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Jefferies 2016 Energy ConferenceNovember 29, 2016

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 4.5 years age (excludes one older

deepwater rig) Newer rigs will survive downturn and capitalize on eventual market

recoveryIndustry-leading performance and financial returns Superior safety and operational performance Excellent cost control that continues through FY2016

Financial flexibility and improving capital structure No debt maturities until May 2019 No capital payments on remaining two newbuild drillships until deliveries Revolving credit facility (“RCF”) has been amended to address covenant

risks and ensure access to funding during downturn Fiscal 2016 de-levering through purchase of $201 million face value ATW

bonds at a $67 million discount – also reduces interest expense

Well-Positioned to Weather the Downturn

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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: 6 Years

Average Age: 5 Years

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HSE Leader

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 Accomplishments

• Greater than 2 years without a Lost Time Injury

• End of fiscal 2016 marked 2 years without a reportable environmental incident

• Process Safety Incident Rate reduced by 62% in 2016 YTD vs. 2015

Atwood Achiever and Condor at standby rate (95%)

Australia cyclone event downtime

Operating Efficiencies

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

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

LTIR = Lost Time Incident RateTRIR = Total Recordable Incident Rate

Calendar Year

1.26

0.46

0.690.52

0.380.21

0.00 0.04 0.08 0.000.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2011 2012 2013 2014 2015Atwood TRIR Atwood LTIR

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Cost Reductions Continue - Onshore and Offshore2015 2017 cost improvements

$95

$75$65

2015A 2016 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) Current liquidity is $810 million (as of November 15, 2016)

Repurchased $201 million face value of bonds at a $67 million discount Cash outlay of approximately $134 million Tax-efficient de-levering facilitates refinancing in 2019/2020 $449 million remaining balance of original $650 million issuance

$201 million bond repurchase together with RCF payments of $250 million reduced debt from $1.7 billion at September 30, 2015 to $1.2 billion at September 30, 2016 – a 27% debt reduction year on year

Reduced support costs by 31+% since 2015

Recent Steps to Improve Atwood Financial Flexibility

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$140

$670

$231$139

$65

$85

$752

$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 2018Even assuming only current contract backlog

$ Millions

Source: Atwood internal analysis as of November 15, 2016

$94

$45

Atwood Admiral Final Payment

Maintenance / OFE

Liquidity impacts• RCF Capacity reduction

(May 2018)• Delivery payment on

Atwood Archer• Idling of rigs not on

contract• Rig start-ups

Current Liquidity: $810 million

through FY 2017

* Excludes $286 million after tax cashflow from existing backlog beyond FY 2017

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Well-Positioned to Weather the Downturn

Time Allows for Opportunistic Capital Structure PlaysConservative stewardship of the balance sheet provides us 2 years of runwayNo debt maturities until May 2019Amended RCF covenants and ample bond indenture debt baskets provides maximum flexibility to improve the balance sheetFlexibility allows access to public debt markets, bank debt, and equity markets with limited restrictions

0100200300400500600700800900

2016 2017 2018 2019 2020

Debt Maturities / Current Balances$ Millions

RC

F

Bon

ds

$780M

$449M

Calendar Year

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Visible Catalysts for Offshore Rig Market Recovery

Drivers for increasing rig demand Rising oil price Improved drilling economics (as costs decrease) More attractive fiscal terms in international markets

Opportunities for re-balancing supply Delays / cancellations of newbuilds Acceleration of rig cold-stacking and retirements Consolidation among offshore rig contractors

Mounting evidence that catalysts are materializing for offshore drilling sector

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0

20

40

60

80

100

120

Scrapping Cold-stacking

Positive Trend: Floater Attrition is AcceleratingFloater Rig Attrition September 2014 – November 2016

Source: IHS Petrodata and Atwood Analysis

56

11343 UDW Rigs Scrapped – 5Cold Stacked – 38

45

11

67

46

12

8

302110

15

818

45

29

05

101520253035404550

2016(Nov - Dec)

2017 2018

Calendar Year

Under 25 Years Old 25+ Years Old

Extensive Rig Attrition Expected Over Next Two Years

Sources: Atwood Research, IHS Energy (Nov 2016)

5+ Months,

35

3-4 Months,

14

0-2 Months,

21

Idle Duration of Presently Idle Floaters

(70)

Contracted Floaters Rolling Over

2016 - 2018 (92)

68 Very Vulnerable Rigs Through 2018

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Is 90% Floater Utilization Possible by 2018?

Current: November 2016 December 2018

How to Meet Attrition Requirement?

2016 Attrition Rate: 6 /month 12 months70 Floaters Currently Idle; 35 for 5+ months

92 Floaters Will Roll Off; 33 are 25+ years old

* Assumes 20 newbuilds enter market

Demand: 149Marketed Supply: 166

Utilization: 90%

Source: Atwood Internal Analysis

Demand: 149Marketed Supply: 219

Utilization: 68%

Net Supply Reduction: 53Gross Supply Reduction: 73*

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Operational excellence and cost control initiatives mitigate the impacts of difficult market Opportunities to extend work with existing clients Continue reducing costs without impacting safety or service

Financial flexibility and improving capital structure Amendment to credit facility addressed covenant risks and

provides ample liquidity Will monitor markets and act opportunistically to de-lever and

stagger maturities

Young, high-quality fleet Modern high-specification rigs survive this downturn Built-in growth as rig market improves

Well-Positioned to Weather the Downturn

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Thank You!

www.atwd.com

www.atwd.comAtwood Advantage on location in Gulf of Mexico