1

Investor Presentation

February 2017

2

Forward-Looking Statements

Statements contained in this press release 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 or letters of award; 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; our ability to realize the expected benefits from our redomestication and actual contract commencement dates;

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

Executive Summary

• Positive medium-/long-term outlook for offshore market

• Ensco is well positioned to capitalize on future recovery

• Strong record of proactive capital, expense and fleet management

• Record operational utilization and safety performance

• #1 customer satisfaction – seven consecutive years (EnergyPoint Research)

• High-quality rig fleet that leverages standardization

• Global presence and large/diverse customer base

4

Agenda

• Market Conditions

• Decisive actions to persevere through the downturn

– capital & expense management

– fleet restructuring

– investments in engineering and innovation to improve operational &

safety performance

• Outlook for offshore drilling

– efficiency & cost improvements

– attrition of older rigs & deferral/cancellation of newbuild deliveries

– catalyst markets

5

$218

$208

$181

$126$120

$0

$50

$100

$150

$200

$250

$ billions

Major & European IOCs’ Upstream Capital Spending Outlook

Market Conditions

Source: IHS Energy as of August 2016

Notes: Group of Major & European integrated oil companies includes BP, Chevron, Eni, ExxonMobil, OMV, Repsol, Shell/BG, Statoil and Total;

historical years include acquisitions; 2016 and 2017 estimates exclude acquisitions

• Substantial reduction in

upstream capex among

Major & European IOCs’

since 2013

− unprecedented decline in

exploration spending

• 2016 upstream capex for

Major & European IOCs’

expected to decline ~30%

year-over-year, but

bottoming in 2017

• Significant pullback in

spending will affect supply

in the future

- 45%

6

• Capital management

• Expense management

• Fleet restructuring

• Investments to improve

operational & safety

performance

– engineering & innovation

– process improvements

Decisive

Actions To

Persevere

Through The

Downturn

7

Proactive Capital Management

Manage Cash Outlays Reduce Debt Increase Liquidity

Dividend Reduction$130M Cash Savings1

Debt Tender$460M Cash Savings2 $861M Debt Reduction

Equity Offering$586M Liquidity

Open Market Repurchases$93M Cash Savings2 $270M Debt Reduction

Revolver Extension$1.13B Liquidity3

Convertible Debt Offering & Tender Exchange$650M Debt Refinancing $476M Liquidity

1Annualized cash savings based on approx. 235 million shares issued and outstanding at the time of dividend reduction2Cash savings through maturity dates; $286 million of interest savings and $267 million of principle discount3$2.25 billion revolving credit facility until September 30, 2019, then $1.15 billion of availability under revolving credit facility until September 30, 2020

8

Benefits of Capital Management Actions

Note: Cash interest (defined as the sum of the principal amounts for outstanding debt maturities multiplied by the corresponding annual interest rate of each debt maturity) and net debt

(defined as long-term debt less cash and short-term investments). Net debt is a non-GAAP financial measure that should be considered as a supplement to, and not as a substitute for, or

superior to, financial measures prepared in accordance with GAAP. Pro forma values are adjusted for the January 2017 completion of an exchange of $650 million aggregate principal

amount of senior notes that were repurchased with a combination of $332 million of new senior notes and $333 million of cash consideration. To provide comparable figures that adjust for

debt issuance dates, cash interest amounts have been annualized as follows: in 2015, $18.5mm of cash interest paid for 2025 5.2% senior notes issued during the year has been

annualized to $37.0mm of cash interest; and in 2017, expected cash interest payments of $12.7mm for 2024 3% convertible senior notes and $13.3mm for 2024 8% senior notes have been

annualized to $25.5mm and $26.6mm of cash interest, respectively. 4Q15 net debt is calculated as follows: long-term debt of $5.9 billion, less $1.3 billion of cash and short-term

investments. 4Q16 pro forma net debt is calculated as follows: long-term debt of $4.9 billion, less $2.3 billion of cash and short-term investments.

2.25 2.25

1.30

2.26

4Q15Actual

4Q16Pro forma

Revolver Cash + Short-term investments

$4.6

$2.7

4Q15Actual

4Q16Pro forma

Net Debt ($B)

$3.55

$4.51

$334

$284

2015Annualized

Pro formaAnnualized

Cash Interest ($M)

Manage Cash Outlays Reduce Debt Increase Liquidity

9

2044

Liquidity & Debt Maturities*

$292

$551

$309 $956

$669

$850

2017 2018 2019 2020 2021 2022 2023 2024 2025 2027 2040

$300

$ millions

$1,001

$150

$1,805

Liquidity

$2,255

$2,250

Ava

ilab

le R

evo

lve

rC

ash

$4,505

Convertible Senior NotesSenior Notes

$1.15B of Maturities to 2024

*Pro forma as of 31 December 2016 adjusted for the January 2017 completion of an exchange of senior notes that were repurchased with new notes and

cash.

10

Capital Expenditure Outlook

$335

$225

$75

2017E 2018E 2019E

Newbuild Capital Expenditures

New rig construction

$ millions

Note: Estimates for 2017, 2018 and 2019; capex estimates to be determined upon completion of annual budget process and subject to change based

on rig contracting; new rig construction represents contractual commitments plus anticipated capex associated with rig construction; 2018 and 2019 rig

enhancements capex are estimates and not earmarked for any specific projects at this time; capex for minor upgrades and improvements are based

on the currently active fleet.

60 50 50

30 50 50

2017E 2018E 2019E

Other Capital Expenditures

Rig enhancements Minor upgrades & improvements

$ millions

$90 $100$100

11

2015 Actions

• 15% reduction in offshore unit labor cost

• $60+ million of annual savings from reduction in onshore support headcount

– consolidated business unit reporting structure from five to three

– centralized certain functions

• $100+ million of additional contract drilling expense savings

2016 Actions

• Instituted lower base salary structure for new hire offshore crews

• $70+ million of additional expected annual savings from reduced onshore

support costs

• $60+ million of additional contract drilling expense savings

– repair and maintenance rate reductions and lower rig insurance premiums

– other savings through negotiated discounts with vendors

Expense Management Actions

12

Fleet Management Strategy

• Leverage record uptime/safety performance to negotiate extensions for contracted rigs

• Maintain warm stacked rig availability in each region in order to bid into new opportunities, examples include:

– West Africa: ENSCO DS-7

– U.S. Gulf of Mexico: ENSCO 8505* & ENSCO 68

– Asia: ENSCO DS-9, ENSCO 8504 & ENSCO 106

– Middle East: ENSCO 140/1 & ENSCO 110

– North Sea: ENSCO 120/1 & ENSCO 102

• Maintain high-spec capacity via preservation stacking that may be reactivated within 90 – 120 days

• Retire older, less capable rigs as they roll off contract as part of continuous high-grading/expense management

*Note: Current contract expires in 1Q17.

13

(1) Includes ENSCO DS-10 newbuild currently scheduled for delivery in 1Q19

(2) Includes ENSCO 7500 that is expected to be retired from Ensco’s go-forward fleet

Note: adjusted for 2011 acquisition of Pride International; ultra-deepwater defined as 7500 ft. or greater

17

Fleet Restructuring: Floaters

Newbuilds(1)

Current

Fleet

Year-End

2009

Retirements

& Sales(2)

+13 -10 20

17 years Lower average fleet age

Greater drilling capabilities

10 years

4 ultra-deepwater

capable floaters

7 floaters with

15k psi BOPs

15 ultra-deepwater

capable floaters

18 floaters with

15k psi BOPsEnhanced well control

14

51

Fleet Restructuring: Jackups

Current

Fleet

Year-End

2009

+7 -26 32

6 newbuild jackups delivered

since 2013

Jackup sales since 2009 have

generated ~$600 million in

proceeds

Newbuilds(1)

Retirements

& Sales(2)

(1) Includes ENSCO 140 and ENSCO 141 newbuilds that were delivered in August and November 2016, respectively, and ENSCO 123 which is

scheduled for delivery in 1Q18.

(2) Includes ENSCO 56, ENSCO 81, ENSCO 82, ENSCO 86, ENSCO 90 & ENSCO 99 that are expected to be retired from Ensco’s go-forward fleet

Note: adjusted for 2011 acquisition of Pride International

15

Investment in Engineering:

8500 Series Mooring Upgrade

Source: IHS Markit RigPoint as of February 2017; Ultra deepwater defined as 7500 ft. or greater

Dynamically Positioned

293

Rig CountGlobal Floater

Fleet

Ultra-deepwater capable

15K+ psi & 6+ ram BOP

8 mooring

winches

200

165

129

8

• Low-cost mooring

upgrade increases the

versatility of our 8500

Series rigs, placing

them among a select

group of floaters

– ability to operate in a

dynamically

positioned and/or

moored capacity

– superior technological

capabilitiesENSCO 8503

ENSCO 8504

ENSCO 8505

16

• Improving the drilling process

– advanced hybrid DP/moored 8500 Series semis

– ENSCO 120/140 Series cantilever advantage

• Asset uptime and efficiency

– Ensco Asset Management System

• Re-engineering the support structure

– business unit consolidation

– centralization of staff functions

Investments in Innovation

17

High Levels of Operational Utilization

99% 99% 99% 99%

2013 2014 2015 2016

Jackups

92%93%

94%

99%

2013 2014 2015 2016

Floaters

18

Excellent Safety Performance

Total Recordable

Incident Rate

• Record 2016 TRIR

• Leading-edge safety

management systems

• Enhancing process

safety to drive further

improvements

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2008 2009 2010 2011 2012 2013 2014 2015 2016

Ensco Industry

Note: IADC industry statistics are as of 3Q16.

19

High Levels of Customer Satisfaction

Rated #1• Total Satisfaction

• Health, Safety & Environment

• Performance & Reliability

• Job Quality

• Ultra-Deepwater Wells

• Deepwater Wells

• Shelf Wells

• Special Applications

• Horizontal & Directional Wells

• Latin America & Mexico

• Middle East & North Africa

• Sub-Saharan Africa

20

Outlook for

Offshore Drilling

21

Offshore Exploration & Production

• Offshore production is ~33% of global supply

• Offshore reserves are a critical part of major E&P portfolios and

are vital to the economies of several countries

• Excessive costs/inefficiencies crept into sector during the $100+

oil environment

• Industry is proactively responding to commodity price pressures

and breakeven commodity prices for offshore programs are

declining

• Unprecedented decline in E&P spending will lead to supply side

challenges – the longer the duration of the pullback, the greater

the chance of significant upward movements in commodity prices

22

Catalyst

Markets

Offshore

Rig Supply

Path to Recovery

Breakeven Economics

Commodity

• Improvement /

stabilization in oil

prices

• Re-engineering /

standardization /

innovation

• Cost deflation

and efficiency

gains

• Brazil opens pre-

salt to more

players

• Mexico offshore

lease sales and

entrance of

international

operators

• Retirement of

older, less

capable assets

• Deferral and

cancellation of

newbuild

deliveries

23

• Cost estimates reduced to $9 billion from previous estimate of $22

billion

• Project re-engineering through standardization and scope

optimization, coupled with industry deflation, resulted in significantly

less capital required to develop approximately 90% of resources

Industrywide Re-Engineering,

Efficiency Gains & Cost Deflation

BP Mad Dog:

Phase 2

Shell

Appomattox

Statoil

• 20% reduction in project costs from supply chain savings, design

improvements, etc.

• “Standardization is the new innovation”

Total Block

32

• Capital expenditure estimate reduced by $4 billion to $16 billion

• Optimized project design and contracting strategy

Customer Commentary on Deepwater ProjectsOffshore Outlook

• Customers attention

has turned to project

re-engineering,

efficiency gains and

better expense

management

• Cost deflation across

supply chain:

operators, service

companies

• Break-even

economics are

improving

significantly for

offshore projects

24

• Cost reductions have led to an average project breakeven

of $40 to $45 per barrel

• Average breakeven prices for future projects on

Norwegian continental shelf have been reduced from $70

per barrel to approximately $27 per barrel

• Project breakevens for pre-FID deepwater projects have

been reduced to below $40 per barrel

− Brazilian pre-salt project breakevens well below $40 per barrel

on average

Offshore Breakeven

Economics Improving

Sources: Shell 2 February 2017 earnings conference call; Maersk 8 February 2017 earnings conference call; Statoil 7 February 2017 Capital

Markets Day; Chevron 29 April 2016 earnings conference call

• Deepwater single-well breakeven economics between $20

per barrel and $40 per barrel for brownfield developments

in U.S. Gulf of Mexico

25

Strategic Combinations & Alliances

Among Offshore Service Companies

Innovation, efficiencies

and cost reductions in

deepwater projects

Enhance project delivery,

improve recovery and

optimize cost/efficiency of

subsea developments

Overhaul subsea field

operations to drive

efficiencies

Integrated FPSO solutions

to reduce costs of offshore

developments

Optimize the cost and

efficiency of subsea well

intervention systems

Develop production

solutions to boost output,

increase recovery rates

and reduce costs for

subsea fields

Strategic combinations and alliances drive greater efficiencies and lower the

breakeven commodity prices for offshore projects

Portfolio diversification to

provide end-to-end oilfield

equipment, technology

and services solutions at

scale

26

Attrition of Older Rigs

~70 more floaters could be candidates for retirement

based on age and contract expirations

Retired to Date

75 floaters retired

since 3Q14

Currently Idle

~40 floaters >30 years of

age idle without follow-

on work

Expiring Contracts~30 floaters >30 years of

age have contracts expiring

before YE18 without follow-

on work

Source: IHS Markit RigPoint as of February 2017

Note: ‘Retired’ includes scrapped rigs, announced scrapping and rigs converted to non-drilling units; Competitive jackups are independent leg cantilever rigs.

Up to ~155 additional jackups could be retired as expiring contracts

and survey costs lead to the removal of older rigs from drilling supply

Retired to Date

31 competitive

jackups retired

since 3Q14

Currently Idle91 competitive

jackups >30 years of age idle without follow-

on work

Expiring Contracts65 jackups >30 years of

age have contracts expiring

before YE18 without follow-

on work

FLO

AT

ER

SJA

CK

UP

S

27

Newbuild Order Book

Source: IHS Markit RigPoint as of February 2017; marketed competitive floaters and jackups (independent leg cantilever rigs). Jackups numbers

above do not include recently announced intention by Middle East Joint Venture to order up to 20 rigs to be delivered over ten years beginning as

early as 2021.

Floaters

2

Uncontracted,

On Order

3

Contracted

45%27

Uncontracted,

Under

Construction

5%

3%

47%

News reports

suggest SETE

Brasil program

could be reduced to

8 newbuilds in total

Jackups

8 – 28

SETE Brasil

3

Contracted,

Established

Drillers

34

Uncontracted,

Established

Drillers

? – 62

Uncontracted,

Speculators

3%

34%

63%

Zero rigs built in

China by

speculators have

been contracted

28

Jackup Delivery Deferrals

0

10

20

30

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

3Q

20

4Q

20

May 2014 Delivery Schedule

Delivered Under Costruction

0

10

20

30

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

3Q

20

4Q

20

February 2017 Delivery Schedule

Delivered Under Costruction

Source: IHS Markit RigPoint as of February 2017

Note: February 2017 delivery schedule includes 20 new orders and excludes 11 orders cancelled since May 2014. Numbers above do not include recently

announced intention by Middle East Joint Venture to order up to 20 rigs to be delivered over ten years beginning as early as 2021.

104 Scheduled Deliveries50 Actual Deliveries

136 Scheduled Deliveries 9 Scheduled Deliveries

29

Future Catalyst Markets: Brazil

• New law eliminated requirement for

Petrobras to manage all pre-salt

operations and hold a minimum 30%

stake in pre-salt projects

• Statoil recently acquired Petrobras’ 66%

operating interest in BM-S-8 offshore

Brazil including the Carcará discovery for

$2.5 billion; Total, BP, Rosneft and QGEP

have also recently farmed-in to other

acreage

• Diversification of customer base offshore

Brazil is ongoing with outstanding

tenders from Chevron, Premier, Statoil

and Total

We still believe in the

fundamentals of the

resource base.

We are looking with interest

to the next licensing

round that will probably

come this year.

– Ben van Beurden,

Shell CEO

February 2017

30

Future Catalyst Markets: Mexico

• During 4Q15, an auction was completed

for shallow-water blocks offshore Mexico,

awarding licenses to several exploration

and production companies

• Deepwater acreage auctioned in 4Q16

with eight of ten blocks awarded to large

companies including several majors,

integrated, and national oil companies

• ENSCO 8503 awarded contract to

operate in Mexico – marking our

entrance into the country’s promising

floater market

Regardless of what

happens in the

international context,

Mexico will move forward

with the energy reform

implementation.

– Enrique Peña Nieto,

President of Mexico

February 2016

31

Offshore Drilling Recovery

Commodity Price Improvement

Customer Activity Increases

Utilization Rises

Day Rates Recover

• Up from cyclical lows experienced in 2016

• Further improvement expected1

• Tenders & inquiries for new offshore projects

• Offshore acreage acquisitions

• Increased rig demand and continued scrapping of

older, less capable units improve the supply & demand

balance of offshore rigs

• Rising utilization leads to greater pricing power

and a recovery in day rates

Source: 1EIA Short-Term Energy Outlook

Jackups

− lower project breakevens

− shorter cycle times

− proximity to existing

infrastructure

Floaters

− initial demand for infield projects near

existing infrastructure

− larger, more complex projects in

ultra-deepwater to follow

32

Preparing for a Market Recovery

Improve financial

flexibility

Differentiate fleet

through better

performance &

reliability

Preserve core

operational & safety

competencies

• manage cash outlays

• reduce debt

• increase liquidity

• invest in newbuilds,

engineering and

innovation

• win new contracts to

keep rigs ready to work

Our actions and investments position Ensco to meet higher

levels of customer demand and capitalize on opportunities

as we navigate through the market cycle

33

34

Source: IHS Markit RigPoint as of February 2017; competitive floaters and jackups (independent leg cantilever rigs); ‘contracted’ includes rigs currently under

contract or with a future contract; Newbuilds do not include recently announced intention by Middle East Joint Venture to order up to 20 jackups to be delivered

over ten years beginning as early as 2021; Candidates for retirement include currently idle rigs >30 years of age without follow-on work and rigs that are >30 years

of age and have contracts expiring before year-end 2018 without follow-on work.(1) News reports suggest SETE Brasil program could be reduced to 8 newbuilds in total

Appendix:

Global Rig Fleet

Newbuilds

Floaters Jackups

Contracted 142 237

Idle/Other 64 138

Cold Stacked 67 45

Total 273 420

Established Drillers 32 37

Uncertain (SETE Brasil(1) or Speculator) 28 62

Total 60 99

Candidates for Retirement

by Year-End 2018(based on age and contract status)

~70 ~155

DeliveredFleet

Attrition

-? -?

-? -?