Operational and Financial Overview

ENSCOROWAN $/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

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