Slide 1: Investor Presentation
Investor Presentation wail WEEN x9 ’ = _—-—-——f as
Slide 2: Disclaimer
Disclaimer We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise. The information contained h
Slide 3: Wider trends now favoring offshore drillers
Wider trends now favoring offshore drillers The beginning of an inflation-driven upcycle… …supported by several momentous factors Offshore E&P spending (USDbn) 400 Substantial supply-side rationalization Service cost Increased activity, Reduced service Service cost inflation high service prices cost
Slide 4: Seadrill's markets are recovering
Seadrill’s markets are recovering Bottomed-out rig count Large share of non-competitive rigs Number of contracted floaters Number of benign UDW rigs 300 138 19 4 Limited 200 88 27 Supply 100 0 1985 1990 1995 2000 2005 2010 2015 2020 Current/future Warm Cold Orderbook Global contracted stacked stacke
Slide 5: Seadrill on the path to transformation
Seadrill on the path to transformation Series of strategic and capital markets actions to realize the underlying value of Seadrill February 2022 March 2022 May 2022 2Q 2022 Late 2022 Potential future actions Chapter 11 Euronext Expand Q1 earnings +~$1bn backlog NYSE listing and Further accretive Ret
Slide 6: Strategically positioned throughout the Golden Triangle
Strategically positioned throughout the Golden Triangle Brazil: Leading international driller Angola: Leading driller US Gulf of Mexico: Attractive positioning ✓ Largest offshore drilling presence ✓ Largest offshore drilling presence ✓ Long-standing track record amongst international drillers ✓ Attr
Slide 7: Historically Unmatched Returns Profile
Historically Unmatched Returns Profile Strong earnings capabilities with proven track record of dividend delivery Industry leading profitability Robust through-cycle EBITDA generation THE leading return proposition Average EBITDA Margin Versus Peers1, Cumulative EBITDA2 Since Q4 2008-21 ($bn) Divide
Slide 8: Why Seadrill?
Why Seadrill? 1 Strong market fundamentals indicating start of upcycle 2 Modern high-specification fleet 3 Well-positioned in key segments with blue-chip clients Transformed capital structure through monetizing assets at premium values 4 improving strategic flexibility 5 Attractive cash flow outlook