Slide 1: Investor Presentation March 2025
Investor Presentation Investor Presentation March 2025
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: Disciplined deepwater driller with strong backlog and a robust balance sheet
Disciplined deepwater driller with strong AT A GLANCE NYSE: SDRL backlog and a robust balance sheet ~$1.6b 2 Premium floater Enterprise value pure-play Marketed fleet of 12 drillships, one niche semi-sub, and one harsh environment unit1 14 Actively-marketed rigs Intentional ~$3.0b positioning in Clu
Slide 4: 2024 Highlights
2024 Highlights Mar Jun Jun Sep Sep Sep Oct Dec Dec Dec 2024 2024 2024 2024 2024 2024 2024 2024 2024 2024 Relocated Additional Sale of Delisted Final Additional Petrobras West Jupiter & Sale of cold- Additional corporate HQ $250m shares Qatar jack- from Oslo Aquadrill $192m shares ‘Supplier of West
Slide 5: Deepwater demand expected to remain resilient
Deepwater demand expected to remain resilient Oil and gas remains essential Depleting resources require reinvestment Deepwater will continue to attract capital Estimated to represent ~50% of the global energy Supplies virtually disappear absent investment as natural Attractive for E&P capital as it
Slide 6: Supply-demand balance is dynamic
Supply-demand balance is dynamic Global drillship fleet is limited Contracted utilization has softened Dayrate outlook is unclear Investment requirements and lack of operating history Demand deferral has increased idle capacity, though Absence of recent contracting awards limits dayrate may disadvan
Slide 7: Seadrill marketed fleet is 77% contracted in 2025
Seadrill marketed fleet is 77% contracted in 2025 2025 Guidance Active drillships with availability in next 12 months 90% of mid-point total operating revenues guidance is Excerpt from February 2025 Fleet Status Report underpinned by firm backlog 2025 2026 Total Operating RIG REGION TYPE 1 J F M A M
Slide 8: Current backlog is $3.0 billion and extends into 2029
Current backlog is $3.0 billion and extends into 2029 Seadrill has robust backlog both in total amount and profile through time Recent contracting activity has added term at favorable rates and duration 77% 42% 35% 1.1 16% 0.8 0.7 0.4 3% 0.1 2025 2026 2027 2028 2029 As of Feb 26, 2025 ($ billion) %
Slide 9: Sell-side analysts rate SDRL as a 'Buy'
Sell-side analysts rate SDRL as a ‘Buy’ Seadrill has the highest % of ‘Buy’ recommendations amongst four largest U.S. publicly traded offshore drillers Analysts recognize Seadrill’s current stock price is trading at a discount to target prices 8% 17% 17% 33% 33% 92% 83% 67% 50% SDRL Peer A Peer B Pe
Slide 10: Seadrill is a disciplined, deepwater driller
Seadrill is a disciplined, deepwater driller Deepwater demand expected to remain resilient Supply-demand balance is dynamic Strong balance sheet with low leverage Repricing of West Jupiter and West Tellus contracts in 2026 provides uplift to earnings and FCF Durable backlog added at favorable margin