1

Investor Presentation

April 2018

2

Forward-Looking Statements

Statements contained in this investor presentation 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 words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,”

“project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements involving expected

financial performance, effective tax rate, expected expense savings, day rates and backlog, estimated rig availability; rig

commitments and contracts; contract duration, status, terms and other contract commitments; estimated capital

expenditures; letters of intent or letters of award; scheduled delivery dates for rigs; the timing of delivery, mobilization,

contract commencement, relocation or other movement of rigs; our intent to sell or scrap rigs; and general market,

business and industry conditions, trends and outlook. Such statements are subject to numerous risks, uncertainties and

assumptions that may cause actual results to vary materially from those indicated, including commodity price

fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations,

relocations, severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology;

future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties;

terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement;

possible cancellation, suspension or termination of drilling contracts as a result of mechanical difficulties, performance,

customer finances, the decline or the perceived risk of a further decline in oil and/or natural gas prices, or other reasons,

including terminations for convenience (without cause); the cancellation of letters of intent or letters of award or any

failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work

commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes;

governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and

retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt

restrictions that may limit our liquidity and flexibility; tax matters including our effective tax rate; and cybersecurity risks

and threats. In addition to the numerous factors described above, 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 our 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 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.

3

Why Invest in Ensco?

Perspectives on Offshore Drilling

4

Offshore Drilling is a Cyclical Industry

Global Fleet Utilization

50%

60%

70%

80%

90%

100%

• Offshore drilling is highly cyclical

with six significant upcycles1 since

1985

– Average length of upcycle: 26 months

– Average increase in contracted rig

count: 24%

• During the same period there has

been six major downcycles

– Average decrease in contracted rig

count: 21%

– Most recent downcycle was

particularly severe, with contracted

rig count declining 38%

• Expect offshore recovery to be

protracted and phased

– Current contracted rig count ~3%

higher than Jan. 2017 lows

Source: IHS Markit RigPoint as of April 20181 Significant upcycle defined as a 10%+ increase in the number of contracted rigs

+103 rigs

17 months

+53 rigs

17 months

+70 rigs

34 months

+118 rigs

22 months

+82 rigs

28 months

+195 rigs

40 months

5

Utilization of Offshore Drilling Rigs

Driven by Customer Spending

• Customers’ offshore project

expenditures significantly

impact global rig utilization

• Global rig utilization has

generally moved in line with

the rate of change in customer

spending over time

• While nominal offshore capital

expenditures are expected to

bottom in 2018, aggregate

offshore capital expenditures

are forecast to grow at ~10%

compound annual rate through

2027

Source: IHS Markit RigPoint, Rystad Energy

Offshore Drilling Rig Utilization & E&P Capex

-30

-20

-10

0

10

20

30

40

30

40

50

60

70

80

90

100

Global Fleet Utilization (%, left axis) Change in E&P Offshore Capex (2Y rolling avg %, right axis)

6

Offshore Production Critical to

Meeting Future Global Energy Demand

22

24

26

28

30

32

34

36

mm bbl/day

Offshore Oil Production1

Source: Rystad Energy, IHS Markit Strategic Horizons1 Offshore oil production defined as oil, NGL & other liquids production

~5.5 million

bbl/day

• Offshore production represents

~30% of global production

• Current production levels

driven by historical investment

with increased spending

needed to meet future oil

demand and replace

production depletion

– Average annual depletion rates

of ~11% and ~5% for deep- and

shallow-water production,

respectively

– Average time from FID to first

production of ~50 months for

deepwater projects and ~20

months for shallow-water

projects

7

Higher Oil Prices Support Increased

Offshore Project Sanctioning

• Brent crude oil prices have

recently risen above $70/bbl

and have now remained above

$60/bbl for six consecutive

months

• During 2017, offshore project

sanctioning as measured by

FID approval more than

doubled 2016 levels

• Many offshore projects are

economic at breakeven oil

prices well below current levels

-

20

40

60

80

100

120

0

20

40

60

80

100

Offshore FIDs (#, left axis) Brent Crude Oil Avg Price ($/bbl, right axis)

Average Offshore Breakeven Oil Prices

$27$33

$20 - $40 < $40 < $40 < $40

Statoil Respol Chevron Petrobras Shell Maersk

$/bbl

Pre-FID

Norwegian

Shelf

Projects

Brownfield

US GOM

Deepwater

Projects

Pre-FID

Deepwater

Projects

Pre-FID

Shallow-

Water

Projects

Pre-FID

Pre-Salt

Projects

Acquired

Maersk

portfolio

Source: AllianceBernstein, FactSet, Rystad Energy, IHS Strategic Horizons; Statoil 7 February 2017 Capital Markets Day; Repsol 23 February 2017 earnings conference call; Chevron 29

April 2016 earnings conference call; Petrobras CEO Pedro Parente via Bloomberg 10 October 2016; Shell 2 February 2017 earnings conference call; Maersk 8 February 2017 earnings

conference call

Offshore Project Approvals & Oil Prices

8

Fixtures and Contracted Rig Years For

Floaters and Jackups Have Increased

Source: IHS Markit RigPoint1 High-spec jackup defined as jackups with water depth rating of 350 ft. or greater

Floaters High–Spec Jackups1

0

50

100

150

200

250

0

30

60

90

120

150

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Fixtures (#, left axis) Rig Years (#, right axis)

0

100

200

300

400

500

0

30

60

90

120

150

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Fixtures (#, left axis) Rig Years (#, right axis)

9

Increasing Customer Activity has

Led to Improved Utilization

• Utilization of offshore rigs has

stabilized since reaching

bottom in late 2016 and

increased modestly during

2017 after nearly three years

of declines

• Recent improvements in both

total and marketed utilization

are due in part to a higher

number of contracted rigs

Source: IHS Markit RigPoint as of April 2018

Global Fleet Utilization

50%

60%

70%

80%

90%

100%

Jan-1

4

Apr-

14

Jul-1

4

Oct-

14

Jan-1

5

Apr-

15

Jul-1

5

Oct-

15

Jan-1

6

Apr-

16

Jul-1

6

Oct-

16

Jan-1

7

Apr-

17

Jul-1

7

Oct-

17

Jan-1

8

Apr-

18

Total Marketed

10

Substantial Portion of Current Global

Supply are Retirement Candidates

• ~60 floaters1 could be

candidates for retirement

based on age and contract

expirations

• ~180 jackups2 could be retired

as expiring contracts and

survey costs lead to the

removal of older rigs from

drilling supply

• Uncontracted newbuilds

expected to be delayed further,

while several newbuilds in

Brazil and China are unlikely to

join the global fleet

Global Rig Fleet

Source: IHS Markit RigPoint as of April 20181 Includes floaters >30 years of age that are idle without follow-on work or have contracts expiring before year-end 2018 without follow-on work and floaters 15 to 30 years of age that have

been idle for more than two years and without follow-on work2 Includes jackups >30 years of age that are idle without follow-on work or have contracts expiring before year-end 2018 without follow-on work and jackups 15 to 30 years of age that have

been idle for more than two years and without follow-on work

Floaters Jackups

Delivered Rigs

Under Contract 123 301

Future Contract 21 25

Idle / Stacked 56 132

Marketed Fleet 200 458

Non-Marketed 58 74

Total Fleet 258 532

Marketed Utilization 72% 71%

Total Utilization 56% 61%

Newbuild Rigs

Uncontracted 28 28

Build in Brazil / China 14 62

Total Newbuilds 42 90

11

Retirements Expected to Lead to

Future Supply Contraction

• The global floater count could

decline by 27 rigs, or ~10%, if

adjusted for likely retirements

and newbuild deliveries

– Excluding another 18 floaters

that are not currently

marketed, illustrative marketed

supply of 213 compares to

contracted floater count of 144

• When adjusting for likely

retirements and newbuilds the

jackup count could decline by

111 rigs, or ~21%

– Excluding another 11 jackups

that are not currently marketed,

illustrative marketed supply of

410 compares to contracted

jackup count of 326

Source: IHS Markit RigPoint as of April 2018, Ensco analysis1 Build in Brazil newbuilds exclude 10 rigs that are unlikely to be delivered2 Assumes 65% of Chinese newbuilds enter the global supply

CurrentTotal

Supply

IllustrativeTotal

Supply

IllustrativeMarketed

Supply

Illustrative Floater Supply

4258

28 -30

-17

-12231Build in Brazil

Newbuilds1

Uncontracted

Newbuilds>30yrs idle

w/o future

contract>30yrs

rolling off

contract by

YE2018

15-30yrs

idle for

over 2yrs

CurrentTotal

Supply

IllustrativeTotal

Supply

IllustrativeMarketed

Supply

Illustrative Jackup Supply

40

532

28 -118

-59

-2 421

Chinese

Newbuilds2

Uncontracted

Newbuilds

>30yrs idle

w/o future

contract >30yrs

rolling off

contract by

YE2018

15-30yrs

idle for

over 2yrs

18

213

Non-

marketed

11 410

Non-

marketed

12

Why Invest in Ensco?

Perspectives on Offshore Drilling

13

consecutive years rated #1 in total satisfaction among offshore drillers4

- Significant improvement in

subsea equipment related

downtime since 2015

- 30 recent patent filings3

- Safety metrics consistently

better than industry average¹- 99% fleet-wide operational

utilization in 1Q 2018²

- $2.9 billion of liquidity

- $236 million of debt

maturities to 2024

The Offshore Driller of Choice

8

1 IADC industry statistics as of 4Q172 Operational utilization is adjusted for uncontracted rigs and planned downtime3 Includes provisional and non-provisional patent filings completed or in progress since 1Q154 Independent industry survey by EnergyPoint Research

Safety & Operational

Excellence

- Largest fleet in the sector

- Diversified fleet with

exposure to shallow- and

deep-water segments

High-Quality

Rig Fleet

Solid Financial

Position

Systems, Processes &

Intellectual Property

Broad Global Footprint &

Customer Base

14

High-Quality Rig Fleet

Diverse Fleet Capable of Meeting a Broad Spectrum of

Customers’ Well Program Requirements

Ultra-Deepwater

Drillships

Versatile

Semisubmersibles

Premium

Jackups

Includes two drillships and one jackup under construction, excludes managed rigs and non-operating rigs announced for retirement

Total Rigs: 1312 36

15

Fleet Renewal Strategy Has Improved

Our Ability to Meet Customer Demand

50%

20%

13%

17%

2013

• Fleet repositioned to

focus on newest, most

technically-capable

assets while

maintaining exposure to

both shallow- and

deepwater markets

– 40 rigs are either a 6th

generation or greater

floater or a modern high-

specification jackup, up

significantly from just 21

in 2013

• Rebalanced fleet better

enables us to meet

customer demand for

highest-specification

assets

28%

7%

31%

34%

Current

30%

65%

Fleet Composition

Newbuild

Deliveries8

Acquired

Assets11

Divestitures29

Pre-2002 Jackups2G-5G Floaters6G+ Floaters Post-2002 Jackups

Current fleet includes two drillships and one jackup under construction, excludes managed rigs and non-operating rigs announced for retirement

16

Total Rigs:

Highlights of Select Premium Assets

Technical Specifications Importance to Customers

• 12,000’ water depth & 40,000’

total drilling depth rating

• Water depth rating and total drilling depth enable rig to operate in the most

challenging ultra-deepwater environments

• Dual 7-Ram BOPs • Second BOP reduces flat time between wells, and 7th Ram optimizes well

control, safety and redundancy as well as saving time during testing

• Dual 2.5 million lb. derricks • Dual derricks allow the rig to conduct simultaneous activities, reducing

customers’ project time and costs, while higher hookload capacity increases a

rigs’ ability to drill/complete deeper, more complex wells

Technical Specifications Importance to Customers

• Moored/dynamically-

positioned configuration

• Added flexibility for programs that straddle both shallow- and deep-water

• Proprietary ENSCO 8500

Series® design

• Flexible deck space well-suited for plug-and-abandon and intervention work

• Managed pressure drilling

ready

• Increased drilling efficiency for complex wells, plus monitoring and response

capabilities to mitigate the risk of well-control incidents

Technical Specifications Importance to Customers

• 40,000’ total drilling depth &

2.5 million pound quad derrick

• Top-tier hoisting capacity allows for drilling of long-reach wells

• Patented Canti-Leverage

AdvantageSM technology

• Enhanced hoisting capacity at the farthest reaches of the cantilever leads to

fewer rig moves

• Automated drill floor • Greater automation allows offline activities to be completed while continuing

to drill

17

Proprietary Solutions to

Industry Challenges

Industry Challenges Proprietary Solutions

Going on Location

• Going-on-location conditions

have traditionally been

determined using estimates of

wave movements, which is

commonly conservative and can

cause unnecessary downtime

while waiting-on-weather

• Proprietary technology collects and analyzes real-time motions

data of a floating jackup to determine if conditions are suitable for

lowering legs to seabed

• Significant cost savings by optimizing jackup moves and reducing

downtime spent waiting on weather

• Improves safety by removing the need for human interpretation,

ensuring consistent adherence to accepted level of risk when

going-on-location

PinSAFE System

Equipment Maintenance

• Equipment maintenance can be

intrusive and untimely, requiring

disassembly and downtime

• Time-based maintenance can

lead to extra costs when parts

are replaced before the end of

their useful life

• Ensco is transitioning to a reliability-based maintenance model

through in-house development of systems that apply real-time

monitoring, machine learning and predictive analysis to drilling

equipment

• The Ensco Predictive Intelligence Center increases operational

uptime and decreases lifecycle costs by optimizing asset

selection and maintenance activities

• The Ensco Asset Management System has contributed to a 70%

improvement in subsea equipment-related downtime1

Reliability-Based Maintenance

1Reduction in subsea equipment-related downtime over total operating hours for floaters during 2016 & 2017 as compared to 2015

18

Safety & Operational Excellence

• Critical to customers, in

particular for complex well

programs

• Safety metrics consistently

better than industry averages

• Improved safety and

operational results each

successive year during

industry downturn

• 1% improvement in

operational utilization

increases annual revenue by

approximately $20 million3

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

2013 2014 2015 2016 2017 1Q18

Total Recordable Incident Rate1

Industry Ensco

1 IADC industry statistics as of 4Q172 Operational utilization is adjusted for uncontracted rigs and planned downtime3 Based on 2017 annual revenue

Safety and Operational Performance Provides

Competitive Advantage and Benefits Financial Results

95%95%

96%

99% 99%99%

2013 2014 2015 2016 2017 1Q18

Fleet-Wide Operational Utilization2

19

Solid Financial Position

Financial Position 31 March 2018

• $2.9 billion of liquidity

– $0.9 billion of cash and short-term

investments

– $2.0 billion revolving credit facility

• $2.7 billion of contracted revenue

backlog

• $4.1 billion of net debt & 32% net

debt-to-capital ratio1

• Customers want financially

strong counter-parties that are

able to:

– Maintain rigs

– Provide stable operations

– Fulfill long-term contracts

• Flexibility to make selective

investments in:

– Technology & innovation

– Opportunistic asset

enhancements & high-grading

Strong Balance Sheet Provides Financial Flexibility

Source: Company Filings1 Net debt is a non-GAAP financial measure and should be considered as a supplement to, and not as a substitute for, or superior to, financial measures prepared in accordance with

GAAP. Net debt-to-capital is calculated as follows: long-term debt of $5.0 billion, less $0.9 billion of cash and short-term investments, divided by the sum of long-term debt of $5.0

billion plus shareholders’ equity of $8.6 billion, minus $0.9 billion of cash and short-term investments.

20

2044

Manageable Debt Maturities in Light of

Strong Balance Sheet & Liquidity

$123 $114$955

$669

$1,000

$150

$850

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2040

$300

$ millions

$1,001

$1,805

Liquidity

$864

Ava

ilab

le R

evo

lve

r1C

ash

& S

T

Inv.

$2,867

Convertible Senior NotesSenior Notes

~$236 million of Maturities Before 2024

$2,003

Cash & Short-Term Investments Revolving Credit Facility

Other Considerations

• Undrawn revolver extends beyond all near-

term debt maturities

• No secured debt in capital structure

• Generated ~$320M of net proceeds from

asset sales since year-end 2013

• ~$265M of newbuild commitments remaining

Source: Company Filings1 Borrowing capacity under revolving credit facility is $2.0B through September 2019, $1.3B from October 2019 through September 2020 and $1.2B from October 2020 through

September 2022

21

North Sea

Global Footprint with

Diverse Customer Base

Mediterranean

Note: Certain customers may not currently have backlog

Customer Base Spans Majors, National Oil Companies and Independents

West AfricaMiddle East

Southeast

Asia

Gulf of Mexico

Brazil Australia

22

Higher Levels of Customer Activity Have

Led to Increased Contract Awards

• New contracts have added

more than 36 rig years2 to

Ensco’s backlog

– Diverse rig fleet and global

footprint have led to floater

and jackup contracts across

several regions

– Won approximately 18% of

all ultra-deepwater contracts

in 2017

– Three multi-year jackup

contracts awarded recently

17%

7%6%

5% 4%

3%3%

Ensco Company 1 Company 2 Company 3 Company 4 Company 5 Company 6

Percentage of New ContractsAwarded since 20171

Source: IHS Markit RigPoint; Ensco analysis

Note: Independent companies with most new contract awards include Aban Offshore, Maersk Drilling, Noble, Paragon Offshore, Shelf Drilling and Transocean1 Calculated by dividing the number of rig years contracted by Ensco for fixtures classified as New Mutual in IHS Markit RigPoint (approximately 48) by the

corresponding industry-wide total (approximately 283)2 Calculated based on date of contract execution; number of rig years awarded differs from totals in industry databases due to timing delay between date of contract

execution and public disclosure of new contracts in certain cases.

As Customer Activity Increases, Ensco Has Won

More New Contracts1 Than Any Offshore Driller

23

• Ensco’s modern high-specification

assets can generate meaningful

cash flow for debt service and

capital commitments in normalized

day rate environment

High-Quality Fleet Provides Meaningful

Cash Flow in Market Recovery Scenario

Illustrative Annual EBITDA1 Contribution from

Modern High-Specification Assets ($ millions)

Source: IHS Markit RigPoint1 Fleet includes 21 6G+ floaters and 19 jackups delivered in 2002 or later. EBITDA calculated using illustrative dayrates and a 95% utilization assumption less average opex of $150K/day

for a floater and $50K/day for a jackup over 365 days.2Simplified discounted cash-flow analysis assumes 35-year useful life, average opex of $150K/day, $5 million of annual maintenance costs, $10 million of survey costs every five years for

floaters; and 30-year useful life, average opex of $50K/day, $2.5 million of annual maintenance costs, $7 million of survey costs every five years for jackups; and 95% operational

utilization. Analysis excludes debt service costs, shore-based support costs, taxes, and assumes no residual value at the end of the asset life.

0

100

200

300

400

500

2002 2004 2006 2008 2010 2012 2014 2016

$K/day

Floaters Jackups

Historical Average Day Rates

$450K/day

$250K/day

$125K/day

$75K/day

• Based on historical build costs, an average day

rate of $465K for floaters and $150K for

jackups would be needed to meet a 15%

unlevered internal rate of return2

– Since 2000, the average build costs for floaters was

~$665 million, while jackups averaged ~$200 million

Floater Dayrates

$250K $350K $450K

Ja

cku

pD

ayra

tes $7

5K

818 1,546 2,274

$1

00

K

983 1,711 2,439

$1

25

K

1,147 1,876 2,604

24

• Brent crude prices have increased significantly from cyclical

lows

• Stabilization in oil prices has led to higher levels of offshore

project sanctioning with the expectation that this trend continues

• Offshore rig utilization to benefit from increasing customer

demand and attrition of older, less capable assets from the

global fleet

Summary

Offshore sector has

entered a different

point in the cycle

Ensco’s strengths

provide competitive

advantage during

market recovery

• High-quality rig fleet and track record of safety and operational

performance ahead of industry averages

• Technology and innovation improve operational results and

augment service offering

• Solid financial position bolstered by one of the strongest liquidity

positions in the offshore drilling sector

• Global footprint and diverse customer base

• Leader in new contract awards as customer activity has

increased

• Fleet provides meaningful cash generation in market recovery

scenario

25