1
Wells Fargo Securities
2nd Annual West Coast Energy Conference
June 2017
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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.
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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
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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
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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
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Capitalizing on Opportunities
Offshore Drilling Cycle
The Driller of Choice
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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
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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
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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
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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
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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
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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.
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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