Carey LoweSenior Vice President

Credit Suisse Energy SummitFebruary 3, 2010

This presentation may contain statements regarding the Company's or management's intentions, hopes, beliefs, expectations or

predictions of the future that are forward-looking statements, including statements regarding estimated rig delivery schedules, revenue

potential and future competitive advantages. The forward-looking statements are made pursuant to safe harbor provisions of the

Private Securities Litigation Reform Act of 1995. It is important to note that the Company's actual results could differ materially from

those projected in such forward-looking statements. The factors that could cause actual results to differ materially from those in the

forward-looking statements include but are not limited to, industry conditions and competition, including changes in rig supply and

demand or new technology, risks associated with the global economy and its impact on capital markets and liquidity, prices of oil and

natural gas, and their impact upon future levels of drilling activity and expenditures, further declines in rig activity, which may cause us

to idle or stack additional rigs, excess rig availability or supply resulting from delivery of new drilling rigs, heavy concentration of our rig

fleet in premium jackups, cyclical nature of the industry, worldwide expenditures for oil and natural gas drilling, the ultimate resolution of

the ENSCO 69 situation in general and the potential return of the rig or package policy political risk insurance recovery in particular,

changes in the timing of revenue recognition resulting from the deferral of certain revenues for mobilization of our drilling rigs, time

waiting on weather or time in shipyards, which are recognized over the contract term upon commencement of drilling operations,

operational risks, including excessive unplanned downtime and hazards created by severe storms and hurricanes, risks associated with

offshore rig operations or rig relocations in general, and in foreign jurisdictions in particular, renegotiation, nullification, cancellation or

breach of contracts or letters of intent with customers or other parties, including failure to negotiate definitive contracts following

announcements or receipt of letters of intent, inability to collect receivables, changes in the dates new contracts actually commence,

changes in the dates our rigs will enter a shipyard, be delivered, return to service or enter service, risks inherent to domestic and foreign

shipyard rig construction, repair or enhancement, including risks associated with concentration of our ENSCO 8500 Series® rig

construction contracts in a single foreign shipyard, unexpected delays in equipment delivery and engineering or design issues following

shipyard delivery, availability of transport vessels to relocate rigs, environmental or other liabilities, risks or losses, whether related to

hurricane damage, losses or liabilities (including wreckage or debris removal) in the Gulf of Mexico or otherwise, that may arise in the

future which are not covered by insurance or indemnity in whole or in part, limited availability or high cost of insurance coverage for

certain perils such as hurricanes in the Gulf of Mexico or associated removal of wreckage or debris, self-imposed or regulatory

limitations on drilling locations in the Gulf of Mexico during hurricane season, impact of current and future government laws and

regulations, and interpretations thereof, affecting the oil and gas industry in general and our operations and the expected benefits from

our redomestication in particular, including taxation, as well as repeal or modification of same, our ability to attract and retain skilled

personnel, governmental action and political and economic uncertainties, including expropriation, nationalization, confiscation or

deprivation of our assets, terrorism or military action impacting our operations, assets or financial performance, outcome of litigation,

legal proceedings, investigations or insurance or other claims, adverse changes in foreign currency exchange rates, including their

impact on the fair value measurement of our derivative financial instruments, potential long-lived asset or goodwill impairments, and

potential reduction in fair value of our auction rate securities and the risks described from time to time in the Company's SEC and proxy

statement filings in general, and the risk factors section of the Company‟s latest annual report on Form 10-K, and quarterly report on

Form 10-Q in particular. To the extent not provided in this presentation, reconciliations of any non-GAAP measures discussed in this

presentation will be available in the Investors section of Ensco‟s website. To access this information online, go to

www.enscointernational.com and click on the “Investors” / “Presentation” links.

Forward-Looking Statements & Non-GAAP

Reconciliations

2

A Record of Growth

and

Disciplined

Risk Management

3

Record of Growth

2004 2005 2006 2007 2008

$0.62

$1.87

$5.04

$6.73

$8.11

Earnings Per Share

2004 2005 2006 2007 2008

$2.2$2.5

$3.2

$3.8

$4.7

Ensco’s Stockholders' Equity ($ in Bn)

Fortune Magazine’s Fastest

Growing Companies

4

Strategy

› Disciplined investments in high-quality fleet to achieve

favorable return on capital

› Maintain leading premium jackup position

› Grow deepwater fleet

› Operational excellence & reputation for reliability

› Commitment to safety

› Prudent risk profile

Sole Focus on Offshore Drilling

5

Global Markets

North & South America

7 U.S. GOM Jackups

3 Deepwater Semis

5 Mexico Jackups

1 Venezuela Jackup

Europe

8 Jackups

Middle East & India

10 Jackups

Asia Pacific

9 Jackups

1 Deepwater Semi

1 Barge Rig+ Under Construction

4 Deepwater Semis

Mediterranean

2 Jackups

High-Quality Fleet

250' 300' 350' 400' 7,500' 8,500'

18

10

4

10

1

7

Jackups DeepwaterNote: Four North Sea rated rigs included under the 250‟ category. Includes deepwater rigs under construction.

Right Mix of Rigs to Maximize Profitability

7

ENSCO 8500

June 6, 2009 Contract Commenced in Gulf of Mexico

8

ENSCO 8501

October 8, 2009 Contract Commenced in Gulf of Mexico

9

ENSCO 8502

Delivered January 18, 2010 – First rig delivered in 2010

10

Uniform Design Benefits of 8500 Series

Spare Parts

ENSCO Rig 8500 8501 8502 8503 8504 8505 8506

Shipyard

Repair &

Maintenance

Common

Equipment

Training

11

Ultra-Deepwater Semi Fleet

Ensco 12%

Noble 9%

Diamond 7%

Maersk5%Other

43%

Seadrill

12%

Transocean

12%

Source: ODS-Petrodata, Inc. – Includes 7500‟ and greater semis (including under construction).

$3 Billion+ Investment in 7 ENSCO 8500 Series® Rigs

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ENSCO 8500 Series®

Rig Construction

Cost

Status

ENSCO 8500 $312 M Gulf of

Mexico

ENSCO 8501 $338 M Gulf of

Mexico

ENSCO 8502 $385M Delivered

ENSCO 8503 $427MUnder

Construction

& Contracted

ENSCO 8504 $512 M

Under

Construction

& Available

ENSCO 8505 $537 M

ENSCO 8506 $560 M

Total $3.1 Billion

$1.4 Billion

Over

3 ½ Years

CAPEX Remaining

3Q09

Less Than One Half of CAPEX Remaining

*Based on original construction cost estimate.

13

4Q12

14

$550,000 Day Rate

in Australia

ENSCO 7500

Deepwater Revenue

2008 2009

$84

~ $250

› ENSCO 8503: 2-year contract to

commence early 2011 at

$520,000/day

› ENSCO 8504: Delivered 2H11

› ENSCO 8505: Delivered 1H12

› ENSCO 8506: Delivered 2H12

15Estimates as of 3Q09 Earnings Conference Call on October 22, 2009 *Assumes 8 rigs at $450,000/day with 90% utilization

$1.2 Billion

Revenue Potential in 2013*

Announced Deepwater Discoveries 2008-09

U.S. Gulf of Mexico

23

Brazil15

Northwest Europe

6

Mediterranean/Black Sea

8

West Africa21

Indian Ocean4

Caspian Sea1 Asia/Australia

9

Canada1

Mexico2

Note: Number of discoveries in >1,500 ft. of water.

90 Discoveries

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Ensco12%

Noble10%

Rowan8%

Maersk3%

Diamond3%Seadrill

3%Transocean18%

Others43%

Source: ODS-Petrodata, Inc. – Premium Jackup includes 250‟ and larger independent leg rigs and rigs capable of working in North Sea

(including rigs under construction).

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Premium Jackup Fleet

Fleet Enhancement Program

› Extends life

› Increases capabilities to address new customer

requirements

› Lowers repair and maintenance expense

› Reduces downtime

› Improves safety

Drives Superior Margins

18

2008 Operating Margins

ESV NE DO RIG PDE SDRL RDC

65% 65%63%

56%

45%40% 38%

19*Operating income plus depreciation and amortization as a percentage of revenue

Highest Operating Margin

Expense Management

› Workforce management

› Repairs and maintenance

› General and administrative

› Regular investments in fleet controls expenses

› 8500 Series uniform design has „built in‟ cost

containment

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Culture Focused on Rigorous Expense Management

Leverage Ratios*

2004 2005 2006 2007 2008

30%27%

26%

23%

19%20%

16%

9%7%

6%

Peer Average Ensco

*Long-term Debt /Capitalization - Peers include: DO, RDC, PDE, NE & RIG21

Disciplined Balance Sheet Management

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2005 2006 2007 2008 2009 YTD

TR

IR

Ensco

Industry

Total recordable incident rate (TRIR). YTD is as of November 16, 200922

Safe Operations

› International Association of Drilling Contractors (IADC)

awards accreditation to Ensco training programs

› 31 positions worldwide – more than any competitor

› Focus on safety and efficiency of operations

› Defined policies and procedures

› Systems to ensure continuous development, monitoring

and compliance around the globe

› Audited by Core Value Teams to maintain high standards

Competency Assurance Program (CAP)

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Commitment to Employee Development

Risk Profile

› Diversification: geography, customers and fleet

› Fund ENSCO 8500 Series® through internally

generated cash flows

› Liquidity/leverage

› High-quality vendors

› Avoid highly-specialized equipment

› Safety and training

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Prudent Risk Management

U.K. Redomestication

› Executive management oversight

› Proximity to customers

› Greater access to European investors

› Enhanced reputation as a truly global contract driller

› Potential tax benefits

› Lower effective tax rate

› No U.K. tax on distributions to parent from subsidiaries

› HMRC conditional exemption through 2012 on CFC regime

Key Advantages

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Accomplishments

› Strongest balance sheet in sector

› Highest operating margins

› Lowest cost structure

› Strategic diversification of fleet

› Proven management team

› Improved tax position

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Moving Forward from a Position of Strength

Future Opportunities

› Capitalize on strong financial position to invest in:

› Newbuild ultra-deepwater semis

› Asset acquisitions

› Upgrades to existing fleet

› Opportunities to return capital to shareholders

› Leverage low cost structure to win bids

› Market ultra-deepwater newbuilds

› Position premium jackup fleet for market upturn

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