Operational and Financial Overview

ENSCOROWAN 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

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