Profile 1 in customer satisfaction five consecutive years Highest net income margins among major competitors Best ever total recordable incident rate in 2014 and 1Q15 High-quality fleet of floaters and jackups Broad…
Market Environment Sharp drop in commodity prices accelerated beginning late fourth quarter 2014 New lows/increased volatility for oil prices during customers budget season Capital expenditures declining in 2015 as customers…
Sharp Decline in Oil Prices 20% 10% 0% -10% -20% -30% -40% -50% -60% Brent WTI Source: Thomson One; commodity prices indexed to 31 December 2013 close prices; data through 23 April 2015 5
Enscos Proactive Fleet Management 2Q14 Moved five floaters to held for sale to proactively reduce expenses; one later sold for scrap value 3Q14 Sold four jackups for more than 200 million 4Q14 Classified additional 4 rigs as…
Proactive Steps to Address Market Downturn Reduce offshore discretionary compensation and onshore support costs 9% unit labor cost decrease beginning 2Q15 for total offshore compensation 15% Reduction in Force for onshore personnel…
1Q15 Highlights Strong operational, safety and financial performance 99.6% jackup operational utilization record TRIR of 0.34 revenues and margins increased year over year disciplined expense management 1 in customer…
Current Market Floaters Jackups Contracted 228 326 Uncontracted 33 58 Active Stacked Marketed Rigs 12 21 Fleet Total 273 405 % Contracted 84% 80% Under Construction 59 106 On Order / Planned 23 12 Newbuilds Total 82 118…
Newbuild Jackup Order Book 7% 118 Total 8 Contracted, Established Drillers 38 32% Uncontracted, 60 Established Uncontracted, Drillers Non-Established Drillers 51% 12 On Order, All Uncontracted 10% Source: IHS-ODS…
Newbuild Jackup Delivery Schedule NonEstablished Drillers Under 60 by Shipyard Constr. On Order Total China China Merchants Heavy Industry 16 16 Shanghai Waigaoqiao Shipbuilding 6 2 8 50 Yantai CIMC Raffles 6 6 Other 21 2 23 6…
Jackup Supply 80 127 169 59 Assumes all 106 65 24 rigs On Order 18 20 or partially 125 22 completed including rigs built by Non- 23 Established Drillers are 303 308 built, delivered 263 and complete 198 customer…
Newbuild Floater Order Book 82 Total 19% 17 21% 16 SETE Brasil, Contracted Under Construction 12 26 SETE Brasil, 15% Uncontracted, On Order Under 32% Construction 11 Uncontracted, On Order 13% Source: IHS-ODS Petrodata…
Newbuild Floater Delivery Schedule 30 Under SETE Brasil by Shipyard Constr. On Order Total Estaleiro Atlantico Sul 4 3 7 25 4 Estaleiro Jurong Aracruz 4 3 7 BrasFELS, Angra dos Reis 5 1 6 Estaleiro Enseada do Paraguacu 2 4 6 20…
Floater Supply 51 66 47 45 38 27 Assumes all 38 37 rigs On Order 38 40 or partially 40 completed 36 including rigs built in Brazilian shipyards are 197 212 built, delivered 154 175 and complete customer acceptance…
Newbuild Cancellations and Deferrals Jackups 6 jackups ordered by non-established drillers were cancelled since mid-year 2014 Seadrill delays 8 jackups with 2015/2016 scheduled deliveries by a total of 44 months Transocean delays 5…
Well Positioned to Manage Through Downturn Capital management flexibility Highest net income margin among major competitors Fleet highgrading 5 newbuild rigs under construction with differentiated designs prior floater upgrade…
High Quality Fleet 63 Rig Fleet 9 11 3 40 ULTRA & DEEP DYNAMICALLY POSITIONED MOORED PREMIUM WATER DRILLSHIPS SEMISUBMERSIBLES SEMISUBMERSIBLES JACKUPS Note: Includes rigs under construction. Excludes managed rigs and rigs…
Global Platform Europe & Mediterranean Semi 1 U.S. Gulf of Mexico Jackups 11 Ships 3 Semis 6 Jackups 7 Middle East Jackups 10 Africa Ships 3 Jackups 1 Asia Pacific Ships 1 Semi 3 Brazil Jackups 8 Semis 4 Under Construction…
Contracted Revenue Backlog Diversification 29% 29% 24% 30% Premium National Semis Jackups Independents Oil Companies 10% Majors Drillships Asia Pacific 46% 42% North & South 21% 13% Europe & America Med Brazil 15%…
Uptime = Net Inc. Margin = Customer Satisfaction Net Income Margin 30.0% 29.6% 19.1% 18.1% 17.7% 15.0% ESV SDRL DO NE RIG RDC Source: Thomson One; sum of trailing eight quarters of net income divided by sum of…
Industry Leader in Customer Satisfaction Rated 1 Total Satisfaction Health, Safety & Environment Technology Special Applications Deepwater Drilling Shelf Wells Non-Vertical Wells Harsh Environment Wells North Sea Latin America…
Safety, Health & Environment Total Recordable Record 1Q15 safety Incident Rate performance as measured by TRIR 1.2 1.0 Leading-edge safety 0.8 management systems 0.6 Major competitive 0.4 advantage; especially 0.2 versus…
Capital Management and Financial Position Investment-grade credit ratings from Moodys/S&P; top ratings among major offshore drillers No significant debt maturities until 2Q19 1.6 billion of cash and short-term investments 31% net…
Credit Ratings BBB+ BBB+ BBB- Investment BBB- Grade BB+ Not Rated ESV DO NE RDC RIG SDRL Source: Bloomberg composite credit ratings as of 24 April 2015 27
Contracted Revenue Backlog 8.4 Billion Total billions 2.8 2.7 1.6 1.3 2Q15 - 4Q15 2016 2017 2018+ Note: Contracted revenue backlog as of 31 March 2015 28
Capital Expenditures billions Note: Final rig enhancement and sustaining project capital expenditure budgets for 2016 1.7B and 2017 TBD once budgets are completed. Zero capital expenditures for newbuild construction in 2017.…
Debt Maturity Profile millions Upsized Revolving Credit Facility 3,000 to 2.25B in Sep. 2014 2,700 2,400 2,100 1,800 2,250 1,500 1,500 1,200 1,025 900 900 700 No significant debt 625 600 maturities for four 500…
Enscos Strengths Leader in customer satisfaction five consecutive years Highest net income margin among major competitors Best ever total recordable incident rate High-quality fleet of floaters and jackups 10 year average age…
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