Seadrill (SDRL) Investor presentation summary

Financial highlights

• Market capitalization stands at $2.8 billion, with a total backlog of $2.5 billion as of February 2026.

• FY26 adjusted EBITDA guidance is $375 million, with total operating revenues projected at $1.4–1.45 billion.

• Net leverage is 0.81x, reflecting prudent financial management and a robust balance sheet.

• Total liquidity is $524 million, with net debt at $286 million as of December 2025.

• Share price has appreciated approximately 50% over the last three months.

Operational performance and fleet

• Operates a marketed fleet of 14 rigs, including 10 drillships and 2 managed units.

• 9 out of 14 rigs are fully contracted for 2026, covering 90% of revenue guidance midpoint.

• Leading drillship operator in Angola and Brazil, with strong positions in the U.S. Gulf and North Sea.

• High-specification assets such as West Carina, West Vela, West Neptune, and West Gemini are highlighted for performance and contract opportunities.

• Average dayrates have risen 11% year-over-year, with strong backlog visibility into 2027.

Market positioning and strategy

• Strategically positioned in the "Golden Triangle," which accounts for 87% of offshore deepwater demand.

• Deeply embedded, long-term relationships with IOCs and independents across key offshore basins.

• Momentum is building for a strategic pivot to deepwater, with 94% of proven plus probable reserves having breakeven costs under $60/bbl.

• Offshore investment is forecasted to increase, incentivized by favorable project economics.

• Trades at a discount to UDW peers on both EV/EBITDA multiples and implied asset values.