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Investor PresentationSeptember 2016

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Forward-Looking Statements

Statements contained in this press release that are not historical facts are forward-looking statements within the meaningof Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-lookingstatements 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 financialperformance, effective tax rate, day rates and backlog, estimated rig availability; rig commitments and contracts; contractduration, status, terms and other contract commitments; letters of intent or letters of award; scheduled delivery dates forrigs; the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs; our intent to sellor scrap rigs; and general market, business and industry conditions, trends and outlook. Such statements are subject tonumerous 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 withoffshore 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 andeconomic 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 ofmechanical difficulties, performance, customer finances, the decline or the perceived risk of a further decline in oil and/ornatural gas prices, or other reasons, including terminations for convenience (without cause); the cancellation of letters ofintent or letters of award or any failure to execute definitive contracts following announcements of letters of intent orletters 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 andretain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debtrestrictions that may limit our liquidity and flexibility; our ability to realize the expected benefits from our redomesticationand actual contract commencement dates; cybersecurity risks and threats; and the occurrence or threat of epidemic orpandemic diseases or any governmental response to such occurrence or threat. In addition to the numerous factorsdescribed 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 recentannual report on 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 undertake no obligation to publiclyupdate or revise any forward-looking statements, except as required by law.

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• 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

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$218$208

$181

$126

$120

$0

$50

$100

$150

$200

$250

$ billions

Major & European IOCs’ UpstreamCapital Spending Outlook

Market Conditions

Source: IHS EnergyNotes: 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

• Substantial reduction inupstream capex amongMajor & European IOCs’since 2013

− unprecedented decline in exploration spending

• 2016 upstream capex forMajor & European IOCs’expected to decline ~30%year-over-year, butbottoming in 2017

• Significant pullback inspending will affect supplyin the future

- 45%

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• Capital management

• Expense management

• Fleet restructuring

• Investments to improveoperational & safetyperformance– engineering & innovation

– process improvements

DecisiveActions ToPersevere

Through TheDownturn

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• 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 milestonepayments

• Repurchased debt in 2Q16 at substantial discounts resulting in ~$500million of pre-tax cash savings

• Raised equity to further enhance liquidity position

• Significantly reduced leverage

Proactive Capital Management

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Benefits of RecentCapital Management Actions

Note: Net debt is a non-GAAP financial measure defined as long-term debt less cash and short-term investments. Non-GAAP financial measures shouldbe 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 debtof $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 asfollows: 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 plusshareholders’ equity of $7.9 billion, minus $1.8 billion of cash and short-term investments.

2.25 2.25

1.31.8

4Q15 2Q16

Liquidity

Revolver Cash + Short-term investments

$ billions

4Q15 2Q16

Net Debt-to-Capital Ratio

$3.55

$4.0541%

28%

$1.5 billionreduction in

net debt

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Debt Maturity Schedule

$454

$760 $778

$623$669

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

$300

2044

$ millions

$1,025

No debtmaturitiesuntil 2019

$150

$2 billion of debt maturitiesover next eight years

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Capital Expenditure Outlook

$100

$375

$225

2H16E 2017E 2018E 2019E

Newbuild Capital Expenditures

New rig construction

$ millions

$0

Note: Estimates for 2016, 2017, 2018 and 2019; final capex estimates to be determined upon completion of annual budget process and subject tochange 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 rigenhancements are estimates and not earmarked for any specific projects at this time; capex for minor upgrades and improvements are based on thecurrently active fleet.

55 50 50

10 25 50

2H16E 2017E 2018E

Other Capital Expenditures

Rig enhancements Minor upgrades & improvements

$ millions

$65 $75$100

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2015 Actions

• 15% reduction in offshore unit labor cost

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

– 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

Expense Management Actions

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Fleet Management Strategy

• Leverage record uptime/safety performance to negotiate extensions forcontracted rigs

• Maintain warm stacked rig availability in each region in order to bid intonew 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 reduceexpenses, yet maintain high-spec capacity that may be reactivated within90 – 120 days

• Retire older, less capable rigs as they roll off contract as part of continuoushigh-grading/expense management

*Note: Current contract expires in October 2016.

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Stacking & Reactivation Costs

Rig Type

Upfront Costto

PreservationStack

Average Estimated DailyOperating Expenses Estimated Cost

to ReactivateWarmStack

PreservationStack

Drillship $5 million$40k

per day$15k

per day$25 - $35 million

8500 SeriesSemi

$5 million$32k

per day<$10k

per day$25 - $35 million

High-SpecJackup

$1 million$20k

per day*<$5k

per day$5 million

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

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(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 fleetNote: adjusted for 2011 acquisition of Pride International; ultra-deepwater defined as 7500 ft. or greater

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Fleet Restructuring: Floaters

Newbuilds(1)Current

FleetYear-End

2009

Retirements& Sales(2)

+13 -10 20

16.8 years Lower average fleet age

Greater drilling capabilities

9.2 years

4 ultra-deepwatercapable floaters

7 floaters with15k psi BOPs

15 ultra-deepwatercapable floaters

18 floaters with15k psi BOPs

Enhanced well control

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Fleet Restructuring: Jackups

CurrentFleet

Year-End2009

+5 -24 32

ENSCO 141Scheduled Delivery: 3Q16

ENSCO 123Scheduled Delivery: 1Q18

Under Construction

Jackup sales since 2009 havegenerated ~$600 million in proceeds

Newbuilds(1)

Retirements& Sales(2)

(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 fleetNote: adjusted for 2011 acquisition of Pride International

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Investment in Engineering:8500 Series Mooring Upgrade

Source: IHS-ODS Petrodata as of August 2016; Ultra deepwater defined as 7500 ft. or greater

Dynamically Positioned

295

Rig CountGlobal FloaterFleet

Ultra-deepwater capable

15K+ psi & 6+ ram BOP

8 mooringwinches

193

162

127

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• Low-cost mooringupgrade increases theversatility of our 8500Series rigs, placingthem among a selectgroup of floaters withsuperior technologicalcapabilities and theability to operate in adynamicallypositioned and/ormoored capacity

ENSCO 8503

ENSCO 8505

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• We continue to invest inthree core programs:

− improving the drilling process

− asset uptime and efficiency

• Ensco Asset ManagementSystem

− re-engineering the support structure

Investment in Innovation:Operational & Safety Results

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Improved Operational Utilization

98.5%

99.0%99.1%

99.5%

2013 2014 2015 1H16

Jackups

92.0% 92.9%

94.0%

99.1%

2013 2014 2015 1H16

Floaters

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Excellent Safety Performance

Total RecordableIncident Rate

• Record 2015 andYTD16 TRIR

• Leading-edge safetymanagement systems

• Enhancing processsafety to drive furtherimprovements

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2008 2009 2010 2011 2012 2013 2014 2015 YTD2016

Ensco Industry

Note: IADC industry statistics are as of 1Q16.

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Net Income MarginLargest Offshore Drillers

ESV SDRL RDC NE RIG DO

27%

24%

20%17% 16% 16%

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 datais based on aggregation of information collected from industry equity research analysts and may not be based on GAAP reported financial data.

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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

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Outlook for

Offshore Drilling

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Offshore Exploration & Production

• Offshore production is ~33% of global supply

• Offshore reserves are a critical part of major E&P portfolios andare 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 pressuresand breakeven commodity prices for offshore programs aredeclining

• Unprecedented decline in E&P spending will lead to supply sidechallenges – the longer the duration of the pullback, the greaterthe chance of significant upward movements in commodity prices

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Catalyst

Markets

Offshore

Rig Supply

Path to Recovery

BreakevenEconomics

Commodity

• Improvement /stabilization in oilprices

• Re-engineering /standardization /innovation

• Cost deflationand efficiencygains

• Brazil opens pre-salt to moreplayers

• Mexico offshorelease sales andentrance ofinternationaloperators

• Retirement ofolder, lesscapable assets

• Deferral andcancellation ofnewbuilddeliveries

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• Cost estimates reduced to less than $9 billion from priorestimate of $20 billion

• Project re-engineering through standardization and scopeoptimization, coupled with industry deflation, resulted insignificantly less capital required to develop approximately90% of resources

Offshore BreakevenEconomics Improving

BPMad DogPhase 2

ShellVito

StatoilJohan

Castberg

• Lowered estimated breakeven cost from >$60/bbl to $45/bblthrough project re-scoping

• Reduced breakeven cost from >$80/bbl to <$45/bbl throughsupply chain savings, optimized project design andstandardized and simplified solutions

Recent Customer Commentary on Deepwater ProjectsOffshore Outlook

• Customers attentionhas turned to projectre-engineering,efficiency gains andbetter expensemanagement

• Cost deflation acrosssupply chain:operators, servicecompanies

• Break-eveneconomics areimprovingsignificantly foroffshore projects

Sources: Statoil 4 February 2016 Capital Markets Day; BP 17 June 2016 Bloomberg interview; Shell Capital Markets Day 7 June 2016

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• Cost reductions have led to an average project breakevenof $40 to $45 per barrel

• Average breakeven prices for future projects onNorwegian continental shelf have been reduced from $70per barrel to approximately $40 per barrel

• Project breakevens for pre-FID deepwater projects havebeen reduced to $45 per barrel on average

− Brazilian pre-salt project breakevens under $40 per barrel on average

Offshore BreakevenEconomics Improving

Sources: Shell Capital Markets Day 7 June 2016; Maersk Earnings Release 12 August 2016; Statoil 29 August 2016 Upstream Interview; Chevron29 April 2016 earnings conference call

• Deepwater single-well breakeven economics between $20per barrel and $40 per barrel for brownfield developmentsin U.S. Gulf of Mexico

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Strategic Combinations & AlliancesAmong Offshore Service Companies

Strategic combinationsand alliances drive greaterefficiencies and lower the

breakeven commodityprices for offshore projects

Innovation, efficienciesand cost reductions in

deepwater projects

Enhance project delivery,improve recovery and

optimize cost/efficiency ofsubsea developments

Overhaul subsea fieldoperations to drive

efficiencies

Integrated FPSO solutionsto reduce costs of offshore

developments

Optimize the cost andefficiency of subsea well

intervention systems

Develop productionsolutions to boost output,increase recovery rates

and reduce costs forsubsea fields

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Attrition of Older Rigs

60 more floaters could be retired by year-end 2017 if attritioncontinues at similar rates observed throughout the downturn

Retired to Date63 floaters retired

since 3Q14

Currently Idle~35 floaters >30 years ofage idle without follow-on work could be retired

Expiring Contracts~25 floaters >30 years of

age have contracts expiringbefore YE17 without follow-

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 convertedto 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 rollingoff contract for each age category.

Up to 150 additional jackups could be retired as expiring contracts andsurvey costs lead to the removal of older rigs from drilling supply

Retired to Date20 competitivejackups retired

since 3Q14

Currently Idle87 competitive

jackups >30 years ofage idle without follow-on work could be retired

Expiring Contracts63 jackups >30 years of

age have contracts expiringbefore YE17 without follow-

on work could be retired

FL

OA

TE

RS

JA

CK

UP

S

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Newbuild Floater Order Book

Source: IHS-ODS Petrodata as of August 2016; marketed competitive floaters

2Uncontracted,

On Order

3Contracted

45%

8 – 29SETE Brasil

28Uncontracted,

UnderConstruction

5%

3%

47%

News reports suggestSETE Brasil programcould be reduced to 8

newbuilds in total

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Newbuild Jackup Order Book

Source: IHS-ODS Petrodata as of August 2016; marketed competitive jackups (independent leg cantilever rigs)

? – 61Uncontracted,Speculators

37Uncontracted,

EstablishedDrillers

7Contracted,Established

Drillers

35%

7%

58%

Zero rigs beingbuilt in China byspeculators havebeen contracted

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Jackup Delivery Deferrals

05

1015202530

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

05

1015202530

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

August 2016 Delivery Schedule

Delivered Under Costruction

Source: IHS-ODS Petrodata as of August 2016Note: August 2016 delivery schedule includes 20 new orders and excludes 11 orders cancelled since May 2014.

112 Scheduled Deliveries42 Actual Deliveries

119 Scheduled Deliveries 26 Scheduled Deliveries

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Future Catalyst Markets: Brazil

• In 1Q16, the Brazilian Senate passed abill that would eliminate requirement forPetrobras to manage all pre-saltoperations and hold a minimum 30%stake in pre-salt projects

• More recently, Statoil conditionallyacquired Petrobras’ 66% operatinginterest in BM-S-8 offshore Brazilincluding the Carcará discovery for $2.5billion

• Diversification of customer base offshoreBrazil is ongoing with outstanding tendersfrom Premier, Total and Chevron

“We believe in the strongfundamentals of Brazil

and the fundamentals ofits geology. We will belooking at a substantialpart of our production

from Brazil.”

– Ben van Beurden,Shell CEO

February 2016

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Future Catalyst Markets: Mexico

• During 4Q15, an auction was completedfor shallow-water blocks offshore Mexico,awarding licenses to several explorationand production companies

• Deepwater blocks are scheduled to beauctioned in late 2016 with 26 E&Psregistered for participation includingseveral integrated oil companies

“Regardless of whathappens in the

international context,Mexico will move forward

with the energy reformimplementation.”

– Enrique Peña Nieto,President of Mexico

February 2016

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Recap

• Proactive steps to:

– improve capital structure

– reduce expenses

– restructure fleet

– invest in engineering and innovation that improves operational and safetyperformance

• Positive steps taken by the offshore sector to reduce breakeveneconomics are building the foundation for future market recovery

• Rig attrition improving rig supply dynamics

• Our actions and investments position Ensco to capitalize as wenavigate through the market cycle

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