Slide 1: Investor Presentation September 2023
Investor Presentation September 2023
Slide 2: Forward-looking statements and disclaimer
Forward-looking statements and 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 regar
Slide 3: Efforts to simplify and strengthen business drive shareholder value
Efforts to simplify and strengthen business drive shareholder value Seadrill has transformed itself over the past 18+ months Focused business by Broadened investor base and selling non-core assets and improved liquidity by listing investments in non-core on stock exchange businesses Enhanced fleet s
Slide 4: Seadrill achieves strength through scale
Seadrill achieves strength through scale ~$4B market cap1 leading deepwater driller operates 18 rigs2 clustered in three primary markets Fleet refinement Market selection Capital discipline Modern, floater-focused fleet “Golden Triangle Plus” Thoughtful value creation Move towards pure-play, Concent
Slide 5: Sustained efforts to focus on deepwater make Seadrill more pure-play
Fleet refinement Market selection Capital discipline Sustained efforts to focus on deepwater make Seadrill more pure-play Saudi jackup sale Aquadrill acquisition Paratus Energy sale Tender-assist unit sale Potential jackup sale1 Enhanced scale and Simplified business, Divested non-core Announced pla
Slide 6: Clustering rigs unlocks economies of scale
Fleet refinement Market selection Capital discipline Clustering rigs unlocks economies of scale that support contract flexibility, operational efficiency, and employment stability Active rig fleet by region1 $2.4B order backlog as of August 15, 2023 Region Norway Type # 1 1 US Gulf of Mexico 3 $1.7B
Slide 7: Local scale creates leading positions in key operating markets
Fleet refinement Market selection Capital discipline Local scale creates leading positions in key operating markets, positioning Seadrill well to secure quality contracts US Gulf of Mexico Brazil Angola - Long-standing relationships with local operators - Legacy contracts with leading operators - St
Slide 8: Capital allocation priorities lead to thoughtful value creation across the cycle
Fleet refinement Market selection Capital discipline Capital allocation priorities lead to thoughtful value creation across the cycle 1 Defend best-in-class 2 Maintain competitive 3 Explore accretive 4 Return capital to balance sheet rig fleet growth opportunities shareholders Deliver safe, Evaluate
Slide 9: Customers desire well-resourced, resilient contractors like Seadrill
Customers desire well-resourced, resilient contractors like Seadrill Floater market remains fragmented outside of leading players Floater market by drilling contractor 132 units globally1 Largest Floater Contractors Global Floater Market Share Excludes harsh environment Excludes harsh environment Dr
Slide 10: Upcoming contracting activities are opportunities to create value
Upcoming contracting activities are opportunities to create value As rig contracts end, Seadrill intends to: Excerpt from August 15 Fleet Status Report Active floaters with contract expirations before year-end 2024 CONTRACT DURATION RIG SPEC2 REGION 2023 2024 1 Reprice S O N D J F M A M J J A S O N
Slide 11: Market fundamentals remain constructive for long-term outlook
Market fundamentals remain constructive for long-term outlook Demand continues to accelerate in a tightening market E&P spending expected to be buoyant Benign ultra-deepwater fixtures reflect tightening market dynamics1 Source: DNB Markets, Rystad Energy, S&P Global Petrodata 1 Benign UDWs defined a
Slide 12: Summary of key takeaways
Seadrill achieves strength through scale Fleet refinement, market selection, capital discipline Customers desire well-resourced, resilient contractors like Seadrill Floater market remains fragmented outside of leading players Upcoming contracting activities are opportunities to create value Reprice,
Slide 13: Seadrill
Seadrill
Slide 14: Appendix A: 2Q23 Financial Snapshot
APPENDIX A: 2Q23 FINANCIAL SNAPSHOT Income statement highlights 2Q23 1Q23 % Figures in USD Million, unless otherwise indicated Total operating revenue 414 266 56 Contract revenues 329 189 77 Total adjusted EBITDA1 159 85 87 Total adjusted EBITDA margin (%)1 38.4 32.0 6.4 Balance sheet highlights Jun
Slide 15: Appendix B: FY23 Guidance
APPENDIX B: FY23 GUIDANCE Total Operating Revenues $1,435-1,485m Adjusted EBITDA $435-485m Capital Expenditures & Long-Term Maintenance $210-250m Footnote: Full year 2023 guidance unchanged from May 23, 2023 (published as part of our 1Q23 earnings). 15
Slide 16: Appendix C: Contract Coverage, August 15, 2023 Fleet Status Report
APPENDIX C: CONTRACT COVERAGE, AUGUST 15, 2023 FLEET STATUS REPORT 2023 2024 2025 2026 A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D West Polaris1 Drillship Semi-Submersible Jack-up Harsh Environment Option period West Auriga1 West Vela1 West Capella1 Undisclosed