1

Investor Presentation

February 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 ~2%

higher than Jan. 2017 lows

Source: IHS Markit RigPoint as of February 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 ~4% 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

more than doubled from 2016

lows, most recently exceeding

$60/bbl

• 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

High-Spec Assets and Established Well-Capitalized

Drillers 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 are

winning a higher percentage of

new contracts as customer

demand is increasing

• Approximately 20% of global

supply is owned by established

well-capitalized drillers, which

have won more than 30% of new

contracts awarded during 2017

Jackup + Floater Contract Awards

Source: IHS Markit RigPoint

Percentage of New Contracts Awarded is calculated on a trailing six-month basis

High-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

10

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 February 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

Total Marketed

11

Substantial Portion of Current Global

Supply are Retirement Candidates

• ~60 floaters1 could be

candidates for retirement

based on age and contract

expirations

• ~190 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 February 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 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 28 32

Build in Brazil / China 14 64

Total Newbuilds 42 96

12

Retirements Expected to Lead to

Future Supply Contraction

• The global floater count could

decline by 30 rigs, or 11%, if

adjusted for likely retirements

and newbuild deliveries

– Excluding another 29 floaters

that are not currently

marketed, illustrative marketed

supply of 202 compares to

contracted floater count of 154

• When adjusting for likely

retirements and newbuilds the

jackup count could decline by

123 rigs, or 23%

– Excluding another 13 jackups

that are not currently marketed,

illustrative marketed supply of

404 compares to contracted

jackup count of 320

Source: IHS Markit RigPoint as of February 2018, Ensco analysis1 Build in Brazil newbuilds exclude 10 rigs that are unlikely to be delivered2 Uncontracted newbuilds exclude 1 rig on order and not currently under construction3 Assumes 65% of Chinese newbuilds enter the global supply

CurrentTotal

Supply

IllustrativeTotal

Supply

IllustrativeMarketed

Supply

Illustrative Floater Supply

4261

27 -33

-19

-9231Build in Brazil

Newbuilds1

Uncontracted

Newbuilds2 >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

540

30 -125

-64

-4 417

Chinese

Newbuilds3

Uncontracted

Newbuilds

>30yrs idle

w/o future

contract >30yrs

rolling off

contract by

YE2018

15-30yrs

idle for

over 2yrs

29

202

Non-

marketed

13 404

Non-

marketed

13

Why Invest in Ensco?

Perspectives on Offshore Drilling

14

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 2017²

- $3.2 billion5 of liquidity

- $308 million of debt

maturities to 20245

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 Research5 4Q 2017 results adjusted for the issuance of $1B unsecured notes in January 2018, cash tender offers for 2019, 2020 and 2021 notes, and redemption of 2019 notes finalized in

February 2018

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

15

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 rigs announced for retirement

Total Rigs: 1312 36

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

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

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%

2013 2014 2015 2016 2017

Fleet-Wide Operational Utilization2

18

Systems, Processes &

Intellectual Property

1Reduction in subsea equipment-related downtime over total operating hours for floaters during 2016 & 2017 as compared to 20152Includes provisional and non-provisional patent filings completed or in progress since 1Q15

improvement in

subsea equipment-

related downtime1

patent filings

since 20152

30Intellectual

Property

Systems &

Processes70%

Technology and Innovation Improve Operational

Results and Augment Service Offering

Canti-Leverage AdvantageSM

PinSafe System

Ensco Asset Management System

Reliability-Based Maintenance

19

Solid Financial Position

Pro Forma Financial Position 31 December 20171

• $3.2 billion of liquidity

– $1.2 billion of cash and short-term

investments

– $2.0 billion revolving credit facility

• $2.8 billion of contract revenue

backlog

• $3.9 billion of net debt & 31% net

debt-to-capital ratio2

• 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 Pro forma financial position after the issuance of $1B unsecured notes in January 2018, cash tender offers for 2019, 2020 and 2021 notes, and redemption of 2019 notes finalized in

February 20182 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 $5.1 billion, less $1.2 billion of cash and short-term investments, divided by the sum of long-term debt of $5.1

billion plus shareholders’ equity of $8.7 billion, minus $1.2 billion of cash and short-term investments.

20

2044

Manageable Debt Maturities in Light of

Strong Balance Sheet & Liquidity

$194 $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

$1,162

Ava

ilab

le R

evo

lve

r2C

ash

& S

T

Inv.

1

$3,165

Convertible Senior NotesSenior Notes

$308 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 ~$300M of net proceeds from

asset sales since 2014

• ~$480M of newbuild commitments remaining3

Source: Company Filings1 4Q 2017 cash and short-term investments adjusted to reflect values after the issuance of $1B unsecured notes in January 2018, cash tender offers for 2019, 2020 and 2021

notes, and redemption of 2019 notes finalized in February 20182 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 20223 Includes $207 million for jackup ENSCO 123 that was paid in January 2018

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 23 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

– Four drillship contracts

awarded during 3Q17

15%

7%7%

6%

4%4%

3%

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

Percentage of New ContractsAwarded during 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 35) by the

corresponding industry-wide total (approximately 237)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

Floater Dayrates

$250K $350K $450K

Ja

cku

pD

ayra

tes $7

5K

795 1,523 2,251

$1

00

K

933 1,662 2,390

$1

25

K

1,072 1,800 2,529

• Ensco’s assets <15 years of age 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

Assets <15 Years of Age ($ millions)

Source: IHS Markit RigPoint1 Fleet includes 21 floaters and 16 jackups that are less than 15 years of age. 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

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

• Customer preference for high-specification assets and established

well-capitalized drillers

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