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Investor Presentation January 2026
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2 FORWARD-LOOKING STATEMENTS: This presentation includes 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. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding Seadrill Limited’s (the “Company”) outlook and guidance, plans, strategies, business prospects, financial performance, operations, and rig activity, including with respect to backlog and contract awards, commencement dates and durations, and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward- looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the United States (“U.S.”) Securities and Exchange Commission (the “SEC”) on February 27, 2025 , offshore drilling market conditions, including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys and upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, U.S. trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East, and any related sanctions, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC. The foregoing risks and uncertainties are beyond our ability to control, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.seadrill.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this presentation. NON-GAAP FINANCIAL MEASURES: This presentation refers to Adjusted EBITDA including certain metric(s) derived therefrom. These non-GAAP financial measures are not alternatives to GAAP measures and should not be considered in isolation or as an alternative for analysis of the Company’s results as reported under GAAP. Due to the forward-looking nature of Adjusted EBITDA, the Company cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, net income/(loss). Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The unavailable information could have a significant effect on the Company's full year 2025 GAAP financial results. INDUSTRY AND MARKET DATA: This presentation includes market data, estimates and forecasts that are based on publicly available information or information and data from third-party sources believed by the Company to be reliable. We have not independently verified the accuracy or completeness of the information and data and neither guarantee its accuracy or completeness nor undertake the responsibility to update such data after the date of this presentation. Disclaimer
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3 (1) Closing price as of January 6, 2026, multiplied by 62.4m common shares outstanding; (2) Includes 2 managed drillships; excludes 3 stacked rigs; (3) Backlog as of November 5, 2025, as per latest published fleet status report. Excludes three awards disclosed subsequently on December 15, 2025, for West Neptune, Sevan Louisiana and and Sonangol Quenguela; (4) Leverage represents Net Debt (Non-GAAP) / LTM adjusted EBITDA (Non-GAAP). Net debt as of September 30, 2025, and is calculated as total debt, including current maturities less cash and cash equivalents, excluding restricted cash. Market Capitalization 1 $2.2bn Marketed Fleet of 14 rigs 2 Total Backlog 3 $2.5bn Prudently Levered 4 0.76x Seadrill at a glance (NYSE: SDRL)
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At increasing average dayrates 4 Strong backlog in total amount and profile through time Total Backlog as of November 5, 2025 USD billion Average Drillship Dayrates 2 September 2024 through September 2025 Recent contract awards support elevated earnings potential in 2026 and beyond Backlog 1 of $2.5bn extending into 2029 at favorable rates Durable backlog and rising average dayrates ( (1) Backlog as of November 5, 2025, as per latest published fleet status report. Excludes three awards disclosed subsequently on December 15, 2025, for West Neptune, Sevan Louisiana and and Sonangol Quenguela; (2) Average drillship dayrates excludes three managed drillships for which Seadrill earns a management fee not dayrate. 0.2 1.1 0.7 0.4 0.1 2025 2026 2027 2028 2029 307,000 293,000 342,000 351,000 350,000 3Q24 4Q24 1Q25 2Q25 3Q25 Two legacy dayrate contracts reprice in 2026 West Jupiter and West Tellus repriced from ~$250k/d to ~$450k/d in 2026
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5 Filling white space in 2026 and beyond Securing utilization in a competitive environment Recent contract awards West Vela; 65 days with Walter Oil and Gas, U.S. Gulf plus 60 days with Talos Energy, U.S. Gulf West Neptune; 120 days with LLOG, U.S. Gulf West Gemini; 284 days with Sonangol, Angola Sonangol Quenguela; 520 days with TotalEnergies, Angola Sonangol Libongos; 525 days with Azule Energy, Angola Sevan Louisiana; 60 days with Exxon Mobil, U.S. Gulf
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6 Highest % of “Buy” Recommendations In Peer Group 2 Trading at a discount vs Peers for 2026 and 2027 EV/EBITDA Multiples Seadrill vs Peer Average1 Compelling upside (1) Calculated using closing price as of January 8, 2026, and consensus estimates for EBITDA as per FactSet. Peers include RIG, N E & VAL; (2) Source data: FactSet, analyst research as of January 8, 2026. Analyst population includes all sell -side analysts who cover Seadrill and peer group. 6.1 4.3 7.3 6.3 2026 2027 SDRL Peers 67% 55% 17% 33% Seadrill Peer A Peer B Peer C