1

Goldman SachsGlobal Energy Conference

January 2015

2

Statements contained in this press release that are not historical facts are forward-looking statementswithin the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the SecuritiesExchange 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 similarwords and specifically include statements regarding expected financial performance and return of capital,effective tax rate, day rates and backlog; the timing of delivery, mobilization, contract commencement,relocation or other movement of rigs; and general market, business and industry conditions, trends andoutlook. Such statements are subject to numerous risks, uncertainties and assumptions that may causeactual results to vary materially from those indicated, including commodity price fluctuations, customerdemand, 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 economicuncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair,maintenance or enhancement; possible cancellation or suspension of drilling contracts as a result ofmechanical difficulties, performance, customer finances or other reasons; the outcome of litigation, legalproceedings, investigations or other claims or contract disputes; governmental regulatory, legislative andpermitting requirements affecting drilling operations; our ability to attract and retain skilled personnel oncommercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that maylimit our liquidity and flexibility; our ability to realize the expected benefits from our redomestication andactual contract commencement dates. In addition to the numerous factors described above, you shouldalso carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussionand Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual reporton Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on theSEC’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 undertakeno obligation to publicly update or revise any forward-looking statements, except as required by law.

Forward-Looking Statements

3

Current Market

Newbuilds

Floaters JackupsContracted 245 340Uncontracted 33 52Stacked 12 11Total 290 403

% Contracted 84% 84%

Under Construction 51 104On Order / Planned 36 22Total 87 126

Contracted 57% 10%

Uncontracted 43% 90%

ActiveFleet

Source: IHS-ODS Petrodata as of December 2014; competitive marketed floaters and jackups; jackups are independent leg cantilever rigs

4

Current Jackup Market

• Demand from diverse customer base across multiple regions

• Some customers reevaluating certain programs in light of the decline in commodity prices

• New five-year lows for oil and increased commodity price volatility

• Shallow water drilling is profitable at lower commodity price levels and customer activity remains higher for jackups vs. floaters

• New technology facilitates drilling more complex wells economically

• Must be cognizant of new supply

– Zero contracted by non-established drillers thus far

• Aging of current global fleet should lead to more retirements, especially as rigs approach 30/35 year surveys

5

Newbuild Jackup Order Book

Source: IHS-ODS Petrodata as of December 2014; marketed competitive jackups

126 Total

68Uncontracted,

Non-EstablishedDrillers

46Uncontracted, Established

Drillers

12Contracted, Established

Drillers

36%

10%

54%

6

Jackup Supply

345 383 399 365

58 77

115 164

Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017< 35 years old >= 35 years old

2% CAGR

41% CAGR

Source: IHS-ODS Petrodata as of December 2014; marketed competitive independent leg cantilever jackups

7

Current Floater Market

• Pressure on customers to tighten capex spending as returns on capital and commodity prices have declined

• Less visibility as some customers postpone 2015 budgeting decisions

• Production levels of Majors as a group below 2010 levels

• Brazil

– 2 active Petrobras tenders

o 2,400m tender and 2,000m tender

– market undersupplied in ultra-deepwater / tender activity has increased

– more customers entering market following lease purchases, e.g. BG and Total

– new rig supply from Brazil has repeatedly been delayed

– Petrobras committed to contracting on the international market to address any shortfall

8

Current Floater Market

• Rest of World

– pull back in contracting, especially IOCs

– positive mid- to long-term growth outlook based on expectation of growing energy demand

– expanding / emerging markets

o West Africa, East Africa and Mexico

• Scrapping / cold stacking accelerating

− reduce operating costs

− avoid costly 30/35 year survey capex

9

Newbuild Floater Order Book

Source: IHS-ODS Petrodata as of December 2014; marketed competitive floaters

87 Total

37Uncontracted

50Contracted57% 43%

10

Floater Supply

238 271 287 297

52 52

56 66

Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017< 35 years old >= 35 years old

8% CAGR

Source: IHS-ODS Petrodata as of December 2014; marketed competitive floaters

11

Ensco’s Proactive Fleet Management

2Q14

• Moved five floaters to held for sale to proactively reduce expenses

• $1.5 billion impairment charge

• Streamlined discretionary capex in light of market conditions

• “Some of our competitors have rigs in the 35-year plus age group in much higher numbers. If they, too, conclude that reducing operating costs is the best option, then we could see more floaters come out of the system.”

3Q14

• Sold four jackups for more than $200 million

– 16 jackups sold since 2010

12

2H14 Competitor Actions

Transocean

• $2.6 billion in goodwill & asset impairment charges (3Q14)

• “We intend to scrap certain cold stacked rigs, recognizing their limited potential to re-enter the market. The Company will continue to assess the competitiveness of non-core assets on a case by case basis and we are likely to retire additional rigs.” (3Q14)

• Scrapping an additional seven low-spec deepwater and midwater floaters – $100+ million impairment (4Q14)

13

2H14 Competitor Actions

Diamond

• Scrapping six floaters – $100 million impairment (3Q14)

• “As we progress through 2015, we expect to see more low-end mid-water units retired across our industry. (3Q14)

Paragon

• $900 million impairment for four floaters (3Q14)

14

Ensco is Well Positioned

• Fleet highgrading

– 7 newbuild rigs under construction with differentiated designs

– major upgrade investments last three years will benefit 2015 and beyond

– mooring capability to be added to ENSCO 8500 Series® rigs

– 5 floaters held-for-sale in 2Q14; 18 rigs sold since beginning of 2010

• Efficiency / rig uptime

– 96% operational utilization in 3Q14

– vendor quality management

– training and education

• Expense management discipline

– leading net income margins among major competitors

15

Ensco is Well Positioned

• Capex discipline

– total capex peaks in 2015 driven by newbuilds; drops by more than half in 2016

– upgrade capex to decline sharply in 2015

– drillship option not exercised

• Global presence / diverse customer base

– operations across six continents

– extensive customer relationships: NOCs, Majors, IOCs

• 2015 results to benefit from newbuilds and prior upgrades

– full year impact of three ENSCO 120 Series jackups & two upgraded semis

– partial year impact of two new drillships & one upgraded semi

16

Highgrading Actions

• Fleetwide review in light of challenging floater market conditions

• Five floaters reclassified as held-for-sale / cold stacked

– proactively reduce expenses and redeploy capital

– mostly older, midwater floaters

• 10 year average age for go-forward floater fleet

• Five year average age for ultra-deepwater fleet

• Seven jackups sold year to date for $70 million gain

17

Organic Growth:Newbuild Contracts/Deliveries

2012.75 2013.75 2014.75 2015.75 2016.75 2017.75 2018.75 2019.75

ENSCO DS-7

ENSCO 120

ENSCO 121

ENSCO 122

ENSCO DS-8

ENSCO DS-9

ENSCO 110

ENSCO DS-10

ENSCO 123

ENSCO 140

ENSCO 141

Drillships Premium jackups

2013 2016 20172014 2015 20202018 2019

5 yrs with Total5 yrs with Total

3 yrs with ConocoPhillips3 yrs with ConocoPhillips

2 yrs w/ Wintershall2 yrs w/ Wintershall

2 yrs with NAM2 yrs with NAM

1.7 yrs with Nexen1.7 yrs with Nexen

3 yrs with Total3 yrs with Total

Contracted

18

10 11

PREMIUMJACKUPS

ULTRA & DEEP WATER DRILLSHIPS

MOOREDSEMISUBMERSIBLES

DYNAMICALLY POSITIONED SEMISUBMERSIBLES

Note: Includes rigs under construction or on order and excludes rigs in discontinued operations

High Quality Fleet

66 Rig Fleet

3 42

19

U.S. Gulf of Mexico

Ships 3

Semis 6

Jackups 8

Africa

Ships 3

Jackups 1

Europe & Mediterranean

Ships 1

Semi 1

Jackups 11

Middle East

Jackups 10

Asia Pacific

Semi 3

Jackups 8

Brazil

Semis 4Under Construction

Ships 3

Jackups 4

19

Global Platform

Held for Sale

Semis 5

20

Backlog Diversification

Drillships

38%

31% 31%

North & South

America

AfricaBrazil

25%

15%24%

14%

Europe &Med

AsiaPacific

12%

NationalOil

Companies

Majors

Independents

28% 29%

43%

MiddleEast 10%

PremiumJackupsSemis

Note: Backlog as of 30 September 2014

21

Uptime = Customer Satisfaction = Net Inc. Margin

Source: Thomson One; sum of trailing eight quarters of net income divided by sum of trailing eight quarters of revenue

ESV SDRL DO NE RIG RDC

29%

22%20%

18% 18%

14%

Net Income Margin

22

• Leading-edge safety management systems

• Major competitive advantage; especially versus non-established drillers

Safety, Health & Environment

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2008 2009 2010 2011 2012 2013 YTD2014

Ensco Industry

Total RecordableIncident Rate

Note: 2014 TRIR for Industry is as of 3Q14

23

SDRL RIG NE RDC DO ESV

56%

41% 37% 35% 33% 33%

Leverage Ratios

Strong Financial Position

Source: Bloomberg; total debt-to-total capital ratios as of 30 September 2014 financial filings

• $11 billion of contracted revenue backlog

• Baa1/BBB+ ratings from Moody’s/S&P

24

Dividend Growth

Nov. 2009 Apr. 2010 Feb. 2012 Feb. 2013 Nov. 2013

$0.10

$1.40 $1.50

$2.00

$3.00

Note: Dividend announcement date; dividend per share annualized

25

RIG DO NE ESV RDC

116%111%

70%58%

11%

Source: Thomson Reuters; most recent declared quarterly dividend annualized divided by 2015 earnings per share mean estimate for dividend-paying offshore drillers

Payout Ratios

26

Contracted Revenue Backlog

4Q14 2015 2016 2017 2018+

$1.2

$3.9

$2.9

$1.6 $1.3

$ billions

Note: Backlog as of 30 September 2014

27

Capital Expenditures

4Q14 2015 2016 2017

0.175

1.60

0.400.1400.085

Newbuild construction Rig enhancements Sustaining

$ billions

Note: Final rig enhancement and sustaining project capital expenditure budgets for 2015 –2017 TBD once budgets are completed

~$2.0B

$0.4B

28

$47

$1,020

$5 $5

$505

$905

$1,500

$625

$0

$300

$600

$900

$1,200

$1,500

$1,800

$2,100

$2,400

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Debt Maturity Profile

2027 2040

$150$300

2044

$625

Note: As of October 31, 2014

Raised $1.25B in September 2014

29

• Proactive highgrading continues

– investments in newbuilds/upgrades support future cash flows

o capex peaks in 2015; then drops off sharply

– proceeds from rig sales re-invested in new assets

• Attractive dividend

– $11 billion of contracted revenue backlog

– strong balance sheet

– enhanced liquidity

o $1.25 billion debt raise in 3Q14 ($1.4 billion of cash as of 9/30/14)

o Revolving credit facility increased to $2.25 billion

– customer, geographic & fleet diversification

– subject to Board approval incorporating long-term market outlook

• Flexibility regarding use of future free cash flows enhanced by share repurchase authorization

Capital Management Recap

30

• Leader in customer satisfaction – four consecutive years

• High quality fleet of floaters and jackups

• Technology advantages, e.g. ENSCO 120 Series jackups and Samsung GF 12,000 drillships

• Highest net income margins among major competitors

• Strongest balance sheet in peer group

• $11 billion of contracted revenue backlog; record jackup backlog

• Attractive dividend yield

Ensco’s Strengths

31

• Current market conditions more challenging as commodity prices have declined

– customer activity higher for jackups

– less visibility as customers postpone 2015 budgeting decisions

• Mid- to long-term outlook remains positive with expectations of growing energy demand

• Ensco is well positioned – use strengths and experience to navigate market conditions

• Well diversified – customers, geography and fleet

• Newbuild program and prior upgrades support organic growth

• Leverage global footprint to expand customer base & enter new markets

• Disciplined capital management

Summary

32