FIRST AMENDMENT TO
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
AND GUARANTY AGREEMENT

THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT AND GUARANTY
AGREEMENT (this “First Amendment”) is entered into as of May 2, 2012, by and
among ENSCO PLC, an English public limited company (“Parent”), ENSCO
INTERNATIONAL INCORPORATED, a Delaware corporation (“EII”), ENSCO UNIVERSAL
LIMITED, an English private limited company (“EUL”), ENSCO OFFSHORE
INTERNATIONAL COMPANY, a Cayman Islands exempted company (“EOIC”), PRIDE
INTERNATIONAL, INC., a Delaware corporation (“Pride”), PRIDE INTERNATIONAL LTD.,
a British Virgin Islands company (“Pride International”), ENSCO GLOBAL IV LTD.
(f/k/a Pride Global Ltd.), a British Virgin Islands company (“Global IV”) and
ENSCO OVERSEAS LIMITED, a Cayman Islands exempted company (“ENSCO Overseas” and,
together with Parent, EII, EUL, EOIC, Pride, Pride International and Global IV,
the “Borrowers”), ENSCO GLOBAL LIMITED, a Cayman Islands exempted company
(“Global Limited”), ENSCO UNITED INCORPORATED, a Delaware corporation (“EUI”)
and ENSCO INVESTMENTS LLC, a Nevada limited liability company (“ENSCO
Investments” and, together with EII, Parent, Global Limited, EUI and Pride, the
“Guarantors” and, together with the Borrowers, the “Loan Parties”), Citibank,
N.A., as administrative agent (the “Administrative Agent”), and the Banks party
hereto (the “Banks”).
Preliminary Statements

WHEREAS, the Loan Parties, the Administrative Agent and the Banks, are parties
to that certain Third Amended and Restated Credit Agreement dated as of May 12,
2011 (as same may be further amended, restated, increased and extended, the
“Credit Agreement”; capitalized terms used herein that are not defined herein
and are defined in the Credit Agreement are used herein as defined in the Credit
Agreement); and
WHEREAS, the Guarantors are party to that certain Guaranty dated as of May 12,
2011 (as same may be further amended, restated, increased and extended, the
“Guaranty Agreement”) in favor of the Administrative Agent; and
WHEREAS, the Borrowers have requested that the Banks and the Administrative
Agent modify the Credit Agreement and the Guaranty Agreement and change certain
terms thereof, and the Administrative Agent and the Banks party hereto, which
Banks constitute the Majority Banks, have agreed to do so subject to the terms
and conditions of this First Amendment; and
WHEREAS, the Loan Parties, the Administrative Agent and the Banks party hereto
wish to execute this First Amendment to evidence such agreement.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and
for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the Loan Parties, the Administrative Agent and the Banks
party hereto hereby agree as follows:

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Section 1.Amendments to Credit Agreement.    

(a)Section 1.01 of the Credit Agreement is hereby amended by adding the
following new definition:
"Change in Law" means the occurrence, after the date of this Agreement, of any
of the following: (a) the adoption or taking effect of any law, rule, regulation
or treaty, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation, implementation or application thereof by any
governmental authority, central bank or comparable agency or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the
force of law) by any governmental authority, central bank or comparable agency;
provided that notwithstanding anything herein to the contrary, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and
(y) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to
be a “Change in Law”, regardless of the date enacted, adopted or issued.
(b)Section 1.01 of the Credit Agreement is hereby amended by amending and
restating the following definitions as follows:

"364-Day Revolving Credit Facility" means the $450,000,000 364-Day Revolving
Credit Facility among the Loan Parties, Citibank, N.A., as Administrative Agent,
the lead arrangers and other agents named therein and the lenders from time to
time party thereto, as amended, supplemented or modified from time to time.
"Consolidated Intangible Assets" means, on any date of its determination for the
Parent and its Consolidated Subsidiaries that are Restricted Subsidiaries on a
consolidated basis, assets of such Persons that are considered to be intangible
assets under GAAP.
"Consolidated Shareholders' Equity" means, as of any date of determination for
the Parent and its Consolidated Subsidiaries that are Restricted Subsidiaries,
determined on a consolidated basis, shareholders' equity as of that date
determined in accordance with GAAP; provided, that for purposes of Section
5.02(a), “Consolidated Shareholders' Equity” shall be determined for the Parent
and all of its Consolidated Subsidiaries.
"Consolidated Tangible Net Worth" means, as of any date of determination, for
the Parent and its Consolidated Subsidiaries that are Restricted Subsidiaries,
determined on a consolidated basis, Consolidated Shareholders' Equity on such
date minus Consolidated Intangible Assets on such date, determined in accordance
with GAAP.
(c)Section 1.01 of the Credit Agreement is hereby amended by adding the
following proviso at the end of the definition of “Debt”:

; provided further that, solely for purposes of Section 5.01(k) (including,
without limitation, in respect of all calculations made by reference to Section
5.01(k)) and Section 23 of the Guaranty, “Debt” shall not include any
intercompany Debt owing to the Parent or any Restricted Subsidiary.

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(d)Section 2.03(c)(ii) of the Credit Agreement is hereby amended and restated in
its entirety as follows:

(ii) quarterly in arrears on or before the later of (A) the last day of each
March, June, September and December, commencing June 30, 2011, (B) the date that
is three Business Days following the Parent's receipt of an invoice for such
fees, and (C) the Termination Date.
(e)Section 2.10(a) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

(a)    If, due to any Change in Law, there shall be any increase in the cost to
any Bank of agreeing to make or making, funding or maintaining LIBOR Advances
(or of maintaining its obligation to make any such Advance), any increase in the
cost to any Bank or any Issuing Bank of participating in, issuing or maintaining
any Letter of Credit (or of maintaining its obligation to participate in or
issue any such Letter of Credit), or any reduction in amount of any sum received
or receivable by such Bank or such Issuing Bank hereunder (whether of principal,
interest, or any other amount) (other than increased costs described in Section
2.06 or in Section 2.10(c) below), then the applicable Borrower or Borrowers
shall from time to time, upon demand by such Bank or such Issuing Bank (with a
copy of such demand to the Administrative Agent), pay to the Administrative
Agent for the account of such Bank or such Issuing Bank additional amounts
sufficient to compensate such Bank or Issuing Bank for such increased cost
unless such Bank or Issuing Bank shall have withdrawn its demand for additional
compensation for such increased cost pursuant to Section 2.16(b) or such
Borrower is not obligated to pay such amounts pursuant to Section 2.16(a). Such
Bank or Issuing Bank shall provide to such Borrower a reasonable explanation of
such amounts to be paid by such Borrower.
(f)Section 2.10(c) of the Credit Agreement is hereby amended and restated in its
entirety as follows:

(c)    If any Bank or Issuing Bank shall have determined that any Change in Law
has the effect of increasing the amount of capital required or expected to be
maintained as a result of its Commitment hereunder or the existence of any
Letter of Credit, such Bank or Issuing Bank shall have the right to give prompt
written notice and demand for payment thereof to the Parent with a copy to the
Administrative Agent (which notice and demand shall show in reasonable detail
the calculation of such additional amounts as shall be required to compensate
such Bank or Issuing Bank for the increased cost to such Bank or Issuing Bank or
such Bank's or Issuing Bank's holding company as a result of such increase in
capital), although the failure to give any such notice shall not, unless such
notice fails to set forth the information required above, release or diminish
any of the Borrowers' obligations to pay additional amounts pursuant to this
Section 2.10(c), and subject to Section 2.16, such Borrower shall pay such
additional amounts.

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(g)Section 5.01(k)(i) of the Credit Agreement is hereby amended and restated in
its entirety as follows:

(i)    Within 10 Business Days of delivery of each compliance certificate
delivered pursuant to Section 5.01(a), the Parent shall cause one or more of its
Subsidiaries as determined by the Parent to execute and deliver to the
Administrative Agent, at the Parent's option, either (x) a Guaranty in
substantially the form of the Guaranty delivered by Parent, Global, EII, and EUI
on the Effective Date or (y) a Borrower Counterpart, in each case, to the extent
necessary to ensure that the aggregate amount of Debt of the Restricted
Subsidiaries that are not Loan Parties does not exceed 10% of Consolidated
Tangible Net Worth, as reflected on the most recent certificate delivered
pursuant to Section 3.02(c) or 5.01(a), as applicable.
(h)Section 3.02(c)(v), Section 5.01(a)(i)(B), Section 5.01(a)(ii)(B) and Section
5.01(k)(ii) of the Credit Agreement are hereby amended such that each reference
to the word “Subsidiary” set forth therein is hereby deleted in its entirety and
the words “Restricted Subsidiary” are substituted in lieu thereof.

Section 2.Amendments to Guaranty Agreement.

(a)The words “as amended, restated, supplemented or otherwise modified from time
to time” are inserted in the first sentence of the third paragraph of the
Guaranty Agreement after the second open parenthesis and before the words
“'Credit Agreement').”

(b)Section 23 of the Guaranty Agreement is hereby amended such that the
reference to the word “Subsidiary” set forth therein is hereby deleted in its
entirety and the words “Restricted Subsidiary” are substituted in lieu thereof.

Section 3.Representations True; No Default. Each Loan Party represents and
warrants that:

(a)this First Amendment has been duly authorized, executed and delivered on its
behalf, and the Credit Agreement, as amended by this First Amendment, and the
other Loan Documents to which it is a party, constitute the legal, valid and
binding obligations of such Loan Party, enforceable against such Loan Party in
accordance with their terms, except as such enforceability may be limited by any
applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors' rights generally and by general principles of equity;

(b)the representations and warranties of such Loan Party contained in Article IV
of the Credit Agreement are true and correct in all material respects on and as
of the date hereof as though made on and as of the date hereof (other than (i)
those representations and warranties that expressly relate to a specific earlier
date, which representations and warranties were true and correct in all material
respects as of such earlier date and (ii) those representations and warranties
that are by their terms subject to a materiality qualifier, which
representations and warranties are true and correct in all respects); and

(c)after giving effect to this First Amendment, no Default or Event of Default
under the Credit Agreement has occurred and is continuing.

Section 4.Reaffirmation of Guaranty. Each of the undersigned Guarantors (a)
acknowledges this First Amendment and each of the terms and provisions contained
herein, (b) after giving effect to this First Amendment, ratifies, confirms and
reaffirms the validity, enforceability and binding nature of the Guaranties to
which it is a party and of all of the Obligations defined therein, and (c)
acknowledges and agrees that each Guaranty to which it is party is, and shall
continue to be, in full force and effect on, from and after the date hereof and
that no defense, counterclaim, cross-complaint, right of set-off or other
similar claim or right of any kind exists with respect to the validity or
enforceability of such Guaranty or any of the obligations thereunder.

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Section 5.Effectiveness. This First Amendment shall become effective as of 12:01
a.m. Eastern Standard Time on the date (the “First Amendment Closing Date”)
when, and only when, the Administrative Agent notifies Parent that the
Administrative Agent (or its counsel) has received multiple original
counterparts from each party hereto, as requested by the Administrative Agent,
of this First Amendment duly and validly executed and delivered by duly
authorized officers of each such party.

Section 6.Miscellaneous Provisions.

(a)From and after the execution and delivery of this First Amendment, the Credit
Agreement and the Guaranty Agreement shall be deemed to be amended and modified
as herein provided, and except as so amended and modified the Credit Agreement
and the Guaranty Agreement shall continue in full force and effect.

(b)The Credit Agreement and this First Amendment shall be read and construed as
one and the same instrument, and the Guaranty Agreement and this First Amendment
shall be read and construed as one and the same instrument.

(c)Any reference in any of the Loan Documents to the Credit Agreement or the
Guaranty Agreement shall be a reference to the Credit Agreement as amended by
this First Amendment or the Guaranty Agreement as amended by this First
Amendment, as applicable.

(d)This First Amendment is a Loan Document for purposes of the provisions of the
other Loan Documents. Without limiting the foregoing, any breach of the
representations, warranties, and covenants under this First Amendment may be a
Default or an Event of Default under the Loan Documents.

(e)This First Amendment shall be construed in accordance with and governed by
the laws of the State of New York.

(f)This First Amendment may be signed in any number of counterparts and by
different parties in separate counterparts and may be in original or facsimile
form, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

(g)The headings herein shall be accorded no significance in interpreting this
First Amendment.

Section 7.Binding Effect. This First Amendment shall be binding upon and inure
to the benefit of the Loan Parties, the Banks and the Administrative Agent and
their respective successors and assigns, except that the Loan Parties shall not
have the right to assign their rights hereunder or any interest herein.

[Signature Pages Follow.]

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IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed
by their respective duly authorized officers as of the date first set forth
above, to be effective as of the First Amendment Closing Date.
    
LOAN PARTIES:

ENSCO PLC, as a Borrower and a Guarantor

By: /s/ James W. Swent, III
Name: James W. Swent, III
Title: Senior Vice President - Chief Financial Officer

ENSCO INTERNATIONAL INCORPORATED,
as a Borrower and a Guarantor

By: /s/ Douglas E. Hancock
Name: Douglas E. Hancock
Title: Vice President and Treasurer

ENSCO UNIVERSAL LIMITED, as a Borrower

By: /s/ Herman Malone, Jr.
Name: Herman Malone, Jr.
Title: Secretary

ENSCO OFFSHORE INTERNATIONAL COMPANY, as a Borrower

By: /s/ Zarksis D. Italia
Name: Zarksis D. Italia
Title: Vice President, Secretary and Treasurer

PRIDE INTERNATIONAL, INC., as a Borrower and a Guarantor

By: /s/ David A. Armour
Name: David A. Armour
Title: President

PRIDE INTERNATIONAL, LTD., as a Borrower

By: /s/ Zarksis D. Italia
Name: Zarksis D. Italia
Title: President

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ENSCO GLOBAL IV LTD., as a Borrower

By: /s/ Zarksis D. Italia
Name: Zarksis D. Italia
Title: Vice President

ENSCO OVERSEAS LIMITED, as a Borrower

By: /s/ Zarksis D. Italia
Name: Zarksis D. Italia
Title: Vice President, Secretary and Treasurer

ENSCO GLOBAL LIMITED, as a Guarantor

By: /s/ Herman E. Malone, Jr.
Name: Herman E. Malone, Jr.
Title: Vice President, Secretary and Treasurer

ENSCO UNITED INCORPORATED, as a Guarantor

By: /s/ David A. Armour
Name: David A. Armour
Title: President

ENSCO INVESTMENTS LLC, as a Guarantor

By: /s/ Herman E. Malone, Jr.
Name: Herman E. Malone, Jr.
Title: Vice President

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ADMINISTRATIVE AGENT:

CITIBANK, N.A., as Administrative Agent

By:/s/ Lisa Huang
Name: Lisa Huang
Title: Vice President

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BANKS:

CITIBANK, N.A.

By:/s/ Lisa Huang
Name: Lisa Huang
Title: Vice President

    

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DEUTSCHE BANK AG NEW YORK BRANCH
By: /s/ John S. McGill
Name: John S. McGill
Title: Director

By: /s/ Virginia Cosenza
Name: Virginia Cosenza
Title: Vice President

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WELLS FARGO BANK, NATIONAL ASSOCIATION
By: /s/ T. Alan Smith
Name: T. Alan Smith
Title: Managing Director

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DNB BANK ASA
By: /s/ Andrea Ozbolt
Name: Andrea Ozbolt
Title: Vice President
By: /s/ Kai M. Blache
Name: Kai M. Blache
Title: Vice President

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
By: /s/ Andrew Oram
Name: Andrew Oram
Title: Managing Director

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HSBC BANK USA, NATIONAL ASSOCIATION
By: /s/ Mercedes Ahumada
Name: Mercedes Ahumada
Title: Vice President

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COMPASS BANK
By: /s/ Alex Mayral
Name: Alex Mayral
Title: Senior Vice President

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NATIXIS
By: /s/ Kenyatta Gibbs
Name: Kenyatta Gibbs
Title: Director

By: /s/ Carlos Quinteros
Name: Carlos Quinteros
Title: Managing Director

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BANK OF AMERICA, N.A.
By: /s/ Joseph Scott
Name: Joseph Scott
Title: Director

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LLOYDS TSB BANK PLC
By: /s/ Julia R. Franklin
Name: Julia R. Franklin
Title: Vice President
By: /s/ Dennis McClellan
Name: Dennis McClellan
Title: Assistant Vice President

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THE BANK OF NOVA SCOTIA
By: /s/ John Frazell
Name: John Frazell
Title: Director

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BNP PARIBAS
By: /s/ Guillaume Deve
Name: Guillaume Deve
Title: Managing Director
By: /s/ Sriram Chandrasekaran
Name: Sriram Chandrasekaran
Title: Vice President