Seadrill Limited · NYSE:SDRL
Seadrill — Fearnley Securities (January 2026)
7 slides from Seadrill's conference presentation, January 2026
Slide 1: Investor Presentation January 2026
Investor Presentation January 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 Capitalization Fleet of 1 $2.2bn 14 rigs 2 Prudently Total Backlog 3 Levered 4 $2.5bn 0.76x (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) Backlo
Slide 4: Durable backlog and rising average dayrates
Durable backlog and rising average dayrates Strong backlog in total amount and profile through time At increasing average dayrates 1 Backlog of $2.5bn extending into 2029 at favorable rates Recent contract awards support elevated earnings potential in 2026 and beyond Total Backlog as of November 5,
Slide 5: Recent contract awards
Recent contract awards Securing utilization in a competitive environment Filling white space in 2026 and beyond Sonangol Libongos; 525 days with Azule Energy, Angola Sonangol Quenguela; 520 days with TotalEnergies, Angola West Gemini; 284 days with Sonangol, Angola West Vela; 65 days with Walter Oil
Slide 6: Compelling upside
Compelling upside 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 7.3 67% 6.1 6.3 55% 4.3 33% 17% 2026 2027 Seadrill Peer A Peer B Peer C SDRL Peers (1) Calculated using closing price as of January 8, 2
Slide 7: Seadrill
Seadrill