Slide 1: Investor Presentation
Investor Presentation February 2026
Slide 2: Disclaimer
Disclaimer 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 inclu
Slide 3: Seadrill at a glance (NYSE: SDRL)
Seadrill at a glance (NYSE: SDRL) Market Marketed Rising Average Capitalization Fleet of Dayrates 1 3 $2.8bn 14 rigs 2 +11% FY26 Adjusted Prudently Total Backlog EBITDA 4 Levered 6 $2.5bn Guidance 5 $375m 0.81x (1) Closing price as of February 20, 2026, multiplied by 62.4m common shares outstanding;
Slide 4: Premium assets deployed across the most attractive offshore basins
Premium assets deployed across the most attractive offshore basins North Sea 1 Strategically positioned in ‘The Golden Triangle’, the source of 87% of offshore U.S. Gulf deepwater demand 2 The leading drillship operator across two of 1 the three largest countries by drillship demand1 Deeply embedded
Slide 5: Momentum behind a strategic pivot to deepwater is building
Momentum behind a strategic pivot to deepwater is building Investment in offshore basins forecasted to increase Favorable economics expected to incentivize future activity 1 2 Greenfield values of offshore deepwater project approvals Reserves USD billion Billion barrels of liquid 140 % proven plus p
Slide 6: Backlog visibility at increasing dayrates
Backlog visibility at increasing dayrates Strong outlook into 2026 and growing coverage into 2027 1 Current backlog of $2.5bn Average dayrates and backlog by year $m $k/d 1500 475 1200 425 900 375 600 325 300 0 275 2024 2025 2026 2027 2028 Revenue Backlog Average Dayrate ( (1) Backlog as of February
Slide 7: 90% of 2026 revenue guidance mid-point is covered by firm backlog
90% of 2026 revenue guidance mid-point is covered by firm backlog 9 of 14 rigs fully-contracted in 2026 Promising prospects for high-specification assets Excerpt from Fleet Status Report, last published February 25, 2026 Active drillships with contract expiration in 2026 West Carina 7th generation d
Slide 8: Robust balance sheet and prudent leverage
Robust balance sheet and prudent leverage Net debt ($m) vs UDW Peers Ample Liquidity 1 $5,524 $1,513 $286 RCF Seadrill Peer A Peer B Net leverage vs UDW Peers 2 2.75 Cash 1.37 0.81 Total liquidity : 3 $524m Seadrill Peer A Peer B (1) Net debt as of December 31, 2025, and is calculated as total debt,
Slide 9: Compelling upside
Compelling upside Trading at a discount vs UDW Peers on multiples… And on implied asset valuation 2 EV/Adjusted EBITDA Multiples Implied asset value per 7th generation drillship ($m) Seadrill vs Peer Average1 Seadrill vs Peers 8.9 8.3 8.5 496 402 5.6 304 2026 2027 SDRL Peers SDRL Peer A Peer B Seadr
Slide 10: Seadrill FY26 guidance
Seadrill FY26 guidance 1 Total Operating Revenues $1,400-1,450m Adjusted EBITDA 2 $350-$400m CapEx and LTM $200-$240m (1) FY26 guidance ranges confirmed on fourth quarter earnings call. Total Operating Revenues excludes approximately $50 million of reimbursable revenues. LTM refers to capitalized lo
Slide 11: Seadrill
Seadrill