Market Overview

Ensco Rowan plc Receives Investor Proposal


The Ensco Rowan plc (NYSE:ESV) ("EnscoRowan" or the "Company") board of
directors received a proposal from Luminus Management, LLC ("Luminus")
dated June 12, 2019 ("the Proposal"). EnscoRowan's board of directors
welcomes investor perspectives on matters such as the Company's capital
structure and the return of capital to shareholders, and will evaluate
the Proposal.

The Company proactively evaluates and manages its capital structure to
execute its strategic priorities and deliver value for shareholders. To
achieve these objectives, the Company has significant financial
flexibility within its capital structure, including the ability to issue
debt that would be structurally senior to the Company's currently
outstanding debt on both an unsecured and secured basis.

EnscoRowan uses its website to disclose material and non-material
information to investors, customers, employees and others interested in
the Company. To receive regular updates on EnscoRowan news or SEC
filings, please sign-up for Email
on the Company's website.

Ensco Rowan plc (NYSE:ESV) 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

Forward- Looking Statements

Statements contained in this press release that are not historical
facts are forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements
include words or phrases such as "anticipate," "believe," "estimate,"
"expect," "intend," "plan," "project," "could," "may," "might,"
"should," "will" and similar words and specifically include statements
involving expected financial performance; effective tax rates, day rates
and backlog; estimated rig availability; rig commitments and contracts;
contract duration, status, terms and other contract commitments; letters
of intent; scheduled delivery dates for rigs; the timing of delivery,
mobilization, contract commencement, relocation or other movement of
rigs; our intent to sell or scrap rigs; and general market, business and
industry conditions, trends and outlook. The forward-looking statements
contained in this press release are subject to numerous risks,
uncertainties and assumptions that may cause actual results to vary
materially from those indicated, including actions by regulatory
authorities, rating agencies or other third parties; actions by our
security holders; costs and difficulties related to the integration of
Ensco and Rowan and the related impact on our financial results and
performance; our ability to repay debt and the timing thereof;
availability and terms of any financing; commodity price fluctuations,
customer demand, new rig supply, downtime and other risks associated
with offshore rig operations, relocations, severe weather or hurricanes;
changes in worldwide rig supply and demand, competition and technology;
future levels of offshore drilling activity; governmental action, civil
unrest and political and economic uncertainties; terrorism, piracy and
military action; risks inherent to shipyard rig construction, repair,
maintenance or enhancement; possible cancellation, suspension or
termination of drilling contracts as a result of mechanical
difficulties, performance, customer finances, the decline or the
perceived risk of a further decline in oil and/or natural gas prices, or
other reasons, including terminations for convenience (without cause);
our ability to enter into, and the terms of, future drilling contracts;
any failure to execute definitive contracts following announcements of
letters of intent, letters of award or other expected work commitments;
the outcome of litigation, legal proceedings, investigations or other
claims or contract disputes; governmental regulatory, legislative and
permitting requirements affecting drilling operations; our ability to
attract and retain skilled personnel on commercially reasonable terms;
environmental or other liabilities, risks or losses; debt restrictions
that may limit our liquidity and flexibility; and cybersecurity risks
and threats. In addition to the numerous factors described above, you
should also carefully read and consider "Item 1A. Risk Factors" in Part
I and "Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations" in Part II of our most recent
annual report on Form 10-K, as updated in our subsequent quarterly
reports on Form 10-Q, which are available on the SEC's website at
or on the Investor Relations section of our website at
Each forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly update
or revise any forward-looking statements, except as required by law.

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