Seadrill Limited · NYSE:SDRL
Seadrill — Investor Presentation (September 2026)
12 slides from Seadrill's investor presentation, September 2026
Slide 1: Investor Presentation September 2026
Mivestor . Presentation z September 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) Opportunistic Market Marketed 1 Share Capitalization Fleet of 3 Repurchases $3bn 14 rigs 2 $20m Raised FY26 4 Prudently Total Backlog EBITDA 6 5 Levered Guidance $3bn 0.9x $435m (1) Closing price as of August 28, 2026, multiplied by 62.5m common shares outstanding;
Slide 4: High specification floater focused fleet deployed across strategic deepwater basins
High specification floater focused fleet deployed across strategic deepwater basins North Sea 1 Our Fleet Strategically positioned in ‘The U.S. Gulf Golden Triangle’, the 12 x Drillships 2 source of 82% of 9 x 7G 2 3 drillship demand 1 80% MPD equipped 1 4 x Semi-subs 2 x Harsh environment 2 x Benig
Slide 5: Seadrill's priorities
Seadrill’s priorities Safe and reliable operations Free cash flow generation Capturing the upside Delivering safe, efficient, and reliable On track to generate meaningful FCF in Well-positioned for meaningful earnings operations across our fleet, with a focus on 2H2026 with a targeted return of at l
Slide 6: Safe and reliable operations
Safe and reliable operations World class safety standards High performance and utilization Technology led operational execution Industry-leading MPD capabilities Next-generation hardware and best-in-class in-house MPD training programs % Technical Utilization 2026 year-to-date1 PLATO platform and re
Slide 7: Momentum behind a strategic pivot to deepwater continues to build
Momentum behind a strategic pivot to deepwater continues to build 1 1 Investment in offshore basins forecasted to increase …. Favorable economics expected to incentivize future activity Greenfield values of offshore deepwater project approvals Global floater demand by oil price sensitivity USD billi
Slide 8: Strong backlog at increasing dayrates provides cash flow visibility
Strong backlog at increasing dayrates provides cash flow visibility 2026 secured, contracting leverage in 2027 1 Current backlog of $3bn Total operating revenue, backlog and average dayrates2 by year $m $k/d 1600 475 1200 425 800 375 400 325 0 275 2024 2025 2026 2027 2028 2029+ Backlog Revenue Avera
Slide 9: Compelling upside
Compelling upside And on implied asset valuation 2 Trading at a discount vs UDW Peers on multiples… EV/Adjusted EBITDA Multiples Implied asset value per 7th generation drillship ($m) Seadrill vs Peer Average1 Seadrill vs Peers Trading at a 21% discount to peer average 504 10.1 421 8.0 7.6 335 350 5.
Slide 10: Seadrill FY 2026 Guidance
Seadrill FY 2026 Guidance From 2Q 2026 Earnings Release Total Operating Revenues 1 $1.50b - 1.55b Prior Guidance: $1.43b - $1.48b Adjusted EBITDA 2 $420m - 450m Prior Guidance: $370m - $420m CapEx and LTM 3 $200m - 240m Prior Guidance: $200m - $240m (1) Total Operating Revenues excludes approximatel
Slide 11: Appendix
Seadnill
Slide 12: Appendix 1: Fleet Status Report
Appendix 1:Fleet Status Report 1 As of August 10, 2026 (1) Fleet status report published at www.IR.Seadrill.com; (2) Owned by Sonangol.