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Goldman Sachs Global Energy Conference9 January 2018

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Forward-Looking Statements

Statements contained in this investor presentation that are not historical facts are forward-looking statements within themeaning 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 expectedfinancial performance, effective tax rate, expected expense savings, day rates and backlog, estimated rig availability; rigcommitments and contracts; contract duration, status, terms and other contract commitments; estimated capitalexpenditures; 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 andassumptions that may cause actual results to vary materially from those indicated, including commodity pricefluctuations, 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 anyfailure to execute definitive contracts following announcements of letters of intent, letters of award or other expected workcommitments; 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 andretain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debtrestrictions that may limit our liquidity and flexibility; tax matters including our effective tax rate; and cybersecurity risksand 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 ofOperations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports onForm 10-Q, which are available on the SEC’s website at www.sec.gov or on the Investor Relations section of our websiteat www.enscoplc.com. Each forward-looking statement speaks only as of the date of the particular statement, and weundertake no obligation to publicly update or revise any forward-looking statements, except as required by law.

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Why Invest in Ensco?

Perspectives on Offshore Drilling

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Offshore Drilling is a Cyclical Industry

Global Fleet Utilization

50%

60%

70%

80%

90%

100%

• Offshore drilling is highly cyclicalwith six significant upcycles1 since1985

– Average length of upcycle: 26 months

– Average increase in contracted rigcount: 24%

• During the same period there hasbeen six major downcycles

– Average decrease in contracted rigcount: 21%

– Most recent downcycle wasparticularly severe, with contractedrig count declining 38%

• Expect offshore recovery to beprotracted and phased

– Current contracted rig count ~2%higher than Jan. 2017 lows

Source: IHS Markit RigPoint1 Significant upcycle defined as a 10%+ increase in the number of contracted rigs

+103 rigs17 months

+53 rigs17 months

+70 rigs34 months

+118 rigs22 months

+82 rigs28 months

+195 rigs40 months

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Utilization of Offshore Drilling RigsDriven by Customer Spending

• Customers’ offshore projectexpenditures significantlyimpact global rig utilization

• Global rig utilization hasgenerally moved in line withthe rate of change in customerspending over time

• While nominal offshore capitalexpenditures are expected tobottom in 2018, aggregateoffshore capital expendituresare forecast to grow at ~10%compound annual rate through2027

Source: IHS Markit RigPoint, Rystad

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)

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Offshore Production Critical toMeeting Future Global Energy Demand

22

24

26

28

30

32

34

36

mm bbl/day

Offshore Oil Production1

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

~14%CAGR

• Offshore production represents~30% of global production

• Current production levelsdriven by historical investmentwith increased spendingneeded to meet future oildemand and replaceproduction depletion

– Average annual depletion ratesof ~11% and ~4% for deep- andshallow-water production,respectively

– Average time from FID to firstproduction of ~50 months fordeepwater projects and ~20months for shallow-waterprojects

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Higher Oil Prices Support IncreasedOffshore Project Sanctioning

• Brent crude oil prices havemore than doubled from 2016lows, most recently exceeding$60/bbl

• During 2017, offshore projectsanctioning as measured byFID approval more thandoubled 2016 levels

• Many offshore projects areeconomic at breakeven oilprices 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-FIDNorwegian

ShelfProjects

BrownfieldUS GOM

DeepwaterProjects

Pre-FIDDeepwater

Projects

Pre-FIDShallow-Water

Projects

Pre-FIDPre-SaltProjects

AcquiredMaerskportfolio

Source: AllianceBernstein, FactSet, Rystad, IHS Strategic Horizons; Statoil 7 February 2017 Capital Markets Day; Repsol 23 February 2017 earnings conference call; Chevron 29 April2016 earnings conference call; Petrobras CEO Pedro Parente via Bloomberg 10 October 2016; Shell 2 February 2017 earnings conference call; Maersk 8 February 2017 earningsconference call

Offshore Project Approvals & Oil Prices

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Fixtures and Contracted Rig Years ForFloaters and Jackups Have Increased

Source: IHS Markit RigPoint as of December 20171 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)

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Increasing Customer Activity hasLed to Improved Utilization

• Utilization of offshore rigs hasstabilized since reachingbottom in late 2016 andincreased modestly during2017 after nearly three yearsof declines

• Recent improvements in bothtotal and marketed utilizationare due in part to a highernumber of contracted rigs

Source: IHS Markit RigPoint as of December 2017

Global Fleet Utilization

50%

60%

70%

80%

90%

100%

Total Marketed

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Utilization to Benefit fromAttrition of Older Rigs

• ~50 floaters1 could becandidates for retirementbased on age and contractexpirations

• ~200 jackups2 could be retiredas expiring contracts andsurvey costs lead to theremoval of older rigs fromdrilling supply

• Uncontracted newbuildsexpected to be delayed further,while several newbuilds inBrazil and China are unlikely tojoin the global fleet

Global Rig Fleet

Source: IHS Markit RigPoint as of December 20171 Includes floaters >30 years of age that are idle without follow-on work or have contracts expiring before year-end 2018 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

Floaters Jackups

Delivered Rigs

Under Contract 122 298

Future Contract 26 27

Idle / Stacked 54 134

Marketed Fleet 202 459

Non-Marketed 61 80

Total Fleet 263 539

Marketed Utilization 73% 71%

Total Utilization 56% 60%

Newbuild Rigs

Uncontracted 29 32

Build in Brazil / China 14 64

Total Newbuilds 43 96

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High-Spec Assets and Established Well-CapitalizedDrillers Winning Higher Percentage of New Work

0%

10%

20%

30%

40%

50%

60%

70%

Percentage of Total New Contracts Awarded

% High-Spec Rigs % Established Well-Capitalized Drillers

• High-specification rigs arewinning a significantly higherpercentage of new contracts ascustomer demand is increasing

• Approximately 20% of globalsupply is owned by establishedwell-capitalized drillers, whichhave won more than 35% of newcontracts awarded during 2017

Jackup + Floater Contract Awards

Source: IHS Markit RigPoint as of December 2017Percentage of New Contracts Awarded is calculated on a trailing six-month basisHigh-Spec includes fixtures classified by IHS as new mutual and with the following market categories: Drillship > 7500, Drillship Harsh Deepwater, Semi >7500, Semi Harsh Deepwater, Semi Harsh High Spec, Semi Harsh Standard, JU 361-400 IC, JU >400 IC, JU Harsh Standard, JU Harsh High Spec.Established Well-Capitalized Drillers include ESV, RIG, DO, NE and RDC

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Why Invest in Ensco?

Perspectives on Offshore Drilling

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consecutive years rated #1 in total satisfaction among offshore drillers4

- 80% improvement in subseaequipment related downtimeduring 2016

- 25 patent filings since 20153

- 80% improvement in subseaequipment related downtimeduring 2016

- 25 patent filings since 20153

- Safety metrics consistentlybetter than industry average¹

- 99% fleet-wide operationalutilization for YTD 2017²

- Safety metrics consistentlybetter than industry average¹

- 99% fleet-wide operationalutilization for YTD 2017²

- $2.9 billion of liquidity- Less than $1.0 billion of debt

maturities to 2024

- $2.9 billion of liquidity- Less than $1.0 billion of debt

maturities to 2024

The Offshore Driller of Choice

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1 IADC industry statistics as of 3Q172 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 & OperationalExcellence

- Largest fleet in the sector- Diversified fleet with

exposure to shallow- anddeep-water segments

- Largest fleet in the sector- Diversified fleet with

exposure to shallow- anddeep-water segments

High-QualityRig Fleet

Solid FinancialPosition

Systems, Processes &Intellectual Property

Broad Global Footprint &Customer Base

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High-Quality Rig Fleet

Diverse Fleet Capable of Meeting a Broad Spectrum ofCustomers’ Well Program Requirements

Ultra-DeepwaterDrillships

VersatileSemisubmersibles

PremiumJackups

Includes two drillships and one jackup under construction, excludes managed rigs and rigs announced for retirementPro forma for the acquisition of Atwood Oceanics, Inc. on October 6, 2017

Total Rigs: 1412 36

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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 mostchallenging ultra-deepwater environments

• Dual 7-Ram BOPs • Second BOP reduces flat time between wells, and 7th Ram optimizes wellcontrol, 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, reducingcustomers’ project time and costs, while higher hookload capacity increases arigs’ 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 8500Series® design

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

• Managed pressure drillingready

• Increased drilling efficiency for complex wells, plus monitoring and responsecapabilities 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-LeverageAdvantageSM technology

• Enhanced hoisting capacity at the farthest reaches of the cantilever leads tofewer rig moves

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

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Safety & Operational Excellence

• Critical to customers, inparticular for complex wellprograms

• Safety metrics consistentlybetter than industry averages

• Improved safety andoperational results eachsuccessive year duringindustry downturn

• 1% improvement inoperational utilizationincreases annual revenue bymore than $20 million3

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

2013 2014 2015 2016 YTD 2017

Total Recordable Incident Rate1

Industry Ensco

1 IADC industry statistics as of 3Q172 Operational utilization is adjusted for uncontracted rigs and planned downtime3 Based on 2016 annual revenue

Safety and Operational Performance ProvidesCompetitive Advantage and Benefits Financial Results

95%95%

96%

99% 99%

2013 2014 2015 2016 YTD 2017

Fleet-Wide Operational Utilization2

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Solid Financial Position

Pro Forma Financial Position30 September 20171

• $2.9 billion of liquidity

– $0.9 billion of cash and short-terminvestments

– $2.0 billion revolving credit facility

• $3.2 billion of contract revenuebacklog

• $3.8 billion of net debt & 30% netdebt-to-capital ratio2

• Customers want financiallystrong counter-parties that areable to:

– Maintain rigs

– Provide stable operations

– Fulfill long-term contracts

• Flexibility to make selectiveinvestments in:

– Technology & innovation

– Opportunistic assetenhancements & high-grading

Strong Balance Sheet Provides Financial Flexibility

Source: Company Filings

1 Pro forma financial position after the acquisition of Atwood Oceanics, Inc. on October 6, 20172 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 preparedin accordance with GAAP. Net debt-to-capital is calculated as follows: long-term debt of $4.7 billion, less $0.9 billion of cash and short-term investments, divided bythe sum of long-term debt of $4.7 billion plus shareholders’ equity of $9.1 billion, minus $0.9 billion of cash and short-term investments.

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2044

Manageable Debt Maturities in Light ofStrong Balance Sheet & Liquidity

$451$270 $955

$669

$850

2017 2018 2019 2020 2021 2022 2023 2024 2025 2027 2040

$300

$ millions

$1,001

$150

$1,805

Liquidity

$927

Availa

ble

Revo

lver2

Cash

&S

TIn

v.1

$2,927

Convertible Senior NotesSenior Notes

<$1.0B of Maturities to 2024

Source: Company Filings

$2,000

$238

Cash & Short-Term Investments Revolving Credit Facility

Other Considerations

• Undrawn revolver extends beyond allnear-term debt maturities

• No secured debt in capital structure

• Generated ~$300M of net proceeds fromasset sales since 2014

1 3Q 2017 cash and short-term investments adjusted to reflect values after the acquisition of Atwood Oceanics, Inc. on October 6, 20172 Borrowing capacity under revolving credit facility is $2.0B through September 2019, $1.3B from October 2019 through September 2020 and $1.2B from October2020 through September 2022

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Systems, Processes &Intellectual Property

1Includes provisional and non-provisional patent filings completed or in progress since 1Q15

improvement insubsea equipment-related downtime

during 2016

patent filings

since 20151

25Intellectual

Property

Systems &Processes

80%

Technology and Innovation Improve OperationalResults and Augment Service Offering

Canti-Leverage AdvantageSM

PinSafe System

Ensco Asset Management System

Reliability-Based Maintenance

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North Sea

Global Footprint withDiverse Customer Base

Mediterranean

Note: Certain customers may not currently have backlog

Customer Base Spans Majors, National Oil Companies and Independents

West AfricaMiddle East

SoutheastAsia

Gulf of Mexico

Brazil

Australia

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Higher Levels of Customer Activity HaveLed to Increased Contract Awards

• New contracts haveadded more than 20 rigyears2 to Ensco’s backlog

– Diverse rig fleet and globalfootprint have led to floaterand jackup contracts acrossseveral regions

– Won more than 20% of allultra-deepwater contracts in2017

– Four drillship contractsawarded during 3Q17

16%

8%8%

6% 6%

5%4%

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

Percentage of New ContractsAwarded in 20171

Source: IHS Markit RigPoint as of December 2017; Ensco analysisNote: Companies with most new contract awards include Aban Offshore, Maersk Drilling, Noble, Rowan, 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 34) by thecorresponding industry-wide total (approximately 213)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 contractexecution and public disclosure of new contracts in certain cases.

As Customer Activity Increases, Ensco Has WonMore New Contracts1 Than Any Offshore Driller

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Floater Dayrates

$250K $350K $450K

Jack

up

Dayr

ate

s

$75K

795 1,523 2,251

$100K

933 1,662 2,390

$125K

1,072 1,800 2,529

• Ensco’s assets <15 years of age cangenerate meaningful cash flow fordebt service and capitalcommitments in normalized day rateenvironment

– Assets are long lived with only ~$480Mof newbuild commitments remaining

High-Quality Fleet Provides MeaningfulCash Flow in Market Recovery Scenario

Illustrative Annual EBITDA1 Contribution fromAssets <15 Years of Age ($ millions)

1 Fleet includes 21 floaters and 16 jackups that are less than 15 years of age. EBITDA calculated using illustrative dayrates and a 95% utilization assumptionless average opex of $150K/day for a floater and $50K/day for a jackup over 365 days.

0

100

200

300

400

500

$K/day

Floaters Jackups

Historical Average Day Rates

$450K/day

$250K/day

$125K/day

$75K/day

Source: IHS Markit RigPoint

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• Brent crude prices have increased significantly from cyclical lows

• Stabilization in oil prices has led to higher levels of offshore projectsanctioning with the expectation that this trend continues

• Offshore rig utilization to benefit from increasing customer demandand attrition of older, less capable assets from the global fleet

• Customer preference for high-specification assets and establishedwell-capitalized drillers

Summary

Offshore sector hasentered a differentpoint in the cycle

Offshore sector hasentered a differentpoint in the cycle

Ensco’s strengthsprovide competitive

advantage duringmarket recovery

Ensco’s strengthsprovide competitive

advantage duringmarket recovery

• High-quality rig fleet and track record of safety and operationalperformance ahead of industry averages

• Solid financial position bolstered by one of the strongest liquiditypositions in the offshore drilling sector

• Technology and innovation improve operational results and augmentservice offering

• Global footprint and diverse customer base

• Leader in new contract awards as customer activity has increased

• Fleet provides meaningful cash generation in market recoveryscenario

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