EXOSAT has observed a bright transient X-ray pulsar EXO 2030+375 that decayed in intensity by a factor ∼5000 between 1985 May and August. The variations in 42s pulse period enable an orbital period of 37.9±1.3 days with an eccentricity of 0.31±0.02 to be determined. The spin-up timescale of ∼30 years suggests that this is a very large outburst of order a few 1038 ergs/s. The mass function of 5Mo is consistent with the unidentified companion being a Be star, similar to many other pulsing X-ray binaries. The position of EXO 2030+375, obtained with the EXOSAT Imaging Telescope, is RA: 20 30 21.25, Decl. +37 27 51 (1950; with an uncertainty radius of 10″).