1

Astrup Fearnley Shipping & Offshore Conference

10 January 2019

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

Key Themes

Offshore drilling

recovery is

underway

Ensco is well

positioned to

participate in the

recovery

• Offshore production critical to meeting growing oil and gas demand

• Years of underinvestment in future production has impacted reserve

lives for E&P customers

• E&P customers have greater cash flow to consider investments in

future production including offshore projects

• Offshore project sanctioning is increasing, leading to new contracts

and tenders for future work

• High-specification drilling rigs winning an outsized share of new work

• Attrition of less capable rigs expected to continue

• Concentrated fleet of high-quality assets capable of meeting

customer demand in deep- and shallow-water globally

• Track record of operational excellence and safety has led to

industry-leading customer satisfaction

• Leader in new contract awards as customer activity has increased

• Focused investments in innovation and technology help to

differentiate performance and reliability

• Solid financial position bolstered by strong liquidity and

manageable debt maturities

4

Ensco’s Leading Position

Offshore Market Recovery

5

Offshore Production Critical to Meeting

Growing Global Oil & Gas Demand

Global Oil & Gas Production

Global Oil & Gas Production – Offshore & Onshore

148165

184

0

40

80

120

160

200

Oil Gas Total

mm boe/d

Source: Rystad Energy

• Oil and gas production will

continue to be an important

part of meeting global energy

demand, with total production

forecast to grow by 19 million

barrels of oil equivalent per

day by 2025

• Despite significant growth in

unconventional onshore

production, offshore

production represents 29% of

overall oil and gas production

today – and expectations are

that offshore production will

provide more than 5 million

barrels of oil equivalent

growth by 2025

70% 71% 72%

30% 29% 28%

Onshore Offshore

+19 mm

boe/d

6

Several Years of Underinvestment by

Major E&Ps Has Impacted Reserves

Capital Expenditures by Major E&Ps1

Average Reserve Life for Major E&Ps

$ billions• Major E&Ps reduced capital

expenditures by 53% from

2014 highs in response to

lower commodity prices

• After three years of

significantly lower levels of

investment, the average

reserve life for the Major

E&Ps has gradually declined

to its lowest point in the past

decade

• Capital expenditures for Major

E&Ps are estimated to have

declined further in 2018,

putting additional pressure on

average reserve livesSource: Rystad Energy, SpareBank 1 Markets1 Major E&P customers defined as BP, Chevron, ConocoPhillips, Eni, Equinor, Exxon, Repsol, Shell and Total

124

160

187

213 219

171

124 102

-

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016 2017

-53%

10.9

12.0 12.3

12.8 12.9

12.1

11.1 10.7

8

9

10

11

12

13

14

2010 2011 2012 2013 2014 2015 2016 2017

years

-17%

7

Improving Market Conditions Have

Led to Higher Customer Cash Flows

Free Cash Flow Breakeven Oil Prices for E&Ps

Source: SpareBank 1 Markets, FactSet1 Free cash flow is calculated as analyst consensus estimates of operating cash flow less capital expenditures; major offshore E&P customers defined as Anadarko,

BP, Chevron, ConocoPhillips, Eni, Equinor, Exxon, Petrobras, Repsol, Shell and Total

• More recently, lower free cash

flow breakeven oil prices for

E&Ps, coupled with higher oil

prices, have created a more

conducive environment for

new project investments

• Despite the recent pullback in

oil prices, expectations are

that free cash flow continues

to grow in 2019, giving major

offshore customers greater

flexibility to invest in future

production

Free Cash Flow of Major Offshore E&Ps1

-11 -3

65

113 117

-20

0

20

40

60

80

100

120

140

2015 2016 2017 2018E 2019E

$ billions

6051

3642 39

5344

54

71

58

0

20

40

60

80

2015 2016 2017 2018E 2019E

Free cash flow breakeven oil price Avg Brent crude price

$/bbl

8

Offshore Projects Economic at Current Oil

Prices With More Approvals Expected

• Based on commentary from

major offshore customers,

many offshore projects are

economic at breakeven oil

prices well below current

levels

• New major offshore project

approvals in 2018 were more

than 2.5x 2016 cyclical lows,

with expectations of further

increases in sanctioning

activity during 2019

– New project approvals are a

leading indicator of future

capital expenditures

Average Offshore Breakeven Oil Prices

$27 <$30$33

<$40 <$40 <$40

Statoil Total Respol Chevron Petrobras Shell

$/bbl

Pre-FID

Norwegian

Shelf

Projects

Brazil

Pre-Salt

Project

Pre-FID

Deepwater

Projects

Pre-FID

Shallow-

Water

Projects

Pre-FID

Pre-Salt

Projects

Acquired

Maersk

portfolio

23

50

67

87

0

25

50

75

100

2016 2017 2018 2019E

Number of New Major Offshore Project Approvals

Source: Equinor 7 February 2017 capital markets day; call; Total 25 September 2017 investor day; Repsol 23 February 2017 earnings conference call; ExxonMobil 27 July 2018 earnings

conference call, in reference to Carcara project; Petrobras 30 January 2018 Latin America investment conference presentation; Shell 26 July 2018 earnings conference call; Rystad

Energy, major projects defined as projects with >$250 million of associated capital expenditures

9

Offshore Rig Utilization Expected to

Benefit From Increased E&P Investments

E&P Offshore Capital Expenditures

Source: Rystad Energy, IHS Markit RigPoint

• Given increased cash flow

and attractive new project

economics, E&P offshore

capital expenditures are

expected to increase

modestly in 2019 and

continue growing steadily

over the next five years

• Over the past three decades,

offshore drilling rig utilization

has moved in line with the

rate of change in customer

spending, suggesting further

utilization increases in 2019

and 2020 from higher

customer demand

-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)

Offshore Drilling Rig Utilization and E&P Capital Expenditures

154 158183

201219

233

-

50

100

150

200

250

300

350

2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E 2023E

9% CAGR

$ billions

10

• New contract awards in 2018

were 61% higher than 2016

– The number of 2018 floater

contracts nearly doubled 2016

lows, while new jackup contract

awards increased by 53%

• Despite lower year-to-year oil

prices, the number of open

tenders for offshore rigs has

increased 72% since year-end

2017, demonstrating

customers’ willingness to look

through near-term volatility to

longer term oil prices when

considering new offshore

projects

Offshore Rig Demand Showing

Signs of Steady Improvement

63102 114

142

171

217

0

70

140

210

280

350

2016 2017 2018

Floaters Jackups

Source: IHS Markit RigPoint as of December 20181 Classified as new mutual fixtures in IHS Markit RigPoint

Number of New Contracts1 Awarded

+61%

+72%

Avg Brent

Crude $/bbl$55$65

40 46

32

78

0

30

60

90

120

Dec-17 Dec-18

Floaters Jackups

Number of Open Offshore Rig Tenders

11

40%

60%

80%

100%

Jan 16 Jul 16 Jan 17 Jul 17 Jan 18 Jul 18

Highest-Specification Drillships

Winning More New Floater Contracts

Source: IHS Markit RigPoint as of December 20181 Classified as new mutual fixtures in IHS Markit RigPoint2 Drillships delivered in 2013 or later, equipped with dual BOP and 2.5mm lbs. hookload derricks

Highest-

Specification

Drillships2

Drillship Utilization – Delivered Rigs

• The number of new drillship

contracts awarded worldwide

during 2018 was more than 2.5x

2016 lows

• Highest-specification drillships that

deliver efficiencies for customers’

offshore projects are winning an

outsized share of new work

– These assets currently represent 34

out of 110 delivered drillships, or

~30% of total supply, and won ~45%

of all new drillship contracts awarded

in 2017 and 2018

• Utilization for these highest-

specification drillships increased by

17 percentage points during 2018

and is currently ~82%

3

15 1610

1719

13

3235

0

10

20

30

40

2016 2017 2018

Highest-Specification Drillships Other Drillships

Number of New Drillship Contracts1 Awarded Worldwide

2

12

Modern Jackups Winning More New

Contracts For Shallow-Water Work

40%

60%

80%

100%

Jan 16 Jul 16 Jan 17 Jul 17 Jan 18 Jul 18

Source: IHS Markit RigPoint as of December 20181 Classified as new mutual fixtures in IHS Markit RigPoint2 Jackups <20 years of age

Modern

Jackups1

Older

Jackups

Jackup Utilization – Delivered Rigs

• The number of new jackup

contracts awarded worldwide has

increased by 53% over 2016

levels

• Modern jackups that deliver

efficiencies for customers’ offshore

projects are winning an outsized

share of new work

– These assets currently represent

284 out of 520 delivered jackups, or

~55% of total supply, and won ~64%

of new jackup contracts awarded in

2017 and 2018

• Modern jackups have experienced

18ppt higher utilization than older

jackups on average since the

beginning of 2016

86110

137

56

61

80142

171

217

0

50

100

150

200

2016 2017 2018

Modern Jackups Older Jackups

Number of New Jackup Contracts1 Awarded Worldwide

2

13

Substantial Portion of Current Global

Supply are Retirement Candidates

• ~50 floaters1 could be candidates

for retirement based on age and

contract expirations

• ~150+ jackups1 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 December 20181 Includes rigs >30 years of age that are idle without follow-on work or have contracts expiring before year-end 2019 without follow-on work and rigs 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 116 313

Future Contract 32 30

Idle / Stacked 50 111

Marketed Fleet 198 454

Non-Marketed 46 66

Total Fleet 244 520

Marketed Utilization 75% 76%

Total Utilization 61% 66%

Newbuild Rigs

Contracted 3 2

Uncontracted 26 23

Build in Brazil / China 14 54

Total Newbuilds 43 79

14

CurrentTotal

Supply

IllustrativeTotal

Supply

IllustrativeMarketedSupply

Retirements Expected to Lead to

Future Supply Contraction

• The global floater count could

decline by 22 rigs, or ~9%, if

adjusted for likely retirements

and newbuild deliveries

– Excluding another 25 floaters

that are not currently

marketed, illustrative marketed

supply of 197 compares to

contracted floater count of 148

• When adjusting for likely

retirements and newbuilds, the

jackup count could decline by

124 rigs or ~24%

– Excluding another 13 jackups

that are not currently marketed,

illustrative marketed supply of

383 compares to contracted

jackup count of 343

Illustrative Jackup Supply

Illustrative Floater Supply

CurrentTotal

Supply

IllustrativeTotal

Supply

IllustrativeMarketedSupply

4244

29 -26

-21

-8222 25

197

Build in Brazil

Newbuilds1

Other

Newbuilds

>30yrs idle

w/o future

contract >30yrs

rolling off

contract by

YE2019

15-30yrs

idle for

over 2yrsNon-

marketed

35520

24 -103

-76

-4 396 13383

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

Chinese

Newbuilds2

Other

Newbuilds

>30yrs idle

w/o future

contract>30yrs

rolling off

contract by

YE2019

15-30yrs

idle for

over 2yrs

Non-

marketed

119 floaters retired since 3Q14

81 jackups retired since 3Q14

15

Ensco’s Leading Position

Offshore Market Recovery

16

Fleet Overview

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: 1212 35

17

Fleet Renewal Strategy Has Improved

Our Ability to Meet Customer Demand

46%

20%

17%

17%

2013

• Fleet repositioned to

focus on newest, most

technically-capable

assets while

maintaining exposure to

both shallow- and

deep-water markets

– 43 rigs are either a 6th

generation or greater

floater or a modern high-

specification jackup, up

significantly from just 24

in 2013

• Rebalanced fleet

enables us to better

meet customer demand

for highest-specification

assets

22%

5%

37%

36%

Current

34%

73%

Fleet Composition

Newbuild

Deliveries8

Acquired

Assets11

Divestitures30

Jackups > 20 years of age2G-5G Floaters6G+ Floaters Jackups < 20 years of age

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

18

ENSCO DS-14

ENSCO DS-13

ENSCO DS-12

ENSCO DS-11

ENSCO DS-10

ENSCO DS-9

ENSCO DS-7

Contracted Options Under Construction Available

Ensco Fleet Well Positioned to Meet

Deepwater Customer Demand

Source: IHS Markit RigPoint as of December 20181Drillships delivered in 2013 or later, equipped with dual BOP and 2.5mm lbs. hookload derricks

12

7

4 4 4 43

6

RIG

ES

V

RD

C

DO

NE

SD

RL

PA

CD

All

Oth

er

Highest-Specification Drillships1

• Ensco fleet includes seven of 44

highest-specification drillships that are

preferred by customers due to the

efficiencies they deliver to offshore

well programs

– Utilization of these assets increased by

17 percentage points during 2018, while

utilization for other drillships remained

flat over the same period

• Ensco’s highest-specification

drillships provide leverage to this

improving segment of the market

– Portfolio approach to contracting rigs

preserves exposure to improving

contracting environment

2019 2020 2021

Ensco Contract Status – Highest-Specification Drillships

19

Ensco Fleet Well Positioned to Meet Mid-

& Shallow-Water Customer Demand

Source: IHS Markit RigPoint as of December 20181 Modern moored semisubmersibles classified as < 15 years of age with 5+ ram blowout preventers, 15K psi BOP working pressure and 2 million lbs. hookload; 2Jackups < 20 years of age; chart not inclusive of all modern jackups in the global supply; 3Seadrill includes NADL, reflects 50% ownership of SeaMex and

excludes newbuilds with no recourse to parent company

30

23 22

18

1311

96 6

BO

RR

RD

C/A

RO

ES

V

SD

RL

Ma

ers

k

NE

Ab

an

North

ern

SH

LF

Modern Jackups2

• Ensco owns four of 28 modern moored

semisubmersibles in the global fleet

with enhanced well-control capabilities

– Three of these rigs are equipped with a

versatile moored-DP configuration

including ENSCO 8503 and ENSCO

8505, which combined have won ~40% of

new floater contracts signed in the Gulf of

Mexico since mid-2014

• Ensco maintains one of the largest

modern jackup fleets in the industry,

providing exposure to the shallow-

water recovery

– Open tenders for jackup rigs have more

than doubled since year-end 2017

Modern Moored Semisubmersibles1

6

4 4

3 3

2 2

1

3

RIG

ES

V

OD

L

Ma

ers

k

SD

RL

NO

DL

Blu

ew

hale

DO

All O

ther

3

20

Safety & Operational Excellence

• Critical to customers, in

particular for complex well

programs

• Safety metrics consistently

better than industry averages,

and high levels of operational

utilization

– 1% improvement in operational

utilization increases annual

revenue by approximately $20

million3

• Industry leader in customer

satisfaction for eight

consecutive years

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

2013 2014 2015 2016 2017 YTD'18

Total Recordable Incident Rate1

Industry Ensco

1 YTD’18 Ensco statistics as of 3Q18; IADC industry statistics as of 2Q182 Operational utilization is adjusted for uncontracted rigs and planned downtime; YTD’18 as of 3Q183 Based on 2017 annual revenue

Safety and Operational Performance Provides

Competitive Advantage and Benefits Financial Results

95%95%

96%

99% 99% 98%

2013 2014 2015 2016 2017 YTD'18

Fleet-Wide Operational Utilization2

21

West Africa

North Sea

Global Footprint with

Diverse Customer Base

Mediterranean

Note: Certain customers may not have current contracts with Ensco

Customer Base Spans Majors, National Oil Companies and Independents

Middle East

Southeast

Asia

Gulf of Mexico

South America Australia

22

Ensco’s High-Quality Fleet and Global

Presence Has Led to Contract Awards

• Contracts have added

approximately 53 rig years2

to Ensco’s backlog

– Diverse rig fleet and global

footprint have led to floater

and jackup contracts across

several regions

– Three recent drillship contract

awards including work

offshore West Africa and

South America

– Several recent jackup

contracts around the world

including the Middle East, Asia

Pacific & North Sea

12%

6% 5% 5%5%

5%

4%

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

Percentage of New ContractsAwarded since 20171

Source: IHS Markit RigPoint as of January 2019; Ensco analysis

Note: Independent companies with most new contract awards include Aban Offshore, ARO 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 61) by the

corresponding industry-wide total (approximately 521)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.

23

Leveraging Innovation & Technology

to Solve Industry Challenges

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

• Focused investments in

innovation that differentiate

Ensco’s assets from the

competition through better

performance and reliability

• This includes developing

proprietary systems,

processes and technology

that improve the drilling

process and productivity of

Ensco’s operations

• These efforts have resulted in

more than 40 patent filings

since 20151

Equipment Maintenance

Placing Jackups on Location

• EAMS and EPIC systems increase

operational uptime and decrease

lifecycle costs by optimizing asset

selection and maintenance activities

• Proprietary PinSafe technology

creates significant cost savings for

customers by optimizing jackup moves

and reducing downtime spent waiting

on weather

Drilling Process Efficiency

• Continuous Tripping Technology™ is a

patented system that fully automates

the pipe tripping process without

stopping to make or break connections,

enabling 3x faster tripping speeds and

delivering expected cost savings along

with safer, more reliable operations

Continuous

Tripping

Technology

24

Continuous Tripping Technology

Continuous Tripping Technology

Illustration While Moving Into A Well• Fully automated system implements

unique rotary table that moves

vertically using a secondary hoisting

system

• Rotary table moves in synchrony with

the top drive enabling pipe

connections to be made up and

broken out while the drill string is

moving in or out of the well

– Conventional stand-by-stand method

requires drill string to stop when pipe is

being connected or broken

• Applicable across all water depths

and can be retrofitted to existing rigs,

i.e. would not require a newbuild rig

– Recently installed on ENSCO 123 and

system commissioning is underway

Groundbreaking Patented Technology Fully Automates Pipe Tripping Process At

Constant Controlled Speed Without Stopping To Make Or Break Connections

Rotary table

elevates above

rig floor…

…to make pipe

connections with

the top drive…

…and moving back to the

rig floor at a constant

controlled speed to begin

the process again

25

Continuous Tripping Technology Helps to

Lower Customers’ Offshore Project Costs

180

153

120

130

140

150

160

170

180

190

Conventional Tripping Continuous Tripping

Illustrative One-Year Deepwater Program

$ millions

• 6 wells / 60 days per well using

conventional tripping

• >30,000 ft per well on average

• $500k/day spread cost including rig rate

~15% or

$27M

Source: Ensco analysis based on data collected from offshore activities performed by Ensco over the past 10 years, including more than 4,500 wells1Assumes average tripping speed of 9,000 ft per hour

1

3x Faster than conventional stand-

by-stand tripping methods

10%Reduction in total time on

average for all wells, and up to

15% for drill wells > 30,000 feet1

$For multi-well projects, savings

could equate to tens of millions of

dollars for the customer

26

Solid Financial Position

Financial Position 30 September 2018

• $2.6 billion of liquidity

– $0.6 billion of cash and short-term

investments

– $2.0 billion revolving credit facility

• $2.1 billion of contracted revenue

backlog

• $4.4 billion of net debt & 35% 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

Balance Sheet & Liquidity Provide 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 $0.6 billion of cash and short-term investments, divided by the sum of long-term debt of $5.0

billion plus shareholders’ equity of $8.3 billion, minus $0.6 billion of cash and short-term investments.

27

2044

Manageable Debt Maturities in Light of

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

$630

Ava

ilab

le R

evo

lve

r1C

ash

&

ST

In

v.

$2,633

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

• Fully unencumbered fleet with no secured

debt in the capital structure and a secured

debt basket of $750 million

• Generated ~$330 million of net proceeds from

asset sales since year-end 2013

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

28

• 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

Illustrative Annual EBITDA1 Contribution from

Modern High-Specification Assets Only

Source: IHS Markit RigPoint1 Fleet includes 21 6G+ floaters and 22 jackups < 20 years of age. EBITDA calculated using illustrative dayrates and a 90% 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 90% 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 2018

$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 ~$490K for floaters and ~$160K 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

715 1,405 2,095

$1

00

K

896 1,586 2,276

$1

25

K

1,077 1,767 2,456

EBITDA in $ millions

29