138,165			124,063			97,397			—

Total contributions		2,642,332			407,000			906,301			302,802			217,921			232,302			227,301			195,070			153,635			—

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants		(427,524	)		(105,351	)		(196,359	)		(33,394	)		(38,916	)		(22,080	)		(3,700	)		(17,894	)		—			(9,830	)
Administrative expenses		(200	)		—			—			—			—			—			—			—			—			(200	)

Total deductions		(427,724	)		(105,351	)		(196,359	)		(33,394	)		(38,916	)		(22,080	)		(3,700	)		(17,894	)		—			(10,030	)

TRANSFERS, NET		—			(45,211	)		(37,483	)		10,562			(4,025	)		7,419			7,288			(15,030	)		(8,926	)		85,406
NET INCREASE		2,830,905			622,731			672,895			346,763			216,570			261,091			254,550			185,306			195,459			75,540
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year		4,376,924			1,010,686			1,328,190			453,865			392,919			353,950			298,868			309,565			170,603			58,278

End of year	$	7,207,829		$	1,633,417		$	2,001,085		$	800,628		$	609,489		$	615,041		$	553,418		$	494,871		$	366,062		$	133,818

The accompanying notes are an integral part of these financial statements.

ENSCO MULTINATIONAL SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

1. PLAN ORGANIZATION AND DESCRIPTION

The Ensco Multinational Savings Plan (the “Plan”) is a defined contribution plan available to international expatriate employees (“Eligible Employees”) of Ensco plc and subsidiaries (the “Company” or “Ensco”). The Plan was established on January 1, 2009 to provide a retirement benefit for Eligible Employees through Company profit sharing contributions and matching contributions based on Eligible Employee contributions, and to promote and encourage Eligible Employees to provide additional security and income for their retirement through a systematic savings program. Based upon current law and published interpretations, the Company does not believe that the Plan is subject to any of the provisions of the U.S. Employee Retirement Income Security Act of 1974, as amended. The following description of the Plan provides only general information. Participants in the Plan (“Plan Participants”) should refer to the Plan document for a more complete description of the Plan’s provisions.

Participation

Eligible Employees of the Company may participate in the Plan upon meeting certain service, citizenship or residency requirements if they are not employed in their own country of tax residency and are not contributing to, or receiving benefits from, any other employer-sponsored savings plan. Previously, Eligible Employees could elect to participate in the employee savings feature of the Plan after completing one month of service with the Company. Effective October 1, 2011, the Plan was amended by the Company to eliminate the one month employment eligibility requirement.

Eligible Employees automatically participate in the profit sharing feature of the Plan after completing at least 92 days of continuous full-time employment if they are employed at calendar year-end. The profit sharing contributions of the Company are at the discretion of the Board of Directors as disclosed below.

Contributions

Plan Participants may elect to make contributions to the Plan through salary and cash incentive award deferrals (“Savings Contributions”), which may or may not qualify for tax deferral based on each Plan Participant’s local tax requirements. Under the Plan, Savings Contributions are limited to 50% of the participant’s compensation and Plan Participants may elect to increase, decrease or suspend their Savings Contributions within certain limits, as defined in the Plan.

At the discretion of its Board of Directors, the Company may make contributions to the Plan (“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. The Company made Matching Contributions to active participant Eligible Employee accounts as follows:


	Matching Percentage
	2011			2010
First 5% of eligible compensation		100	%		100	%

Total Matching Contributions for the years ended December 31, 2011 and 2010 were $602,820 and $501,447, respectively.

At the discretion of its Board of Directors following close of a fiscal year, the Company may also make annual profit sharing contributions to the Plan for the benefit of all Plan Participants (“Profit Sharing Contributions”). Annual Profit Sharing Contributions are allocated to Plan Participants based on their proportionate compensation. The 2011 Profit Sharing contributions were awarded in cash in March 2012 totaling $1,406,090. The 2011 Profit Sharing Contributions were included in employer contributions in the statement of changes in net assets available for the year ended December 31, 2011. The 2010 Profit Sharing Contributions were awarded in cash in March 2011 totaling $1,241,995. The 2010 Profit Sharing Contributions were included in employer contributions in the statement of changes in net assets available for the year ended December 31, 2010.

Plan Administration

Assets in the Plan are held in trust by Citco Trustees (Cayman) Limited as original trustee on behalf of, and for the benefit of, Plan Participants, who was selected by the Board of Directors upon the recommendation of Company management. The trustee has the authority to manage or dispose of Plan assets as if it were the beneficial owner thereof. However, the trustee and the Company have delegated the management of day-to-day investment elections and administration of the Plan to Global Group Services Incorporated, the administrator, and UBS Financial, Inc., the custodian. Global Group Services Incorporated performs all recordkeeping services.

Vesting

A Plan Participant’s Matching Contribution account balance and Profit Sharing Contribution account balance become vested and nonforfeitable upon the completion of years of service with the Company, as follows:


Completed years of service	Vested percentage
Less than one year		0	%
One year		33	%
Two years		67	%
Three or more years		100	%

A Plan Participant shall become fully vested in his or her Matching Contribution account balance and Profit Sharing Contribution account balance upon certain events, including death or disability, attaining the age of 65 or a period of service with the Company of at least three years, or a full termination of the Plan. A Plan Participant’s Savings Contribution account balance is fully vested at all times.

The unvested portion of Matching Contribution account balances and Profit Sharing Contribution account balances of terminated Plan Participants are forfeited to the Plan and may be used to pay certain administrative expenses of the Plan or to reduce the amount of future employer contributions. The Plan held forfeiture balances totaling $120,971 and $113,790 included in net assets available for benefits as of December 31, 2011 and 2010, respectively. The Plan did not use its forfeiture balance to reduce any portion of the Company’s Matching Contributions during the years ended December 31, 2011 and 2010.

Distributions

Distributions of a Plan Participant’s Savings Contribution account and the vested portion of a participant’s Matching Contribution account and Profit Sharing Contribution account generally are made within 60 days of an employee request due to termination of employment. As of December 31, 2011 and 2010, all Plan Participants who had elected to withdraw from the Plan had been paid.

Hardship Withdrawals

Should a Plan Participant experience a hardship, he or she may elect to withdraw all or part of his or her vested account from the Plan. All cases of hardship must be presented in writing to, and approved by, the Company. The Company may request additional supporting documentation from Plan Participants to substantiate any case of hardship. The Company may, at its discretion, approve all or part of the withdrawal request. Hardship withdrawals are recorded as distributions in the period in which they are paid. No hardship withdrawals were paid during the year ended December 31, 2011. During the year ended December 31, 2010, hardship withdrawals paid totaled $36,997.

Investments

The Plan allows participants to direct all contributions among a number of different investment funds held by UBS Financial, Inc., including Ensco American depositary shares, evidenced by Ensco American depositary receipts, which represent Class A Ordinary Shares of the Company (the “Ensco ADS Fund”). In addition, the Plan limits the portion of a participant’s aggregate account balance that may be invested in the Ensco ADS Fund to 25 percent. The daily value of each investment unit is determined by dividing the total fair market value of all assets in each fund by the total number of units in that fund. Investment income, including certain administrative fees and net appreciation (depreciation) of the fair value of investments, is allocated to each Plan Participant’s account based on the change in unit value for each investment fund in which the participant has an account balance.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Method of Accounting

The Plan’s financial statements are prepared on the accrual basis of accounting.

The Plan’s investments are stated at fair value using quoted market prices. Shares of mutual funds are valued at the net asset value of shares held by the Plan at year-end and there are no redemption restrictions associated with those investments. Purchases and sales of shares in mutual funds and the Ensco ADS Fund are recorded on a trade-date basis. Interest is recorded on the accrual basis and dividends are recorded on the ex-dividend date. See “Note 4 - Fair Value Measurements” for additional information on the fair value measurement of the Plan’s net assets.

The Plan presents in the statement of changes in net assets available for benefits the realized gains and/or losses and the unrealized appreciation (depreciation) on investments, which are calculated based on beginning of the year market values of investments to the date of sale and the purchase price, if purchased during the year, to the end of the year market value.

Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the Plan Sponsor to make estimates and assumptions that affect the reported amounts of assets and liabilities and related changes in net assets available for benefits, as well as disclosures of gain and loss contingencies at the date of the financial statements. Actual results could differ from those estimates.

Distributions

Distributions of benefits to Plan Participants are recorded when paid.

New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2011-04, Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS (“ASU 2011-04”). ASU 2011-04 amended ASC 820, Fair Value Measurements and Disclosures, to converge the fair value measurement guidance in U.S. GAAP and International Financial Reporting Standards (IFRSs). Some of the amendments clarify the application of existing fair value measurement requirements, while other amendments change a particular principle in ASC 820. In addition, ASU 2011-04 requires additional fair value disclosures. The amendments are to be applied prospectively and are effective for annual periods beginning after December 15, 2011. We will adopt Update 2011-04 upon its effective date of January 1, 2012. We do not expect the adoption of Update 2011-04 to have a material effect on the Plan’s financial statements.

3. PLAN INVESTMENTS

As of December 31, 2011 and 2010, the Plan’s investment options included the following:

Ensco ADS Fund: This fund is invested in the Company’s American depositary shares. The fund had 107 and 87 participants as of December 31, 2011 and 2010, respectively.

Invesco AIM US Dollar Liquidity Portfolio: This money market fund seeks to provide investors with a high level of current income, while preserving capital and maintaining liquidity by investing in a portfolio of high quality US dollar denominated short-term money market instruments. The fund had 146 and 109 participants as of December 31, 2011 and 2010, respectively.

MFS Meridian Global Equity Fund: This mutual fund seeks to provide investors capital appreciation by investing in a portfolio of equity securities of global issuers. The fund had 72 and 56 participants as of December 31, 2011 and 2010, respectively.

Pioneer Funds-North American Basic Value: This mutual fund seeks to provide investors capital appreciation over the medium to long-term by investing in a portfolio of equities and equity-linked instruments issued by companies that have their registered office in North America or that exercise the preponderant part of their economic activity in North America. The fund had 65 and 52 participants as of December 31, 2011 and 2010, respectively.

Templeton Global Bond Fund: This mutual fund seeks to provide investors a maximum total return, consisting of a combination of interest income and capital appreciation and currency gains by investing in a portfolio of fixed income securities worldwide. The fund had 70 and 50 participants as of December 31, 2011 and 2010, respectively.

Skandia Total Return USD Bond Fund: This mutual fund seeks to provide investors both current income and capital appreciation by investing in a portfolio of intermediate-term investment grade securities. The fund had 75 and 55 participants as of December 31, 2011 and 2010, respectively.

MFS Meridian Global Total Return Fund: This mutual fund seeks to provide investors total return by investing in a portfolio of large-cap equity securities and investment grade government bonds. The fund had 58 and 41 participants as of December 31, 2011 and 2010, respectively.

Legg Mason Global Funds-Royce Smaller Companies: This mutual fund seeks to provide investors long-term capital appreciation by investing in a portfolio of equity securities issued by mid-cap and small-cap companies with stock market capitalizations of less than US $5 billion. The fund had 58 and 41 participants as of December 31, 2011 and 2010, respectively.

During 2011 and 2010, the Plan’s investments, including gains and losses on investments bought and sold, as well as held during the year, appreciated (depreciated) in value as follows:


	2011			2010
Proceeds	$	673,605		$	576,673
Aggregate cost		570,806			506,230

Realized gains		102,799			70,443
Unrealized (depreciation)/appreciation		(480,148	)		516,269

Net (depreciation)/appreciation in fair value of investments	$	(377,349	)	$	586,712

4. FAIR VALUE MEASUREMENTS

Certain provisions of FASB ASC 820-10 establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). Level 2 measurements are inputs that are observable for assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. The following fair value hierarchy table categorizes information regarding the Plan’s net assets measured at fair value on a recurring basis as of December 31, 2011 and 2010:


	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total




As of December 31, 2011
Other investments	$	6,297,753	$	—	$	—	$	6,297,753
Ensco ADS Fund		1,475,165		—		—		1,475,165

Total investments	$	7,772,918	$	—	$	—	$	7,772,918

As of December 31, 2010
Other investments	$	4,374,368	$	—	$	—	$	4,374,368
Ensco ADS Fund		1,457,648		—		—		1,457,648

Total investments	$	5,832,016	$	—	$	—	$	5,832,016

5. ADMINISTRATIVE FEES

The Plan has no employees. All administrative expenses of the Plan have been paid by the Company. Fees paid by the participants and the Plan for investment management and other related services amounted to approximately $475 and $200 for the years ended December 31, 2011 and 2010, respectively.

6. PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan. In the event of Plan termination, participants will become 100% vested in their accounts.

7. TAX STATUS

The Plan is not qualified under Section 401(a) of the United States Internal Revenue Code of 1986, as amended.

In consideration that Plan Participants are not U.S. citizens, permanent residents or otherwise U.S. tax residents at any time they are participating, Plan Participants will not be directly subject to U.S. federal income tax on any dividends paid on stock of a U.S. corporation. However, the Cayman Islands trust that holds the Plan’s assets will be subject to U.S. federal income tax on such dividends at a rate of 30%, withheld at source. The trust will not be entitled to any lower tax treaty rates even if a Plan Participant would have been eligible for such lower treaty rates if he or she held the stock directly. Depending on a Plan Participant’s country of residence, he or she also may be entitled to a credit against his or her local income tax (if applicable) for the U.S. federal income tax withheld by the trust.

Accounting principles generally accepted in the United States of America require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more-likely-than-not, based on the technical merits, to be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan and has concluded that, as of December 31, 2011, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Company believes it is no longer subject to income tax examinations for years prior to 2008.

8. RELATED PARTY TRANSACTIONS

American depositary shares of the Company held by the Plan in the Ensco ADS Fund as an investment qualify as party-in-interest transactions. As of December 31, 2011 and 2010, the Plan’s investment in the Ensco ADS Fund was based on the closing price on such dates of $46.92 per share and $53.38 per share, respectively. Like any investment in publicly traded securities, the Company’s American depositary shares are subject to price changes. The high and low prices for the Company’s American depositary shares were $60.31 and $37.39 for 2011 and $53.93 and $33.33 for 2010. The Company’s American depositary shares totaled approximately 19% and 25% of the Plan’s total assets as of December 31, 2011 and 2010, respectively.

9. RISKS AND UNCERTAINTIES

The Plan invests in various investment options that are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the value of the investments will occur in the near term and that such changes could materially affect Plan Participants’ account balances and the amounts reported in the statement of net assets available for benefits.

Supplemental Information

Schedule I

ENSCO MULTINATIONAL SAVINGS PLAN

SCHEDULE I - INVESTMENTS

AS OF DECEMBER 31, 2011


Description	Number of shares/units		Market Value		Percentage of Net Assets
Invesco AIM US Dollar Liquidity Portfolio		2,342,681	$	2,342,681		30.1	%
MFS Meridian Global Equity Fund		29,983		861,426		11.1	%
Pioneer Funds-North American Basic Value		11,980		673,062		8.7	%
Templeton Global Bond Fund		29,871		728,266		9.4	%
Skandia Total Return USD Bond Fund		39,740		667,799		8.6	%
MFS Meridian Global Total Return Fund		27,035		601,523		7.7	%
Legg Mason Global Funds-Royce Smaller Companies		4,195		422,996		5.4	%

Employer securities:
*Ensco ADS Fund		31,440		1,475,165		19.0	%

Total Investments			$	7,772,918

*	Party-in-interest

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrator of the Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


				Ensco Multinational Savings Plan

Date: March 29, 2012				/s/ DOUGLAS J. MANKO
				By: Douglas J. Manko
				Controller of Ensco plc

EXHIBIT INDEX


Exhibit No.		Description

23.1		Consent of Independent Registered Public Accounting Firm