Slide 1: 1Q23 Earnings Presentation
1Q23 Earnings Presentation Starting the year on a strong footing
Slide 2: Forward-Looking Statements & Disclaimer
Forward-Looking Statements & Disclaimer This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical facts included in this communication, including those regardi
Slide 3: 1Q23 key highlights
AT A GLANCE 1Q23 key highlights Operating Order Technical Modern Revenues Backlog(1) Utilization(3) Fleet of $266m $2.6bn 96% 22 rigs(4) Adjusted Economic CDP Carbon Net Cash(2) EBITDA Utilization(3) Ranking(5) $85m $133m 95% B Footnotes: (1)Order backlog as of May 23, 2023 (see applicable quarterly
Slide 4: Upcycle continues to develop, with new leading-edge dayrates
MARKET OVERVIEW Upcycle continues to develop, with new leading-edge dayrates Benign UDW fixtures (LHS) and marketed utilization (RHS)(1) Other fixtures Seadrill fixtures Marketed utilization Current drillships marketed utilization $kpd 700 100% 650 95% 600 90% 550 85% 500 80% 450 400 75% 350 70% 300
Slide 5: A snapshot of the income statement and balance sheet
1Q23 FINANCIALS A snapshot of the income Increased operating revenues primarily as a result of a full statement and balance sheet quarter of operations for our four drillships in Brazil and higher dayrate for the West Neptune, partly offset by West Hercules redelivery in the fourth quarter Income st
Slide 6: Delevered position, providing strategic optionality
CAPITAL STRUCTURE Delevered position, providing strategic optionality Adjusted net debt/(cash) as at March 31, 2023(1,2) Figures in $’million $175m First Lien Term Loan(3) $118m Second Lien Term Loan $50m Unsecured Convertible Note $15m Exit Fees 15 50 118 $358m Net cash position at quarter end 175
Slide 7: FY23 guidance, including Aquadrill consolidation from April 3, 2023
FINANCIAL GUIDANCE FY23 guidance, including Aquadrill consolidation from April 3, 2023 Total Operating Revenues $1,435-1,485m Adjusted EBITDA $435-485m Capital Expenditures & Long-Term Maintenance $210-250m Footnotes: Full year 2023 Guidance is a non-GAAP financial measure and includes the consolida
Slide 8: Modern, high-specification floater fleet
FLEET COMPOSITION Modern, high-specification floater fleet West West West West West West West West West West Sevan West West Carina Saturn Tellus Vela Auriga Neptune Jupiter Capella Gemini Polaris Louisiana Eclipse Aquarius (3) UDW(1) ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ 13 Dual-activity ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ 10
Slide 9: Progressing sustainability, contributing to the UNSDGs
ESG Progressing sustainability, contributing to the UNSDGs UN Sustainable Development Goals Safety, health, ESG Policies Environmental and wellbeing 3 8 16 17 Supply chain Diversity and inclusion Ethical business conduct Social Training and Setting the development standard Data privacy and security
Slide 10: Setting the standard in offshore drilling
OUR PATH FORWARDS Setting the standard in offshore drilling Enhance positioning Proactively develop in core markets capital structure Establish sustainable Evaluate further shareholder returns policy accretive transactions 10
Slide 11: Q&A
Q&A