#1ENSCOROWAN Investor Presentation ENSCO 05-9- April 2019#2ENSCOROWAN 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.enscorowan.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#3ENSCOROWAN EnscoRowan Overview Company highlights Merger synergies Offshore Market Recovery Improving offshore fundamentals Increasing customer demand ■ Attrition of less capable rigs Global Leader in Offshore Drilling High-quality fleet Scale and diversification ■ Solid financial position 3#4ENSCOROWAN ENSCO DS-5 00 EnscoRowan Overview 600#5ENSCOROWAN Fleet Operational Company Highlights Financial - - Largest and amongst the highest quality offshore drilling fleets in the world 16 drillships 12 semisubmersibles 54 jackups ARO Drilling 50/50 JV with Saudi Aramco, the largest jackup customer worldwide - 7 contributed jackups 20 jackup newbuild program with deliveries scheduled over the next 10 years Presence in six continents and nearly all major offshore markets Large & diverse customer base including major, national and independent E&P companies Strong track record of safety and operational excellence Strategic focus on innovative technologies that increase efficiencies and lower offshore project costs ¹Based on most recent Ensco and Rowan company filings; cash & short-term investments as of 31 December 2018 $2.8 billion of contracted revenue backlog1 $1.6 billion of cash & short-term investments¹ $2.3 billion revolving credit facility2 $1.1 billion of debt maturities to 2024 No secured debt in capital structure 2Borrowing capacity under revolving credit facility is approx. $2.3B through September 2019 and approx. $1.7B from October 2019 through September 2022 5#6ENSCOROWAN Merger Synergies $165 million of annual pre-tax expense synergies identified including: General and administrative reductions Operational support efficiencies Regional office consolidation - Other operational synergies including inventory, logistics and vendor relationships ■ > 75% of these synergies expected to be achieved within one year of closing - Full run rate synergies anticipated by year-end 2020 These synergies are expected to create approximately $1.1 billion of capitalized value1 Further potential savings from adoption of best-in-class operational processes and economies of scale in capital purchasing 1 Assumes $165 million of synergies capitalized at an illustrative 11% discount rate; inclusive of taxes, transaction costs and expenses#711 ENSCOROWAN Offshore Market Recovery 00#8ENSCOROWAN mm boe/d 200 160 142 120 80 40 0 2011 2012 2013 Offshore Production Critical to Meeting Global Oil & Gas Production Growing Global Oil & Gas Demand +17 mm boe/d 179 162 ■ Oil and gas production will continue to be an important part of meeting global energy demand, with total production forecast to grow by 17 million barrels of oil equivalent per day by 2025 30% 70% 2011 Onshore Source: Rystad Energy UCube as of February 2019 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E ■Offshore 72% 2021E 28% Global Oil & Gas Production - Offshore & Onshore ■Oil 2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2022E 8 2023E 2024E 2025E 28% 72% Despite significant growth in unconventional onshore production, offshore production represents 28% of overall oil and gas production today - and expectations are that offshore production will provide approximately 5 million barrels of oil equivalent growth by 2025#9ENSCOROWAN $ billions 250 Several Years of Underinvestment by Major E&Ps Has Impacted Reserves Capital Expenditures by Major E&Ps¹ 200 212 215 -56% 186 150 171 154 100 122 122 100 105 95 50 Major E&Ps reduced capital expenditures by 56% from 2014 highs in response to lower commodity prices 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E Average Reserve Life for Major E&Ps # years 14 13 12.8 12.9 -19% 12 12.3 12.1 12.0 11 11.1 10.9 10.7 10 10.4 9 8 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Rystad Energy SupplyDemandCube and FactSet as of April 2019 1 Major E&P customers defined as BP, Chevron, ConocoPhillips, Eni, Equinor, Exxon, Repsol, Shell and Total 9 ■ After four years of significantly lower levels of investment, the average reserve life for the Major E&Ps has gradually declined to its lowest point in the past several years#10ENSCOROWAN $/bbl 80 60 60 60 60 40 40 20 20 Improving Market Conditions Have Led to Free Cash Flow Breakeven Oil Prices for E&Ps 53 53 51 44 66 36 54 4 Higher Customer Cash Flows 71 69 41 38 69 ■ More recently, lower free cash flow breakeven oil prices for E&Ps, coupled with higher oil prices, have created a more conducive environment for new project investments 0 2015 2016 2017 2018 ■Free cash flow breakeven oil price 1 ■Avg Brent crude price Free Cash Flow of Major Offshore E&Ps¹ $ billions 140 120 100 80 60 40 20 0 -20 -11 2015 -3 2016 65 2017 2019E 119 110 2018 2019E Expectations are that major E&Ps continue to generate significant free cash flow in 2019, giving large offshore customers greater flexibility to invest in future production Source: SpareBank 1 Markets, FactSet as of April 2019 1 Free cash flow is calculated as analyst consensus estimates of operating cash flow less capital expenditures; major offshore E&P customers defined as Anadarko, BP, Chevron, ConocoPhillips, Eni, Equinor, ExxonMobil, Petrobras, Repsol, Shell and Total 10#11ENSCOROWAN $/bbl Offshore Projects Economic at Current Oil Prices With More Approvals Expected Average Offshore Breakeven Oil Prices <$40 <$40 $29 <$30 -$30 $33 ■ Based on commentary from major offshore customers, many offshore projects are economic at breakeven oil prices well below current levels BR equinor ExxonMobil PETROBRAS Pre-FID Deepwater Projects 2018-2022 TOTAL Acquired Maersk Portfolio Projects with Production REPSOL Pre-FID Shallow- Brazil & Guyana Greenfield Starting Water Deepwater Pre-FID Deepwater Projects 2019-2025 Projects Projects 100 75 50 50 25 25 0 Number of New Major Offshore Project Approvals 23 23 2016 50 50 2017 20 67 2018 77 2019E ■ New major offshore project approvals in 2018 were more than 2.5x 2016 cyclical lows, with expectations of further increases in sanctioning activity during 2019 New project approvals are a leading indicator of future capital expenditures Source: Petrobras 14 September 2018 investor day presentation; Total 7 February 2019 results and outlook presentation; Equinor 6 February 2019 capital markets update presentation; Repsol 23 February 2017 earnings conference call; ExxonMobil 6 March 2019 investor day, in reference to Stabroek and Carcara projects; Shell 26 July 2018 earnings conference call; Rystad Energy ServiceDemandCube as of February 2019, major projects defined as projects with >$250 million of associated capital expenditures 11#12ENSCOROWAN Offshore Rig Utilization Expected to Benefit From Increased E&P Investments E&P Offshore Capital Expenditures $ billions 350 300 250 200 150 100 50 ။ 7% CAGR 189 198 202 165 169 157 145 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E Offshore Drilling Rig Utilization and E&P Capital Expenditures 100 90 80 70 60 50 40 30 40 30 20 10 0 -10 -20 -30 1990 1992 1994 1996 1998 2000 Global Fleet Utilization (%, left axis) Source: Rystad Energy ServiceDemandCube as of April 2019, IHS Markit RigPoint as of April 2019 2002 2004 2006 2008 2010 2012 Change in E&P Offshore Capex (2Y rolling avg %, right axis) 2014 2016 2018 2020E 12 Given increased cash flow and attractive new project economics, E&P offshore capital expenditures are expected to increase modestly in 2019 and continue growing steadily over the next several years Over the past three decades, offshore drilling rig utilization has moved in line with the rate of change in customer spending, suggesting further utilization increases in 2019 and 2020 from higher customer demand#13ENSCOROWAN Number of New Contracts 1 Awarded +70% 231 171 142 63 2016 102 2017 ■Floaters ■Jackups 71 44 Apr-19 Offshore Rig Demand Showing 117 2018 Signs of Steady Improvement ■ New contract awards have increased for the past two consecutive years and were 70% higher in 2018 as compared to 2016; the number of new contract awards increased 40% year- over-year in first quarter 2019 ■ The number of open tenders for offshore rigs has increased 12% as compared to a year ago, demonstrating the improvement in offshore project economics and cash flows Number of Open Offshore Rig Tenders 57 555 46 Apr-18 ■Floaters +12% Source: IHS Markit RigPoint as of April 2019 1Classified as new mutual fixtures in IHS Markit RigPoint Jackups 13#14ENSCOROWAN Global Rig Fleet Substantial Portion of Current Global Supply are Retirement Candidates ■ ~40 floaters1 could be candidates for retirement based on age and contract expirations Floaters Jackups Delivered Rigs Under Contract 127 307 Future Contract 30 47 Idle/Stacked 40 98 Marketed Fleet 197 452 Non-Marketed 44 64 Total Fleet 241 516 Marketed Utilization 80% 78% Total Utilization 65% 69% Newbuild Rigs Contracted 3 1 Uncontracted 28 20 Build in China 0 51 Total Newbuilds 31 72 ■ ~160 jackups¹ could be retired as expiring contracts and survey costs lead to the removal of older rigs from drilling supply Uncontracted newbuilds expected to be delayed further, while several newbuilds in China are unlikely to join the global fleet Source: IHS Markit RigPoint as of April 2019 1 Includes rigs >30 years of age that are idle without follow-on work or have contracts expiring before year-end 2019 without follow-on work and rigs 15 to 30 years of age that have been idle for more than two years and without follow-on work 14#15ENSCOROWAN Retirements Expected to Lead to Future Illustrative Floater Supply 26 -18 125 floaters retired since 3Q14 -14 5 241 -6 >30yrs idle 234 26 Build in Brazil Newbuilds Other Newbuilds w/o future contract >30yrs rolling off contract by YE2019 15-30yrs idle for over 2yrs 208 Current Total Supply Non- marketed Illustrative Total Supply Illustrative Marketed Supply Supply Contraction ■ The global floater count could decline by 7 rigs, or ~3%, if adjusted for likely retirements and newbuild deliveries Excluding another 26 floaters that are not currently marketed, illustrative marketed supply of 208 compares to contracted floater count of 157 516 33 Chinese Newbuilds¹ Other Current Total Illustrative Jackup Supply 21 -96 90 jackups retired since 3Q14 Newbuilds -60 >30yrs idle w/o future contract -5 409 16 393 >30yrs rolling off contract by YE2019 15-30yrs idle for over 2yrs Non- marketed Illustrative Total Supply Illustrative Marketed Supply ■ When adjusting for likely retirements and newbuilds, the jackup count could decline by 107 rigs or -21% - Excluding another 16 jackups that are not currently marketed, illustrative marketed supply of 393 compares to contracted jackup count of 354 Supply Source: IHS Markit RigPoint as of April 2019 1Assumes 65% of uncontracted Chinese newbuilds enter the global supply 15#16ENSCO DS-5 ENSCOROWAN Global Leader in Offshore Drilling 0000 000 00 600#17ENSCOROWAN # Rigs Transocean Floater Fleets EnscoRowan 11 4 10 3 28 Seadrill¹ Diamond 17 Noble² 11 Maersk 8 Pacific 7 % 6th Generation+ # Rigs 53 72% Rig Fleet is Amongst the Highest-Quality in the Industry Jackup Fleets # UHE or Modern EnscoRowan 7 9 22 16 54 38 89% COSL 27 89% Shelf 41% Borr 82% Seadrill¹ 19 88% Maersk 15 100% Noble² ■Highest-Spec³ 6th Gen Moored/HE 6th+ Gen DP Only Other 13 31 37 27 22 37 37 6 36 31 ■Ultra HE5 ■Modern HE Modern Benign Other 18 13 13 12 Source: IHS Markit RigPoint as of April 2019 1 Seadrill includes Sevan Drilling and NADL; excludes newbuilds with no recourse to parent company; reflects 50% ownership of SeaMex 2 Noble reflects 50% ownership in Shell JV rigs (Bully I and Bully II); 3 Drillships delivered in 2013 or later, equipped with dual BOP and 2.5mm lbs. hookload derricks 4 Excludes 7 rigs contributed to ARO Drilling and 2 rigs expected to be retired 5 Includes jackups with the following rig designs: Gusto MSC CJ70, Le Tourneau Super Gorilla Class and KFELS N Class 6 Other jackups classified as harsh environment and North Sea capable < 20 years of age 7 Jackups not classified as harsh environment and North Sea capable < 20 years of age 17#18ENSCOROWAN # Rigs Highest-Specification Drillships1 Strong Portfolio of Highest-Specification Drillships that are Preferred by Customers. Global Drillship Utilization - Delivered Rigs³ 100% # of Rigs with 2H19 Availability² Transocean EnscoRowan Diamond 4 Noble 4 Seadrill 4 12 2 80% 11 7 60% 0 40% 2 Maersk 3 2 Pacific 3 All Other 6 Source: IHS Markit RigPoint as of April 2019 3 2 Drillships delivered in 2013 or later, equipped with dual BOP and 2.5mm lbs. hookload derricks 2 Assumes no newbuilds delivered before year-end 2019 18 Jan 16 Jul 16 Jan 17 Jul 17 Jan 18 Jul 18 Jan 19 Highest- Spec Drillships¹ Other Drillships Contract Status - Highest-Spec Drillships ENSCO DS-10 Rowan Resolute Rowan Relentless ENSCO DS-7 ENSCO DS-12 Rowan Renaissance ENSCO DS-9 ENSCO DS-11 Rowan Reliance 2019 2020 2021 ENSCO DS-13 ENSCO DS-14 ■Contracted Options >> Under Construction Available 3 Utilization excludes 20 newbuild drillships including 9 classified as highest-spec 4 ENSCO DS-7 expected to work following receipt of an LOA#19ENSCOROWAN # Rigs Leading Provider of Ultra-Harsh and Modern Harsh Environment Jackups Ultra-Harsh & Modern Harsh Environment Jackups EnscoRowan¹ 7 9 16 Maersk 6 5 11 Global Jackup Utilization - Delivered Rigs Ultra-Harsh/ Modern Harsh 3,4 100% # of Rigs with 2H19 Availability 80% 10 60% 3 40% Jan 16 Jul 16 Jan 17 Jul 17 Jan 18 Jul 18 Jan 19 Noble 1 9 10 3 Borr 6 6 COSL Seadrill 2 2 4 KCA Deutag 2 2 3 ■ Ultra HE Modern HE4 Modern Benign5 Other6 Contract Status - Ultra-Harsh & Modern Harsh Environment Jackups 5 Rowan Mississippi Bob Palmer 0 0 0 ENSCO 120 ENSCO 121 Rowan Norway Rowan Stavanger Rowan Gorilla VII ENSCO 102 Rowan Gorilla V Rowan Gorilla VI Ralph Coffman ENSCO 122 Joe Douglas Rowan Viking ENSCO 101 ENSCO 123 ■Contracted 2019 2020 2021 Options Under Construction Available Source: IHS Markit RigPoint as of April 2019 1 Rowan jackup count excludes 7 rigs contributed to ARO Drilling and 2 rigs expected to be retired 2 Seadrill includes NADL and reflects 50% ownership of SeaMex, excludes newbuilds with no recourse to parent company 3 Includes jackups with the following rig designs: Gusto MSC CJ70, Le Tourneau Super Gorilla Class and KFELS N Class 4 Other jackups classified as harsh environment and North Sea capable < 20 years of age 5 Jackups not classified as harsh environment and North Sea capable < 20 years of age 6 All jackups > 20 years of age 19#20ENSCOROWAN ARO Drilling Unique Partnership Creates Value Partnering with Saudi Aramco, the largest customer for jack-ups in the world, in the largest region for jack-ups in the world. CONTRIBUTED High utilization for seven contributed assets for the remainder of their useful lives. LEASED / BAREBOAT CHARTER Opportunity to contract additional assets to ARO Drilling through agreed leasing structure. By end of year 2018, contracted nine rigs to Saudi Aramco through bare boat charter. -7 9+ NEW BUILD Strong visible organic growth - expect twenty newbuilds against long-term contracts. Expected returns are commensurate to target for similar risk profile opportunities. Newbuild program projected to be self-funding at the ARO Drilling level. ARO Drilling expected to generate substantial long term cash flow. 20 $1 Source: Company Filings 20 20#21ENSCOROWAN Geographic & Asset Diversification Presence in virtually all major offshore regions Critical mass of highest-specification drillships well positioned to serve major deepwater basins of West Africa, South America and Gulf of Mexico Versatile semisubmersible fleet capable of meeting a wide range of customer requirements including strong presence offshore Australia Leading offshore driller by jackup fleet size in the Middle East and North Sea U.S. Gulf & Mexico 1 6 Brazil Leading Offshore Driller by Fleet Size and Geographic Presence Other Europe Norway 5 2 Other LatAm Africa 11 Mediterranean 3 Under Construction Asia Pacific Middle East 2 20 7 Ensco Rowan Rigs ARO Drilling Rigs Source: Company Filings 1 Excludes one jackup that is expected to be retired and two rigs managed on behalf of a customer 2 Includes nine jackup rigs leased to ARO Drilling and seven rigs owned by ARO Drillng; excludes one jackup that is expected to be retired 21#22ENSCOROWAN أرامكو السعودية saudi aramco Diversified Customer Base with Exposure to Largest Offshore Reserves Holders bp Chevron ExxonMobil equinor BR PETROBRAS TOTAL eni INEOS INPEX JAPEX PremierOil TALOS ENERGY REPSOL Woodside Anadarko Apache ConocoPhillips Petroleum Corporation KOSMOS 5 ENERGY. ne noble energy أدنوك ADNOC OIL & GAS ARENA CASTEX Lundin Petroleum Mubadala Petroleum North Oil Company PERTAMINA PETRONAS CANTIUM vex Elegantes et infcens cgx energy inc CHRYSAOR قطر للبترول Qatar Petroleum dge FIELDWOOD ENERGY GulfSlope LLOG exploration MOL 山 Marubeni NEPTUNE P VERMILION ENERGY NAM ORANJE-NASSAU ENERGIE Quadrant Energy ENERGY Petrofac Source: Company Filings Note: Includes certain customers that may not currently have backlog 22 22#23ENSCOROWAN RE ERGY POINT GYR Rate Industry-Leading Customer Satisfaction: History of Safety & Operational Excellence Clear Leader in Customer Satisfaction NT Ranked #1 in Total Satisfaction Among Offshore Drillers for RE 9 Consecutive Years NERGYPOINT RE Rate ERGYPOINT Rate RE ERGYPOINT Rate RE ERGYPOINT Rate RE VERGYPOINT Rate RE NERGYPOINT RE Rate Sa OFFSH Sa Sa Sa Sa Sa OFFSH OFFSH OFFSH OFFSH OFFSH OFFSH Custom Custom Custom Custom Sa Custom Custom Custom ERGYPOINT Rater Sa Rated RESEARCH in Total Satisfaction OFFSH OFFSHORE DRILLERS 2010 2011 2012 2013 2014 2015 2016 2017 2018-19 Custom Customer Satisfaction Consistent Operational Results Fleet-Wide Operational Effectiveness² 99% 99% 99% 99% 98% 98% Won 10 of 17 Categories in 20181 Total Satisfaction HPHT Wells Health, Safety & Environment Performance & Reliability Job Quality Ultra-Deepwater Wells Shelf Wells Deepwater Wells Horizontal & Directional Wells Technology Special Applications North Sea Middle East & North Africa " Sub-Saharan Africa 12018 Oilfield Products & Services Customer Satisfaction Survey; Conducted by EnergyPoint Research, the annual survey is the industry benchmark for customer satisfaction in the global oilfield. 23 223 ☐ 2016 2017 2018 Ensco ■Rowan Achieved nearly 100% operational effectiveness for the past three years ■ Focus on optimizing customers' well delivery through well planning, drilling performance and performance contracts 2ESV metrics show reported "Operational Utilization," RDC metrics reflect "Billed Uptime"#24ENSCOROWAN Leveraging Innovation & Technology to Solve Industry Challenges. ■ Focused investments in innovation that differentiate our assets from the competition through better performance and reliability ■This includes developing proprietary systems, processes and technology that improve the drilling process and productivity of our operations Ability to economically develop and deploy new technologies across a wide asset base Continuous Drilling Process Efficiency Continuous Tripping Technology™ is a patented system that fully automates the pipe tripping process without stopping to make or break connections, Tripping Technology enabling 3x faster tripping speeds and delivering expected cost savings along with safer, more reliable operations Equipment Maintenance EPIC CONTINUOUS CSURVEY PROGRAM " Management systems increase operational uptime and decrease lifecycle costs by optimizing asset selection and maintenance activities Placing Jackups on Location PINSAFE SMART♦ MOVE Proprietary technologies create significant cost savings for customers by optimizing jackup moves and reducing downtime spent waiting on weather 24 4#25ENSCOROWAN $ millions ~$1.1 billion of maturities to 2024 $2,203 $398 Strong Liquidity Position Promotes Financial Flexibility Pro Forma Balance Sheet Highlights $2.8 billion of contracted revenue backlog1 $1.6 billion of cash and short-term investments1 $2.3 billion revolving credit facility² No secured debt in capital structure $1,631 $1,027 $604 $201 $123 $114 Includes $850 million of convertible debt $1,169 $1,000 $1,805 $500 $621 $669 $1,401 $400 $1,001 $400 $300 $150 Cash & ST Inv. 2019 2020 2021 2022 2023 2024 2025 2026 2027 2040 2042 2044 Ensco Rowan ¹Based on most recent Ensco and Rowan company filings; cash & short-term investments as of 31 December 2018 2Borrowing capacity under revolving credit facility is approx. $2.3B through September 2019 and approx. $1.7B from October 2019 through September 2022 25 25#26ENSCOROWAN $K/day 500 400 High-Quality Fleet Provides Meaningful Cash Flow in Market Recovery Historical Average Day Rates Illustrative Annual EBITDA1 Contribution from UHE or Modern High-Specification Assets Only EBITDA in $ millions Floater Dayrates $450K/day $250K $350K $450K 927 1,748 2,570 300 200 100 $250K/day $125K/day $75K/day 0 2002 2004 2006 2008 2010 2014 2012 2016 2018 Floaters Jackups Jackup Dayrates $125K $100K $75K 1,239 2,060 2,882 1,551 2,373 3,194 Based on historical build costs, an average day rate of $490K for floaters and ~$160K for jackups would be needed to meet a 15% unlevered internal rate of return² Since 2000, the average build costs for floaters was ~$665 million, while jackups averaged ~$200 million Source: IHS Markit RigPoint Company's modern high- specification assets can generate meaningful cash flow for debt service and capital commitments in normalized day rate environment 1 Fleet includes 25 6G+ floaters and 38 jackups < 20 years of age or ultra-harsh environment capable; excludes assets owned by ARO Drilling. EBITDA calculated using illustrative dayrates and a 90% utilization assumption less average opex of $150K/day for a floater and $50K/day for a jackup over 365 days. 2Simplified discounted cash-flow analysis assumes 35-year useful life, average opex of $150K/day, $5 million of annual maintenance costs, $10 million of survey costs every five years for floaters; and 30-year useful life, average opex of $50K/day, $2.5 million of annual maintenance costs, $7 million of survey costs every five years for jackups; and 90% operational utilization. Analysis excludes debt service costs, shore-based support costs, taxes, and assumes no residual value at the end of the asset life. 26 26#27ENSCOROWAN Summary Offshore Market Recovery Offshore production critical to meeting growing energy demand Underinvestment has impacted reserve lives for E&P companies ■ E&P companies have greater cash flow to consider investments in future production including offshore projects Offshore project sanctioning is increasing, leading to new contracts and tenders for future work Well-positioned to capitalize on recovering offshore drilling market Global Leader in Offshore Drilling High-quality rig fleet includes strong portfolio of highest-specification drillships and leading fleet of modern harsh environment jackups Large and diverse customer base includes most of the leading national and international oil companies, plus many independents ■ ARO Drilling provides a unique partnership with the world's largest customer for jackup rigs ■ Track record of safety and operational excellence with focused investments in innovation and technology to provide best-in-class drilling services Solid financial position bolstered by strong liquidity and manageable debt maturities 27#28ENSCOROWAN 28