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; more recently, oil prices have increased/stabilized…
Sharp Decline in Oil Prices 130 Brent Crude (/bbl) 120 110 100 90 80 70 60 50 40 30 Source: Thomson One; Brent Crude prices for 31 December 2013 through 12 May 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 for offshore workers; full run rate beginning 2Q15 15% Reduction in Force for onshore…
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 238 339 Active Stacked/Other 31 67 Total 269 406 Fleet % Contracted 88% 83% 17 by SETE 61 by Under Construction 59 Brasil 107 Speculators 12 by SETE 5 by On Order / Planned 22…
Newbuild Floater Order Book 81 Total 20% 17 21% 16 SETE Brasil, Contracted Under Construction 12 26 SETE Brasil, 15% Uncontracted, On Order Under 32% Construction 10 Uncontracted, On Order 12% Source: IHS-ODS Petrodata…
Newbuild Floater Delivery Schedule 35 Under SETE Brasil by Shipyard Constr. On Order Total 30 Estaleiro Atlantico Sul 4 3 7 Estaleiro Jurong Aracruz 4 3 7 4 BrasFELS, Angra dos Reis 5 1 6 25 Estaleiro Enseada do Paraguacu 2 4 6…
Floater Supply Cumulative of rigs rolling off contract 30 years old: 25 59 73 81 59 76 49 46 32 19 44 39 38 33 39 37 38 Assumes all 34 rigs On Order 36 or partially completed including SETE Brasil rigs are 206 216 169…
Newbuild Jackup Order Book 7% 116 Total 8 Contracted, Established Zero rigs being built Drillers by Speculators have been contracted. 38 33% Uncontracted, 61 Established Uncontracted, 53% Drillers Speculators 9 On…
Newbuild Jackup Delivery Schedule 60 Speculator Newbuilds by Shipyard Under Constr. On Order Total China China Merchants Heavy Industry 15 15 50 Shanghai Waigaoqiao Shipbuilding 7 1 8 Yantai CIMC Raffles 6 6 Other 22 2 24…
Jackup Supply Cumulative of rigs rolling off contract 30 years old: 73 116 135 152 113 163 177 75 60 Assumes all 79 31 19 rigs On Order 112 19 20 or partially 125 17 completed 21 including rigs built by 22 Speculators…
Newbuild Cancellations and Deferrals Floaters Reports suggest more than half of the 29 rigs in SETE Brasil program may be cancelled Atwood delays 2 drillships with 2015 expected deliveries by 18 months each Ocean Rig delays 2…
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 11 Africa Ships 3 Jackups 1 Asia Pacific Ships 1 Semi 3 Brazil Jackups 7 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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