Ensco Announces Early Results of Cash Tender Offers and Extension of Early Tender Premium for 6.875% Senior Notes due 2020 and 4.70% Senior Notes due 2021

LONDON–(BUSINESS WIRE)–Ensco plc (NYSE:ESV) (“Ensco” or the “Company”) reported today the early
tender results of its previously announced cash tender offers
(collectively, the “Tender Offers,” and each offer to purchase a series
of notes individually, a “Tender Offer”) to purchase up to $985,000,000,
exclusive of accrued interest (the “Aggregate Maximum Purchase Amount”),
of the outstanding notes of Ensco and its wholly owned subsidiary Pride
International LLC (“Pride”) set forth in the table below (collectively,
the “Notes”), upon the terms and subject to the conditions described in
the Offer to Purchase, dated January 10, 2018 (as it may be amended or
supplemented from time to time, the “Offer to Purchase”). As of the
early tender date of 5:00 p.m., New York City time, on January 24, 2018
(the “Early Tender Date”), Ensco received valid tenders totaling
$578,091,000 aggregate principal amount of Notes as set forth in the
table below.

Ensco also announced that, with respect to the Tender Offers for the
outstanding 6.875% Senior Notes due 2020 issued by Pride (the “2020
Notes”) and the outstanding 4.70% Senior Notes due 2021 issued by Ensco
(the “2021 Notes”), it has extended the date by which tenders must be
received for holders to receive the early tender premium to 11:59 p.m.,
New York City time, on February 7, 2018 for each such series of Notes,
which is the “Expiration Date” for the Tender Offers. Accordingly, all
2020 Notes and all 2021 Notes validly tendered prior to the Expiration
Date, including those validly tendered prior to the Early Tender Date,
will be eligible to receive the total consideration set forth in the
table below, which includes the early tender premium. All other terms
and conditions of the Tender Offers, as previously announced and
described in the Offer to Purchase, remain unchanged.

Each of the Tender Offers will expire at 11:59 p.m., New York City time,
on February 7, 2018, or any other date and time to which Ensco extends
such Tender Offer (such date and time with respect to a Tender Offer, as
it may be extended for such Tender Offer, the “Expiration Date”), unless
earlier terminated. No tenders will be valid if submitted after the
Expiration Date. The withdrawal deadline for the Tender Offers has
lapsed. Accordingly, holders of Notes that were already tendered as of
the Early Tender Date and of any additional Notes that are tendered at
or prior to the Expiration Date may not withdraw their tendered Notes,
except for certain limited circumstances where additional withdrawal
rights are required by law.

Ensco reserves the right, in its sole discretion, to increase or
decrease the Aggregate Maximum Purchase Amount or the Capped Notes
Tender Cap at any time without reinstating any withdrawal rights for any
Tender Offer, subject to compliance with applicable law, which could
result in Ensco’s purchasing a greater or lesser amount of Notes in the
Tender Offers. There can be no assurance that Ensco will change the
Aggregate Maximum Purchase Amount or the Capped Notes Tender Cap. If
Ensco changes the Aggregate Maximum Purchase Amount or the Capped Notes
Tender Cap, it does not expect to reinstate any withdrawal rights for
any Tender Offer, subject to applicable law.

Ensco reserves the right, in its sole discretion, at any point after the
Early Tender Date and before the Expiration Date, to accept for purchase
any Notes validly tendered at or prior to the Early Tender Date, subject
to the conditions to the Tender Offers having been either satisfied or
waived by Ensco at or prior to such settlement date. Ensco currently
expects to settle the Tender Offers for all accepted Notes validly
tendered as of the Early Tender Date on January 26, 2018. Ensco will
purchase any remaining Notes that have been validly tendered at or prior
to the Expiration Date and accepted for purchase, subject to all
conditions to the Tender Offers having been either satisfied or waived
by Ensco, promptly following the Expiration Date (the date of such
acceptance and purchase, the “Final Settlement Date”), subject to the
Aggregate Maximum Purchase Amount, the Acceptance Priority Levels, the
Capped Notes Tender Cap and proration as described in the Offer to
Purchase. The Final Settlement Date is expected to occur on the second
business day following the Expiration Date, assuming the conditions to
the Tender Offers have been either satisfied or waived by Ensco at or
prior to the Expiration Date.

The Company and its affiliates may from time to time purchase additional
Notes in the open market, in privately negotiated transactions, through
tender offers, exchange offers or otherwise or the Company may redeem
the Notes pursuant to their terms. Any future purchases, exchanges or
redemptions may be on the same terms or on terms that are more or less
favorable to holders of Notes than the terms of the Tender Offers. Any
future purchases, exchanges or redemptions by the Company and its
affiliates will depend on various factors existing at that time. There
can be no assurance as to which, if any, of these alternatives (or
combinations thereof) the Company and its affiliates may choose to
pursue in the future.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., BNP
Paribas Securities Corp., DNB Markets, Inc., HSBC Securities (USA) Inc.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co.
LLC and Skandinaviska Enskilda Banken AB are acting as the dealer
managers in the Tender Offers. Global Bondholder Services Corporation
has been retained to serve as both the depositary and the information
agent for the Tender Offers. Persons with questions regarding the Tender
Offers should contact Deutsche Bank Securities Inc. at (toll-free) (855)
287-1922 or (collect) (212) 250-7527; or Citigroup Global Markets Inc.
at (toll-free) (800) 558-3745 or (collect) (212) 723-6106. Requests for
copies of the Offer to Purchase and other related materials should be
directed to Global Bondholder Services Corporation at (toll-free) (866)
470-4200 or (collect) (212) 430-3774.

None of Ensco, its board of directors, its officers, the dealer
managers, the depositary, the information agent or the trustees with
respect to the Notes, or any of Ensco’s or their respective affiliates,
makes any recommendation that holders tender or refrain from tendering
all or any portion of the principal amount of their Notes, and no one
has been authorized by any of them to make such a recommendation.
Holders must make their own decision as to whether to tender their Notes
and, if so, the principal amount of Notes to tender. The Tender Offers
are made only by the Offer to Purchase. This press release is neither an
offer to purchase nor a solicitation of an offer to sell any notes in
the Tender Offers. The Tender Offers are not being made to holders of
Notes in any jurisdiction in which the making or acceptance thereof
would not be in compliance with the securities, blue sky or other laws
of such jurisdiction. In any jurisdiction in which the Tender Offers are
required to be made by a licensed broker or dealer, the Tender Offers
will be deemed to be made on behalf of Ensco by the dealer managers or
one or more registered brokers or dealers that are licensed under the
laws of such jurisdiction.

This press release is not an offer to sell or the solicitation of an
offer to buy any securities issued in connection with any notes
offering, nor shall there be any sale of the securities issued in such
offering in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Any such securities will be
offered only by means of a prospectus, including a prospectus supplement
relating to such securities, meeting the requirements of Section 10 of
the U.S. Securities Act of 1933.

Ensco plc (NYSE: ESV) is a global provider of offshore drilling services
to the petroleum industry. Ensco plc is an English limited company
(England No. 7023598) with its corporate headquarters located at 6
Chesterfield Gardens, London W1J 5BQ.

Contacts

Ensco plc
Investor & Media Contact:
Nick Georgas,
713-430-4607
Director – Investor Relations and Communications