1

Wells Fargo Securities

2nd Annual West Coast Energy Conference

June 2017

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

The Driller of Choice

Capitalizing on Opportunities

Offshore Drilling Cycle

4

Customer

Activity

Utilization

Day Rates

Commodity

Price

Phases and characteristics

of offshore drilling cycles

Decline Trough Recovery

Spending is

reduced

Rig utilization

decreases

Day rates

decline

Selective capital

allocation

Infill activity

increases

Pricing power in

limited instances

New programs

sanctioned

Development &

exploration

activity resumes

Day rates

increase4

Declining Stabilizing Increasing

5

Commodity prices have stabilized at levels

above some offshore project breakevens

Commodity Price

Source: FactSet; 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

$30

$50

$70

$90

$110

Jan-1

4

Ma

r-1

4

Ma

y-1

4

Jul-1

4

Sep-1

4

No

v-1

4

Jan-1

5

Ma

r-1

5

Ma

y-1

5

Jul-1

5

Sep-1

5

No

v-1

5

Jan-1

6

Ma

r-1

6

Ma

y-1

6

Jul-1

6

Sep-1

6

No

v-1

6

Jan-1

7

Ma

r-1

7

Ma

y-1

7

Brent Crude$/bbl

Avg. Offshore Breakeven Oil Prices

$27

$33

$20 - $40 < $40 < $40

$40 - $45

$/bbl

~50%

$45

Pre-FID

Norwegian

Shelf

Projects

Brownfield

US GOM

Deepwater

Projects

Pre-FID

Deepwater

Projects

Pre-FID

Projects

Pre-FID

Shallow-

Water

Project

Pre-FID

Pre-Salt

Projects

6

Customer activity is increasing

Source: IHS Markit RigPoint; Ensco analysis

Recent increase in customer activity…

• Broad-based pickup in customer

tenders and inquiries year over

year

– Number of inquiries and rig years required for

these opportunities has doubled compared to

a year ago on a trailing six month basis

– Outstanding multi-year opportunities for

jackups in Middle East, Asia & North Sea

along with shorter-term work in U.S. GOM

– Multiple outstanding long-term tenders for

floaters in Brazil & West Africa plus shorter-

term work around existing infrastructure

• Underinvestment in recent years will

drive a greater need for offshore

drilling in the years ahead– Offshore production is ~33% of global supply

…that match Ensco’s diverserig fleet and capabilities

• Jackups provide exposure to

shorter-cycle, shallow-water

projects

• Floaters positioned to capture

activity in deeper water including:– Infill programs with shorter duration

– Plug & abandonment and well intervention

– Larger, more complex development &

exploration projects

7

Jackup + Floater Utilization

40%

50%

60%

70%

80%

90%

100%

Jan-1

4

Ma

r-1

4

Ma

y-1

4

Jul-1

4

Sep-1

4

No

v-1

4

Jan-1

5

Ma

r-1

5

Ma

y-1

5

Jul-1

5

Sep-1

5

No

v-1

5

Jan-1

6

Ma

r-1

6

Ma

y-1

6

Jul-1

6

Sep-1

6

No

v-1

6

Jan-1

7

Ma

r-1

7

Ma

y-1

7

Total Utilization

Global Ensco

Utilization appears close to inflection

• Global utilization has recently

flattened since November 2016

• Ensco’s utilization increased by

10 percentage points through

first quarter 2017

• Customers are awarding more

work to major offshore drillers

with established safety &

operational track records and

financial strength

+10ppt

Source: IHS Markit RigPoint as of June 2017 for global utilization; Internal calculation for Ensco utilization through 1Q17

8

Utilization to benefit from

attrition of older rigs

~65 more floaters could be candidates for retirement

based on age and contract expirations

Retired to Date

78 floaters retired

since 3Q14

Currently Idle

~40 floaters >30 years of

age idle without follow-

on work

Expiring Contracts~25 floaters >30 years of

age have contracts expiring

before YE18 without follow-

on work

Source: IHS Markit RigPoint as of June 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

32 competitive

jackups retired

since 3Q14

Currently Idle~90 competitive

jackups >30 years of age idle without follow-

on work

Expiring Contracts~65 jackups >30 years of

age have contracts expiring

before YE18 without follow-

on work

FLO

AT

ER

SJA

CK

UP

S

9

The newbuild order book remains largely

uncontracted with many questionable deliveries

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

Floaters

2

Uncontracted,

On Order

2

Contracted

46%27

Uncontracted,

Under

Construction

3%

3%

48%

News reports

suggest SETE

Brasil program

could be reduced to

8 newbuilds in total

Jackups

8 – 28

SETE Brasil

2

Contracted,

Established

Drillers

34

Uncontracted,

Established

Drillers

? – 62

Uncontracted,

Speculators

2%

35%

63%

Zero rigs built in

China by

speculators have

been contracted

10

Jackup delivery deferrals

are an example

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

June 2017 Delivery Schedule

Delivered Under Costruction

Source: IHS Markit RigPoint as of June 2017

Note: June 2017 delivery schedule includes 20 new orders and excludes 11 orders cancelled since May 2014.

100 Scheduled Deliveries54 Actual Deliveries

143 Scheduled Deliveries 2 Scheduled Deliveries

11

Capitalizing on Opportunities

Offshore Drilling Cycle

The Driller of Choice

12

The Driller of Choice

Safety &

Operational

Excellence

#1 in Customer

Satisfaction

High-

Specification

Assets

Technology &

Innovation

Financial

Strength

13

Excellent safety results

• Critical to customers, in

particular for complex well

programs

• Safety results differentiate

Ensco’s rigs in a

competitive market

• Established safety culture

and 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 YTD2017

Industry Ensco

Note: IADC industry statistics as of 4Q16.

Total Recordable

Incident Rate

Ensco consistently outperforms competitors on safety metrics

14

Improved operational performance

has benefitted financial results

95%95%

96%

99% 99%

2013 2014 2015 2016 1Q17

Fleet-Wide Operational Utilization2

• Record 99% fleet-wide

operational utilization in 2016;

continued high levels of

performance YTD

– Significant improvement in

subsea equipment-related

downtime year over year

during 2016

– Investments to improve asset

uptime and efficiency, e.g.

proprietary Ensco Asset

Management System

improvement in operational utilization = >$20 million revenue uplift1

1Based on 2016 annual revenue2Operational utilization is adjusted for uncontracted rigs and planned downtime

1%

15

Leveraging data analytics to drive

improvements in drilling process

targeted improvement in pipe

connection time for certain

operations across the fleet

improvement in downtime

across the fleet year over

year in 2016

recently awarded to

ENSCO DS-6 for completing

wells 30% under customer’s

budget

68%

25%

Best

in

Basin

16

Strong performance has driven

industry-leading 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

consecutive years rated #1 in total satisfaction among offshore drillers7

17

Diverse customer base

and global footprint

Note: Certain customers may not currently have backlog

Customer base spans majors, national oil companies and independents

18

High-specification rig fleet

Diverse fleet capable of meeting a broad spectrum of

customers’ well program requirements

Best-in-Class

Ultra-Deepwater Drillships

Uniquely Versatile

Semisubmersibles

Premium

Jackups

Note: Includes rigs under construction, excludes managed rigs and rigs announced for retirement

Total Rigs: 128 32

19

Best-in-Class Drillships

ENSCO DS-9

Rig features create

efficiencies for customers

• Optimized hull design and fully retractable

thrusters

– Improves station keeping and reduces fuel

consumption by up to 10% over the life of the

vessel

• Riser storage in hull

– More usable deck space and higher deck load

• Heave-compensating crane and

drawworks

– Greater precision in controlling weight on bit

and other critical operations

• Managed pressure drilling

– Increased drilling efficiency, plus monitoring

and response capabilities to mitigate the risk

of well-control incidents

20

Uniquely Versatile Semisubmersibles

ENSCO 8504

Rig features create

efficiencies for 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, plus

monitoring and response capabilities

to mitigate the risk of well-control

incidents

• ENSCO 8500 Series® rig has drilled

the deepest well on record in the

US Gulf of Mexico

21

Premium Jackups

ENSCO 120 Series

• Patented Canti-Leverage

AdvantageSM technology

– Enhanced hoisting capacity at the farthest

reaches of the cantilever leads to fewer rig

moves

• 40,000’ total drilling depth & 2.5

million pound quad derrick

– Increased hoisting capacity allows for

drilling of long-reach wells

• Automated drill floor

– Greater automation allows offline activities

to be completed while continuing to drill

Rig features create

efficiencies for customers

22

Differentiating asset efficiency & uptime

through technology and innovation

• Ensco Asset Management System

– Multi-year investment in proprietary,

tablet-based system for asset

maintenance

– Improves equipment reliability & rig

uptime

• Reliability-Based Maintenance

– Predictive maintenance systems reduce

costs while improving rig uptime

• Canti-Leverage AdvantageSM

– Provides extended drilling reach for

multi-well programs requiring fewer rig

moves

– Increased efficiencies reduce project

time and costs

• PinSafe System

– Optimizes jackup moves & reduces

downtime spent waiting on weather

• Additional work ongoing

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

improvement in subsea

equipment-related

downtime in 2016

patent filings

since 20151

25 80%

Processes & SystemsIntellectual Property

23

Strong balance sheet

provides financial flexibility

Financial Position – 31 March 2017

• $4.3 billion of liquidity

– $2.1 billion of cash and short-term

investments

– $2.25 billion revolving credit facility

• $3.3 billion of contract revenue

backlog

• $2.8 billion of net debt &

26% net debt-to-capital ratio

• BB/B1 credit ratings

• No secured debt & covenant-

light structure

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 $4.9 billion, less $2.1 billion of cash and short-term investments, divided by the sum of long-term debt of

$4.9 billion plus shareholders’ equity of $8.2 billion, minus $2.1 billion of cash and short-term investments.

• 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

24

2044

Manageable debt maturities in light of

strong liquidity position

$261

$550

$302 $955

$669

$850

2017 2018 2019 2020 2021 2022 2023 2024 2025 2027 2040

$300

$ millions

$1,001

$150

$1,805

Liquidity

$2,039

$2,250

Ava

ilab

le R

evo

lve

rC

ash

& S

T In

v.

$4,289

Convertible Senior NotesSenior Notes

$1.1B of Maturities to 2024

Note: As of 31 March 2017. After giving effect to open market repurchases of approximately $35 million aggregate principal amount of senior notes

during April 2017.

25

The Driller of Choice

Offshore Drilling Cycle

Capitalizing on Opportunities

26

of rig years recently contracted globally won by Ensco

in new contracts among major offshore drillers over last 8 months 1st

• Multi-year jackup contracts in the North Sea and offshore Saudi Arabia and

Indonesia

• Contract for ENSCO 8503 offshore Mexico, marking entrance into the country’s

promising floater market

Winning new work by leveraging our

competitive position

Source: Ensco analysis; IHS Markit RigPoint as of June 2017 for contract fixtures since 1 October 2016 classified as New Mutual by IHS

20%

rig years of new work spread across several regions26

27

• Strong operational &

safety track record

• #1 in customer

satisfaction

Why invest in Ensco?

• Ample liquidity

• Manageable debt

maturities

• High-specification fleet

• Investments in

technology and

innovation

Ensco is positioned to meet higher levels of

customer demand and capitalize on the recovery

Superior

Performance

Differentiated

Assets

Financial

Strength

28