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Goldman Sachs Global Energy

ConferenceJanuary 5, 2017

Rob SaltielPresident & CEO

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Forward-Looking Statements

Statements contained in this report with respect to the future are forward-looking statements. Thesestatements reflect management’s reasonable judgment with respect to future events. Forward-lookingstatements are subject to numerous risks, uncertainties and assumptions and actual results could differmaterially from those anticipated as a result of various factors including: uncertainties related to the level ofactivity in offshore oil and gas exploration and development; oil and gas prices; competition and marketconditions in the contract drilling industry; the risks inherent in the construction of a rig; delays in thecommencement of operations of a rig following delivery; our ability to enter into and the terms of futurecontracts; possible cancelation or suspension of drilling contracts; the availability of qualified personnel; laborrelations; operating hazards and risks; terrorism and political and other uncertainties inherent in foreignoperations (including risks of war, civil disturbances, seizure or damage to equipment, and exchange andcurrency fluctuations); the impact of governmental and industry laws and regulations; and environmentalmatters. These factors and others are described and discussed in our most recently filed annual report onForm 10-K, in our Forms 10-Q for subsequent periods and in our other filings with the Securities andExchange Commission which are available on the SEC’s website at www.sec.gov. The information containedin this presentation is subject to change without notice, is a summary, and as such does not contain allmaterial information concerning the Company. Each forward looking statement speaks only as of the date ofthis presentation and we undertake no duty to update the content of this presentation or any forward-lookingstatement contained herein to conform the statement to actual results or to reflect changes in ourexpectations.

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Well-Positioned to Weather the DownturnModern, high-quality rig fleet High-specification fleet averages only 5.5 years age* Newer rigs will survive downturn and capitalize on market recovery

Industry-leading performance and cost control Superior safety and operational results Significant onshore and offshore cost reduction

Improving capital structure and financial flexibility No debt maturities until May 2019 March 2016: Revolving credit facility (“RCF”) amended to address

covenant risks and ensure access to funding during downturn February - July 2016: De-levering through purchase of $201 million

face value ATW bonds at a $67 million discount December 2016: Delayed delivery dates for Atwood Admiral

(September 30, 2019) and Atwood Archer (June 30, 2020) and financed $250 million at 5% through December 2022

Navigating the Downturn and Increasing Financial Flexibility

*Excludes one older deepwater rig and two drillships under construction

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Young, High-Specification Fleet

* Excludes rigs under constructionNote: Fleet also includes a deepwater semisubmersible, Atwood Eagle

• Atwood Advantage• Atwood Achiever• Atwood Admiral• Atwood Archer

• Atwood Condor• Atwood Osprey

• Atwood Aurora• Atwood Beacon • Atwood Mako• Atwood Manta• Atwood Orca

Average Age: 3 Years*

Average Age: 7 Years

Average Age: 5 Years

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Recent Steps to Improve LiquidityAtwood Osprey Migrated 5-month term with Woodside Energy to Atwood Osprey fromAtwood Eagle Secured 20+ month Greater Enfield development program with Woodside starting

January 2018 Signed two 2017 “gap-filling” contracts with ConocoPhillips and Woodside

Atwood Condor Completed two P&A wells with Noble Energy originally assigned to Atwood Advantage Growing potential for follow-on work

Atwood Advantage Mobilized rig to Israel for Noble Energy to advance recent gas discoveries Potential for follow-on work on Leviathan Development

Atwood Achiever Discoveries by Kosmos Energy in Mauritania and Senegal and subsequent

participation by BP increase potential for expanded drilling program Atwood Admiral Premier Oil reaffirmed our exclusive negotiation position for their exploration drilling

program in Brazil in 2018Jackup (TBD) Expect one idle jackup to return to work for a one-year program in mid-2017

Recent Marketing Successes and Opportunities

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84%

86%

88%

90%

92%

94%

96%

98%

100%

Q1FY15

Q2FY15

Q3FY15

Q4FY15

Q1FY16

Q2FY16

Q3FY16

Q4FY16

Total Fleet Revenue Efficiency Average

The Atwood Advantage = Superior Performance

Reliable Operator

HSE Leader

• More than 2 years and 9.5 million man-hours without a Lost Time Injury

• FY2016 marked 2 years without a reportable environmental incident

• Process Safety Incident Rate reduced by 43% in calendar 2016 vs. 2015

Atwood Achiever and Condor at standby rates (95%)

Australia cyclone event downtime

Efficient Driller

• Modern rigs offer significant off-line capabilities that reduce non-productive time for clients

• Standardized equipment lowers inventory, capital spares, training and technical support costs

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Significant Cost Reductions - Onshore and Offshore2015 2017 Cost Improvements

$95

$75$65

2015A 2016A 2017E

Onshore Support Cash Costs*$ Millions

Fiscal Year

Rig Operating Cash Cost Reductions (%)

31% Reduction

* Onshore support costs include G&A and operational support provided from the corporate office including operations support, engineering, supply chain, and HSE.

11%5%

14%21%

0%

5%

10%

15%

20%

25%

30%

Jackup Average Ultra-deepwater Average

2015 -> 2016 2016 -> 2017

25% 26%

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Recent Steps to Improve LiquidityAmended RCF to relax covenants and ensure access to funds Leverage covenant ratio removed and interest coverage covenant ratio removed for

the next 2 years (reinstated at 4Q FY 2018) $700 million of liquidity as of December 31, 2016

Repurchased $201 million face value of bonds at a $67 million discount Cash outlay of approximately $134 million for tax-efficient retirement of debt $449 million remaining balance of original $650 million issuance

Reduced total debt from $1.7 billion to $1.2 billion in FY2016 (27% reduction) $201 million bond repurchase $250 million in RCF payments

Reduced onshore support cash costs by 30+% over past two years

Delayed latest delivery dates for Atwood Admiral and Atwood Archer By two years each to September 30, 2019 and June 30, 2020, respectively

Delayed remaining drillship milestone payments of $250 million until December 30, 2022 Interest expense will be accrued at 5% and not paid until December 30, 2022 Reduced shipyard holding costs by $10K/day ($5K/day per rig)

Significant Progress in Improving Financial Flexibility

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$155

$545

$240

$55

$55$68

$762

$0

$200

$400

$600

$800

$1,000

Cash on hand RevolvingCredit Facility

Availability

Backlog After-tax cashflow*

CAPEX OnshoreSupport Costs

Debt Service RemainingLiquidity

Expect Ample Liquidity into FY 2018Assumes only current contract backlog*

$ Millions

* FY2017 cashflow from backlog assumes increased dayrate and $49 million one-time payment from Kosmos Energy for not exercising one-year extension option

Source: Atwood internal analysis as of 12/31/16; unaudited

$10$45

Atwood Admiral Milestone PaymentMaintenance / OFE

FY2018 Liquidity Impacts

• RCF Capacity reduced from $1.395 billion to $1.12 billion in May 2018

• $15 million milestone payment on Atwood Archer in June 2018

• Idling of rigs not on contract

• Rig start-ups

Liquidity at 12/31/16:$700 million

Through FY 2017

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Ample Time for Further Balance Sheet Improvement Conservative stewardship of the balance sheet provides 2+ years of runwayNo debt maturities until May 2019Amended RCF covenants and bond indenture debt baskets provide flexibility to improve the balance sheetAccess to public debt markets, bank debt and/or equity markets with limited restrictions

* Not currently classified as debt - DSME debt agreement becomes effective upon deliveries of the two drillships under construction

$0$100$200$300$400$500$600$700$800$900

2017 2018 2019 2020 2021 2022

Debt & DSME Payment Maturities / Current Balances

Bon

ds

DS

ME

*

RC

F$850

$ Millions

$449

$250

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Visible Catalysts for Offshore Rig Market Recovery

Drivers for increasing rig demandRising oil priceImproved drilling economics (as costs decrease)More attractive fiscal terms in international markets

Opportunities for re-balancing supplyDelays / cancellations of newbuildsContinued rig cold-stacking and retirements? Consolidation among offshore rig contractors

Catalysts are materializing for recovery in offshore drilling market in 2018

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0

20

40

60

80

100

120

Sep

-14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-…

Jun-

15

Jul-1

5

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-…

Jun-

16

Jul-1

6

Aug

-16

Sep

-16

Oct

-16

Nov

-16

Dec

-16

Jan-

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Scrapping Cold-stacking

Floater Rig Attrition ContinuesScrapping and Cold-Stacking September 2014 –January 2017

Source: IHS Petrodata and Atwood Analysis

56

11344 UDW Rigs ExitScrapped – 5Cold Stacked – 39

45

11

67

4647

65

112

13

40

21

22

9

62

30

0

10

20

30

40

50

60

70

2017 2018

Calendar Year

Under 25 Years Old 25+ Years Old

Extensive Rig Attrition Expected Over Next Two Years

*Idle floaters with no contracts in placeSources: Atwood Research, IHS Energy (Jan 2017)

More Than 5 Months,

37

3-5 Months,

9

Up to 3 Months,

22

Idle Duration of Presently Idle Floaters*

(68)

Contracted Floaters Rolling Over

2017 - 2018 (92)

68 Very Vulnerable Rigs Through 2018

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Is 90% Floater Utilization Possible by End of 2018?

Current: January 2017 December 2018?

How to Meet Attrition Requirement?

68 Floaters currently idle with no future work92 Floaters will roll off (31 are 25+ years old)

* Assumes 10 newbuilds enter market

Demand: 138Marketed Supply: 153

Marketed Utilization: 90%

Source: Atwood Internal Analysis

Demand: 138Marketed Supply: 219

Marketed Utilization: 63%

Net Supply Reduction: 66Gross Supply Reduction: 76*

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Operational excellence and cost control mitigate the impacts of a very challenging market Opportunities to extend work with existing clients Significant cost reduction without impacting safety or service

Improving capital structure Excellent progress in 2016 in de-levering and improving

liquidity Continued focus on balance sheet improvements prior to

maturity of RCFHigh-quality rig fleet poised for post-recovery success Atwood’s high-specification rigs survive this downturn Built-in growth potential as market improves

Navigating the Downturn and Increasing Financial Flexibility

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Thank You!

www.atwd.com

www.atwd.comAtwood Advantage – currently in the Mediterranean Sea