Seadrill (SDRL) Investor presentation summary

Financial highlights

• Market capitalization stands at $2.2 billion with a marketed fleet of 14 rigs and a total backlog of $2.5 billion as of November 2025.

• Leverage ratio is 0.76x, calculated as net debt to last twelve months adjusted EBITDA.

Backlog and contract profile

• Backlog extends into 2029, providing revenue visibility at favorable rates.

• Average drillship dayrates have risen, with legacy contracts for West Jupiter and West Tellus repricing from ~$250k/d to ~$450k/d in 2026.

• Recent contract awards fill utilization gaps for 2026 and beyond, supporting elevated earnings potential.

Recent contract awards

• Secured multi-year contracts in Angola for Sonangol Libongos (525 days), Sonangol Quenguela (520 days), and West Gemini (284 days).

• Additional contracts in the U.S. Gulf for West Vela, West Neptune, and Sevan Louisiana, ranging from 60 to 120 days.