January Investor Presentation

January 2026

Market Capitalization1

Marketed Fleet of 14 rigs2

Total Backlog3

Prudently Levered4

(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) Backlog as of November 5, 2025, as per latest published fleet status report. Excludes three awards disclosed subsequently on December 15, 2025, for West Neptune, Sevan Louisiana and and Sonangol Quenguela; (4) Leverage represents Net Debt (Non-GAAP) / LTM adjusted EBITDA (Non-GAAP). Net debt as of September 30, 2025, and is calculated as total debt, including current maturities less cash and cash equivalents, excluding restricted cash.

Strong backlog in total amount and profile through time

At increasing average dayrates

Backlog1 of $2.5bn extending into 2029 at favorable rates

Total Backlog as of November 5, 2025

USD billion

Recent contract awards support elevated earnings potential in 2026 and beyond

Average Drillship Dayrates2

September 2024 through September 2025

342,000

351,000 350,000

307,000

293,000

1.1

3Q24 4Q24 1Q25 2Q25 3Q25

0.7

Two legacy dayrate contracts reprice in 2026

West Jupiter and West Tellus repriced from ~$250k/d to ~$450k/d in 2026

2025 2026 2027 2028 2029

( (1) Backlog as of November 5, 2025, as per latest published fleet status report. Excludes three awards disclosed subsequently on December 15, 2025, for West Neptune, Sevan Louisiana and and Sonangol Quenguela; (2) Average drillship dayrates excludes three managed drillships for which Seadrill earns a management fee not dayrate.

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 and Gas, U.S. Gulf plus 60 days with Talos Energy, U.S. Gulf

West Neptune; 120 days with LLOG, U.S. Gulf

Sevan Louisiana; 60 days with Exxon Mobil, U.S. Gulf

Trading at a discount vs Peers for 2026 and 2027

Highest % of "Buy" Recommendations In Peer Group2

EV/EBITDA Multiples

Seadrill vs Peer Average1

6.1

7.3

6.3

67%

55%

2026 2027

SDRL

Seadrill Peer A Peer B Peer C

(1) Calculated using closing price as of January 8, 2026, and consensus estimates for EBITDA as per FactSet. Peers include RIG, NE & VAL; (2) Source data: FactSet, analyst research as of January 8, 2026. Analyst population includes all sell-side analysts who cover Seadrill and peer group.