Operational and Financial Overview

ENSCOROWAN 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

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