February 2026
Seadrill at a glance (NYSE: SDRL)
Market Capitalization1
Marketed Fleet of 14 rigs2
Rising Average Dayrates3
+11%Total Backlog4
$2.5bnFY26 Adjusted EBITDA
Guidance5
$375mPrudently Levered6
0.81x(1) Closing price as of February 20, 2026, multiplied by 62.4m common shares outstanding;(2) Includes 2 managed drillships; excludes 3 stacked rigs;(3) Percentage change over LTM to December 31, 2025; Average dayrates exclude management fees and leasing income earned for three drillships managed through Sonadrill joint venture;(4) Backlog as of February 25, 2026, as per latest published fleet status report;(5) Mid-point of FY 2026 Adjusted EBITDA guidance. Due to the forward-looking nature of Adjusted EBITDA, the Company cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, net income/(loss). Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without
unreasonable effort. The unavailable information could have a significant effect on the Company's full year 2026 GAAP financial results; (6)Leverage represents Net Debt (Non-GAAP) / LTM adjusted EBITDA (Non-GAAP). Net debt as of December 31, 2025, and is calculated as total debt, including 3
current maturities less cash and cash equivalents, excluding restricted cash.
10 Drillships
4 Semi-
Submersibles
2 Managed
Drillships
1 Harsh
Environment Jackup
Premium assets deployed across the most attractive offshore basins
North Sea
1
U.S. Gulf
2
1
#1
The Golden Triangle
Strategically positioned in 'The Golden Triangle', the source of 87% of offshore deepwater demand
The leading drillship operator across two of the three largest countries by drillship demand1
Southeast Asia
Deeply embedded, long-term customer relationships across IOC's and independents
Brazil
1
Drillship
#1 Operator in Angola
Drillship
#1 Operator in Brazil
West Africa
6
1 Stacked
2 3
(1) Source: Westwood RigLogix, February 2026.
4
Greenfield values of offshore deepwater project approvals
USD billion
140
120
100
80
60
40
20
0
2026
2027
2028
Momentum behind a strategic pivot to deepwater is building
Investment in offshore basins forecasted to increase1
Favorable economics expected to incentivize future activity2 Reserves
Billion barrels of liquid
5
4 73
59
3 52
40
2
% proven plus probable reserves
94
96 96 97 98 100
91
86
94% of proven plus probable reserves have breakeven costs under $60bl2
1 15
4
0
<$20 $20-$25 $25-$30 $30-$35
$35-$40 $40-$45 $45-$50 $50-$55
$55-$60 $60-$65 $65-$70
$70-$75
$75-$80 >$80
(1) Source: Rystad Energy, January 2026.(2) Source: Rystad Energy. Proven plus probable undeveloped reserves "2P" indicate the estimated volume of hydrocarbons considered commercially recoverable with 50% or greater probability.
5
Backlog visibility at increasing dayrates$m
$k/d
( (1) Backlog as of February 25, 2026 as per latest published fleet status report. Years 2024 and 2025 denote reported total operating revenues;(2) Average dayrates exclude management fees and leasing income earned for three drillships managed through Sonadrill joint venture.
6
Average Dayrate
Backlog
Revenue
2024 2025 2026 2027 2028
275
0
300
325
600
375
900
425
1200
475
1500
Strong outlook into 2026 and growing coverage into 2027
Current backlog1 of $2.5bn
Average dayrates and backlog by year