Market Overview

EnscoRowan Announces Successful Completion of Consent Solicitation with Respect to Rowan Companies Notes


Ensco Rowan plc (NYSE:ESV) ("EnscoRowan" or the "Company") announced
today that it has received the consents necessary to effect the Proposed
Amendments to each of the indentures (the "Indentures") governing the
following outstanding senior notes (together, the "Notes") listed in the
table below, issued by the Rowan Companies, Inc. (the "Issuer") and
guaranteed by Rowan Companies plc. All capitalized terms not defined
herein shall have the respective meaning given to them in the Consent
Solicitation Statement, dated June 3, 2019 (the "Consent Solicitation


Title of Security


Outstanding Principal

4.875% Senior Notes due 2022 779382 AP5 $620,824,000
4.75% Senior Notes due 2024 779382 AR1 $398,117,000
7.375% Senior Notes due 2025 779382 AU4 $500,000,000
5.4% Senior Notes due 2042 779382 AQ3 $400,000,000
5.85% Senior Notes due 2044 779382 AS9 $400,000,000

The Consent Solicitation expired at 5:00 p.m., New York City time, on
June 7, 2019 (the "Expiration Date"). As of the Expiration Date, the
Company had received the consent of holders of at least a majority in
aggregate principal amount outstanding of each series of Notes. These
consents may not be revoked.

Pursuant to the terms and subject to the conditions set forth in the
Consent Solicitation Statement, the Issuer will pay a consent fee of
$2.50 per $1,000 in principal amount of Notes (the "Consent Fee") to any
holder who validly delivered a duly executed consent prior to the
Expiration Date that was not validly revoked. The Issuer expects to pay
the Consent Fee on or about June 11, 2019.

The Issuer has executed a supplemental indenture to the Indentures
governing the Notes to give effect to the Proposed Amendments, which
became effective immediately upon execution of the supplemental
indenture. The supplemental indenture binds all holders of the Issuer's
Notes, including those that did not give their consent, but holders who
did not deliver consents prior to the Expiration Date (or delivered
consents but validly revoked them) will not receive the Consent Fee. The
Proposed Amendments will not become operative with respect to the
applicable series of Notes until (i) payment of the applicable Consent
Fee with respect to each Note of such series of Notes for which a
Consent Fee is payable, (ii) with respect to the Conforming Amendments
only, the Internal Reorganization is consummated or the Company
otherwise becomes an obligor under such series of Notes and the
applicable Indenture and (iii) with respect to the CoC Amendment only,
immediately prior to the consummation of the Internal Reorganization.

EnscoRowan has engaged BofA Merrill Lynch, Citigroup and Deutsche Bank
Securities to act as solicitation agents and Barclays, BNP Paribas
Securities Corp., DNB Markets, Goldman Sachs & Co. LLC, HSBC and Morgan
Stanley to act as co-solicitation agents and Global Bondholder Services
Corporation to act as the information and tabulation agent in connection
with the Consent Solicitation.

No Offer or Solicitation

This press release is for informational purposes only and is neither an
offer to sell nor a solicitation of an offer to buy any Notes or any
other securities. This press release is also not a solicitation of
consents with respect to the Proposed Amendments or any securities. The
solicitation of consents is not being made in any jurisdiction in which,
or to or from any person to or from whom, it is unlawful to make such
solicitation under applicable state or foreign securities or "blue sky"

Cautionary Statement Regarding Forward-Looking

Certain statements in this release constitute forward-looking statements
under the Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to: statements regarding (i) the
Proposed Amendments and the execution of the supplemental indentures
giving effect thereto and (ii) the expected payment of the Consent Fee.
Words such as "anticipate," "believe," "could," "driving," "estimate,"
"expect," "goal," "intend," "may," "plan," "project," "seek," "should,"
"will," "would," and similar expressions are intended to help identify
forward-looking statements. Forward-looking statements reflect
management's current expectations, are based on judgments, are
inherently uncertain and are subject to risks, uncertainties and other
factors, which could cause our actual results, performance or
achievements to differ materially from the future results, performance
or achievements expressed or implied in those forward-looking
statements. Undue reliance should not be placed on the forward-looking
statements in this release, which are based on information available to
us on the date hereof. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

About EnscoRowan

Ensco Rowan plc is the industry leader in offshore drilling services
across all water depths and geographies. Operating a high-quality rig
fleet of ultra-deepwater drillships, versatile semisubmersibles and
modern shallow-water jackups, EnscoRowan has experience operating in
nearly every major offshore basin. With an unwavering commitment to
safety and operational excellence, and a focus on technology and
innovation, EnscoRowan was rated first in total customer satisfaction in
the latest independent survey by EnergyPoint Research - the ninth
consecutive year that the Company has earned this distinction. Ensco
Rowan plc is an English limited company (England No. 7023598) with its
corporate headquarters located at 6 Chesterfield Gardens, London W1J
5BQ. To learn more, visit our website at

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