Investor Presentation

September 2016

1
 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, day rates and backlog, estimated rig availability; rig commitments and contracts; contract
duration, status, terms and other contract commitments; 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; cybersecurity risks and threats; and the occurrence or threat of epidemic or
pandemic diseases or any governmental response to such occurrence or threat. 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. 2
• 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

3
 Market Conditions

Major & European IOCs’ Upstream • Substantial reduction in

$ billions Capital Spending Outlook upstream capex among
$250
Major & European IOCs’
$218
$208 since 2013
$200
$181 − unprecedented decline in
- 45% exploration spending
$150 $126
$120
• 2016 upstream capex for
Major & European IOCs’
$100 expected to decline ~30%
year-over-year, but
$50 bottoming in 2017

• Significant pullback in
$0
spending will affect supply
in the future
Source: IHS Energy
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 4
• Capital management
Decisive
• Expense management Actions To
Persevere
• Fleet restructuring
Through The
• Investments to improve Downturn
operational & safety
performance
– engineering & innovation
– process improvements

5
 Proactive Capital Management

• Accessed the debt markets twice to bolster liquidity and refinance near-
term debt maturities

• Increased revolver to $2.25 billion and extended to 2019

• Reduced capital expenditures and dividend to preserve cash

• Delayed delivery of newbuilds, postponing ~$500 million of final milestone

payments

• Repurchased debt in 2Q16 at substantial discounts resulting in ~$500

million of pre-tax cash savings

• Raised equity to further enhance liquidity position

• Significantly reduced leverage

6
 Benefits of Recent
Capital Management Actions

Liquidity Net Debt-to-Capital Ratio

$ billions

$4.05
41%
$3.55 $1.5 billion
reduction in
1.8 net debt
1.3

28%

2.25 2.25

4Q15 2Q16 4Q15 2Q16

Revolver Cash + Short-term investments
Note: Net debt is a non-GAAP financial measure defined as long-term debt less cash and short-term investments. Non-GAAP financial measures should
be considered as a supplement to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. 4Q15 net debt-to-
capital is calculated as follows: long-term debt of $5.9 billion, less $1.3 billion of cash and short-term investments, divided by the sum of long-term debt
of $5.9 billion plus shareholders’ equity of $6.5 billion, minus $1.3 billion of cash and short-term investments. 2Q16 net debt-to-capital is calculated as
follows: long-term debt of $4.9 billion, less $1.8 billion of cash and short-term investments, divided by the sum of long-term debt of $4.9 billion plus 7
shareholders’ equity of $7.9 billion, minus $1.8 billion of cash and short-term investments.
 Debt Maturity Schedule
$ millions

$2 billion of debt maturities $1,025

over next eight years

$760 $778
$669
$623

$454

$300
No debt
maturities $150
until 2019

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2027 2040 2044

8
 Capital Expenditure Outlook

Newbuild Capital Expenditures Other Capital Expenditures

$ millions $ millions

$375

$225

$100 $100
$65 $75
25 50
10
$0 55 50 50

2H16E 2017E 2018E 2019E 2H16E 2017E 2018E

New rig construction Rig enhancements Minor upgrades & improvements

Note: Estimates for 2016, 2017, 2018 and 2019; final 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;
2016 rig enhancements capex is specific to a mooring upgrade for an additional ENSCO 8500 Series rig, while 2017, 2018 and 2019 rig
enhancements 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. 9
 Expense Management Actions

2015 Actions
• 15% reduction in offshore unit labor cost

• $60+ million of annual savings from 27% reduction in onshore support

headcount
– consolidated business unit reporting structure from five to three
– centralized certain functions

• $100+ million of additional contract drilling and G&A expense savings

– repair and maintenance rate reductions and lower rig insurance premiums
– other savings through negotiated discounts with vendors

Recent Actions
• Recently instituted a lower base salary structure for new hire offshore crews

• Further streamlining organizational structure: shore-based operational support,

offshore labor pool and additional corporate staff department centralization
10
 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 8503 & ENSCO 68
– Asia: ENSCO DS-9, ENSCO 8504* & ENSCO 106
– Middle East: ENSCO 140
– North Sea: ENSCO 120/1*

• Preservation stack excess high-spec rig capacity to prudently reduce

expenses, yet maintain high-spec capacity 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 October 2016. 11
 Stacking & Reactivation Costs

Upfront Cost Average Estimated Daily

to Operating Expenses Estimated Cost
Rig Type
Preservation to Reactivate
Stack Warm Preservation
Stack Stack

$40k $15k
Drillship $5 million $25 - $35 million
per day per day

8500 Series $32k <$10k

$5 million $25 - $35 million
Semi per day per day

High-Spec $20k <$5k

$1 million $5 million
Jackup per day* per day

*Note: ENSCO 140 daily stacking costs covered by shipyard for up to two years.

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 Fleet Restructuring: Floaters

Year-End Retirements Current

2009 Newbuilds(1) & Sales(2) Fleet

17 +13 -10 20

16.8 years Lower average fleet age 9.2 years

4 ultra-deepwater 15 ultra-deepwater
capable floaters Greater drilling capabilities capable floaters

7 floaters with Enhanced well control 18 floaters with

15k psi BOPs 15k psi BOPs

(1) Includes ENSCO DS-10 newbuild currently scheduled for delivery in 1Q17
(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 13
 Fleet Restructuring: Jackups

Year-End Retirements Current

2009 Newbuilds(1) & Sales(2) Fleet

51 +5 -24 32

Jackup sales since 2009 have

generated ~$600 million in proceeds

Under Construction

ENSCO 141 ENSCO 123

Scheduled Delivery: 3Q16 Scheduled Delivery: 1Q18

(1) Includes ENSCO 140 newbuild that was delivered in August 2016
(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 14
 Investment in Engineering:
8500 Series Mooring Upgrade

Global Floater Rig Count • Low-cost mooring

Fleet 295
upgrade increases the
versatility of our 8500
Dynamically Positioned 193 Series rigs, placing
Ultra-deepwater capable 162 them among a select
group of floaters with
15K+ psi & 6+ ram BOP 127
superior technological
8 mooring
winches
9 capabilities and the
ability to operate in a
dynamically
positioned and/or
ENSCO 8503 moored capacity
ENSCO 8505
15
Source: IHS-ODS Petrodata as of August 2016; Ultra deepwater defined as 7500 ft. or greater
 Investment in Innovation:
Operational & Safety Results

• We continue to invest in
three core programs:
− improving the drilling
process
− asset uptime and efficiency
• Ensco Asset Management
System
− re-engineering the support
structure

16
 Improved Operational Utilization

Floaters Jackups

99.5%
99.1% 99.1%
99.0%
98.5%

94.0%
92.0% 92.9%

2013 2014 2015 1H16 2013 2014 2015 1H16

17
 Excellent Safety Performance

Total Recordable • Record 2015 and

Incident Rate YTD16 TRIR

• Leading-edge safety
1.2 management systems
1.0
0.8
• Enhancing process
0.6
safety to drive further
0.4
improvements
0.2
0.0
2008 2009 2010 2011 2012 2013 2014 2015 YTD
2016

Ensco Industry

Note: IADC industry statistics are as of 1Q16.

18
 Net Income Margin
Largest Offshore Drillers

27%
24%

20%
17% 16% 16%

ESV SDRL RDC NE RIG DO

Source: FactSet as of August 2016; sum of trailing eight quarters of net income divided by sum of trailing eight quarters of revenue. FactSet's data
is based on aggregation of information collected from industry equity research analysts and may not be based on GAAP reported financial data.
19
 High Levels of Customer Satisfaction

Rated #1
• Total Satisfaction
• Safety & Environment
• Performance & Reliability
• Job Quality
• Special Applications
• Ultra-Deepwater Wells
• Deepwater Wells
• Harsh Environment Wells
• Horizontal & Directional Wells
• Shelf Wells
• North Sea
• Middle East
• Asia & Pacific Rim
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
 Path to Recovery

Breakeven Offshore Catalyst

Commodity
Economics Rig Supply Markets

• Improvement / • Re-engineering / • Retirement of • Brazil opens pre-

stabilization in oil standardization / older, less salt to more
prices innovation capable assets players

• Cost deflation • Deferral and • Mexico offshore

and efficiency cancellation of lease sales and
gains newbuild entrance of
deliveries international
operators

23
 Offshore Breakeven
Economics Improving

Offshore Outlook Recent Customer Commentary on Deepwater Projects

• Customers attention
has turned to project Statoil • Reduced breakeven cost from >$80/bbl to <$45/bbl through
re-engineering, supply chain savings, optimized project design and
efficiency gains and
Johan
standardized and simplified solutions
better expense Castberg
management
• Cost estimates reduced to less than $9 billion from prior
• Cost deflation across estimate of $20 billion
BP
supply chain: • Project re-engineering through standardization and scope
Mad Dog optimization, coupled with industry deflation, resulted in
operators, service
companies
Phase 2 significantly less capital required to develop approximately
90% of resources

• Break-even
economics are
improving Shell • Lowered estimated breakeven cost from >$60/bbl to $45/bbl
Vito through project re-scoping
significantly for
offshore projects

Sources: Statoil 4 February 2016 Capital Markets Day; BP 17 June 2016 Bloomberg interview; Shell Capital Markets Day 7 June 2016
24
 Offshore Breakeven
Economics Improving

• Project breakevens for pre-FID deepwater projects have

been reduced to $45 per barrel on average
− Brazilian pre-salt project breakevens under $40 per barrel on
average

• 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 $40 per barrel

• Deepwater single-well breakeven economics between $20

per barrel and $40 per barrel for brownfield developments
in U.S. Gulf of Mexico

Sources: Shell Capital Markets Day 7 June 2016; Maersk Earnings Release 12 August 2016; Statoil 29 August 2016 Upstream Interview; Chevron
29 April 2016 earnings conference call 25
 Strategic Combinations & Alliances
Among Offshore Service Companies

Integrated FPSO solutions Innovation, efficiencies

to reduce costs of offshore and cost reductions in
developments deepwater projects

Optimize the cost and
efficiency of subsea well
intervention systems
Strategic combinations
and alliances drive greater
efficiencies and lower the
breakeven commodity
prices for offshore projects
Enhance project delivery,
improve recovery and
optimize cost/efficiency of
subsea developments

Develop production
solutions to boost output, Overhaul subsea field
increase recovery rates operations to drive
and reduce costs for efficiencies
subsea fields
26
 Attrition of Older Rigs

60 more floaters could be retired by year-end 2017 if attrition

continues at similar rates observed throughout the downturn
FLOATERS

Retired to Date Currently Idle Expiring Contracts

63 floaters retired ~35 floaters >30 years of ~25 floaters >30 years of
since 3Q14 age idle without follow- age have contracts expiring
on work could be retired before YE17 without follow-
on work could be retired

Up to 150 additional jackups could be retired as expiring contracts and

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

Retired to Date Currently Idle Expiring Contracts

20 competitive 87 competitive 63 jackups >30 years of
jackups retired jackups >30 years of age have contracts expiring
since 3Q14 age idle without follow- before YE17 without follow-
on work could be retired on work could be retired

Source: IHS-ODS Petrodata as of August 2016; competitive jackups are independent leg cantilever rigs, ‘retired’ includes scrapped rigs, announced scrapping and rigs converted
to non-drilling units.
Historical attrition ratio of 88% for floaters older than 35 years of age and 67% for floaters between 30 and 35 years of age applied annually to rigs that are currently idle or rolling
off contract for each age category. 27
 Newbuild Floater Order Book

5%
3
Contracted

8 – 29 47%
SETE Brasil
28
Uncontracted,
Under
Construction
45%

News reports suggest

2 SETE Brasil program
Uncontracted, could be reduced to 8
On Order newbuilds in total

3%
Source: IHS-ODS Petrodata as of August 2016; marketed competitive floaters 28
 Newbuild Jackup Order Book

7%
7
Contracted,
Established Zero rigs being
built in China by
Drillers
speculators have
been contracted

37
35% Uncontracted,
Established
? – 61
Drillers
Uncontracted,
Speculators 58%

Source: IHS-ODS Petrodata as of August 2016; marketed competitive jackups (independent leg cantilever rigs) 29
 Jackup Delivery Deferrals
May 2014 Delivery Schedule
30
119 Scheduled Deliveries 26 Scheduled Deliveries
25
20
15
10
5
0
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
Delivered Under Costruction

August 2016 Delivery Schedule

30
42 Actual Deliveries 112 Scheduled Deliveries
25
20
15
10
5
0
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
Delivered Under Costruction
Source: IHS-ODS Petrodata as of August 2016 30
Note: August 2016 delivery schedule includes 20 new orders and excludes 11 orders cancelled since May 2014.
 Future Catalyst Markets: Brazil

• In 1Q16, the Brazilian Senate passed a

bill that would eliminate requirement for
Petrobras to manage all pre-salt
operations and hold a minimum 30%
stake in pre-salt projects

• More recently, Statoil conditionally “We believe in the strong

acquired Petrobras’ 66% operating fundamentals of Brazil
interest in BM-S-8 offshore Brazil and the fundamentals of
including the Carcará discovery for $2.5 its geology. We will be
looking at a substantial
billion
part of our production
from Brazil.”
• Diversification of customer base offshore – Ben van Beurden,
Brazil is ongoing with outstanding tenders Shell CEO
from Premier, Total and Chevron February 2016
31
 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 blocks are scheduled to be

auctioned in late 2016 with 26 E&Ps “Regardless of what
registered for participation including happens in the
several integrated oil companies international context,
Mexico will move forward
with the energy reform
implementation.”

– Enrique Peña Nieto,

President of Mexico
February 2016

32
 Recap

• Proactive steps to:

– improve capital structure
– reduce expenses
– restructure fleet
– invest in engineering and innovation that improves operational and safety
performance

• Positive steps taken by the offshore sector to reduce breakeven

economics are building the foundation for future market recovery

• Rig attrition improving rig supply dynamics

• Our actions and investments position Ensco to capitalize as we

navigate through the market cycle
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