Investor Presentation

Disclaimer

We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action
whatsoever, with respect to any proposed transaction or otherwise.
The information contained herein includes certain statements, Estimates and projections with respect to our anticipated future performance (including illustrative returns on equity) and anticipated
industry trends. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "int end," “likely,” "plan," "project," "could," "may," "might," "should," "will"
and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, rig commitments and availability,
cash flow, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the effect, impact, potential duration and other implications of the ongoing
COVID-19 pandemic; impact of our emergence from bankruptcy; the offshore drilling market, including supply and demand, customer drilling programs, stacking of rigs, effects of new rigs on the
market and effects of declines in commodity prices; expected work commitments, awards and contracts; effective tax rates; letters of intent; scheduled delivery dates for rigs; the timing of delivery,
mobilization, contract commencement, availability, relocation or other movement of rigs; future rig reactivations; expected divestitures of assets; general market, business and industry conditions,
trends and outlook; future operations; increasing regulatory complexity; the outcome of tax disputes, assessments and settlements; and expense management. Such statements, Estimates and
projections reflect various assumptions concerning anticipated results and industry trends, which assumptions may or may not prove to be correct. Actual results and trends may vary materially
and adversely from the projections contained herein. We have prepared this document and the analyses contained in it based, in part, on certain assumptions and information obtained by us from
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based on financial, economic, market and other conditions prevailing as of the date of this document or as at the date stated in respect of that information and are therefore subject to change. We
undertake no obligation or responsibility to update any of the information contained in this document. Past performance does not guarantee or predict future performance. Any and all trademarks
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This document and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy any security, commodity or instrument or related derivative, nor do they
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legal, regulatory, accounting and tax advice regarding the contents of this document. This document does not constitute and should not be considered as any form of financial opinion or
recommendation by us or any of our affiliates. This document is not a research report and was not prepared by the research department of Seadrill Limited or any of its affiliates.

2
Introducing the New Transformed Seadrill

A platform transformed, offering unique exposure to a recovering offshore drilling market

Simplified corporate structure Significant fleet rationalisation

High-grading the fleet and operating base

Materially strengthened balance sheet

$350m in new capital
No maturities until Dec 2026

Backlog build during Chapter 11 Clear pathway to equity liquidity

New contract wins across UDW / DW

3
Our Investment Proposition

1 Large fleet of premium and high-specification offshore drilling rigs

2 Well-positioned in key segments with favourable outlook

3 Strategic customer relationships supported by solid backlog

4 Significantly strengthened balance sheet

5 Attractive cash flow outlook and equity upside

Platform with unique track record to create value in a transforming offshore

6 drilling industry

4
 1 Diversified Fleet of Modern, High-spec Offshore Drilling Rigs

Floaters Jack-ups Harsh environment Managed rigs

West Neptune AOD III West Phoenix West Intrepid

Active rigs: 7 rigs 7 rigs 2 rigs 9 rigs

Six dual-activity drillships (mostly One 6G semi and one top-tier Two drillships, two harsh
7G) and one cylindrical 6G semi All premium 350ft CJ70 jack-up; all Norway environment rigs and five jack-ups
Active fleet:
jack-ups compliant

Average age: 8 years 9 years 12 years 10 years

Idle Rigs: 1 rig 4 rigs - -

Fleet has scale and specifications which allow for high drilling efficiency and substantial cash flow generation

Note: Seadrill fleet excludes rigs that are currently inactive (cold stacked); Managed rigs fleet size, average age and idle rigs includes 2 rigs owned by SFL and operated under a bareboat arrangement, and rigs managed on behalf of Seamex (5 jack-ups) and Sonadrill (2 floaters) 5
 1 With a Strong Portfolio of Strategic JVs and Investments

✓ Highly strategic Operated by Seadrill Operated by Seadrill

‒ Standalone entities with no 35% Ownership in Paratus 35% Ownership in Paratus

50/50 JV with Sonangol 50/50 JV with Gulf Drilling
Energy Services, which Energy Services, which
financial dependence on, or in Angola International in Qatar
owns 100% in Seamex owns 50% in Seabras
recourse to, Seadrill
‒ Synergies and operational
efficiencies from Seadrill
‒ Generates strong management
fee, dividends and equity upside

✓ Positioned in the right basins

Leases 2 rigs from
Leases 5 Jack-ups, of Owns 5 Jack-ups on Owns 6 PLSVs2 chartered
‒ Increasing demand in the Golden Sonangol, with potential to
which 3 are from Seadrill contract with PEMEX by Petrobras
Triangle and Middle East Rigs: lease 2 more from Seadrill
2025
2025 2026
2025
2024 2026
2023 2024
✓ Strong local relationships Contract 2022
2023
2024
2025
2026
2024
2023
Status: 2023 2024
‒ Extremely well-positioned to win 2022

contracts and renewals $190m $300m $797m $943m

‒ Strong track record Backlog:

Significant organic Significant upside Key

growth potential for Seadrill Clients:

Note: 1) Reflects post-emergence structure; Backlog figures as at 23 February 2022.

2) Pipe Lay Support Vessels
6
 1 Reintroducing the Leading Offshore Driller

Seadrill has the youngest fleet of scale… …and amongst the highest share of fleet contracted

Average fleet age Share of fleet with current or future contracts

26 84% 83%

75% 75%

62%

14

12
10 10

Attractiveness of fleet demonstrated by superior current

Amongst the world’s youngest and most technologically
utilisation, with significant upside from shorter term contracts in
advanced fleets, better placed to secure first-rate contracts
high day rate locations

Note: Fleets include owned and managed rigs as of 29 March 2022, but for Diamond Offshore excludes rigs managed on behalf of Aquadrill. Noble is shown pro forma for merger with Maersk Drilling
Source: IHS Rigpoint (underlying data), DNB Markets (further calculations)
7
 2 Strong Presence in High Demand Regions Globally

Scale in key markets such as the Golden Triangle and Middle East
Floaters
Harsh Environment
North Sea ✓ Globally diversified portfolio of owned and
Jack-ups
Harsh Environment
Managed Rigs managed rigs

✓ Established relationships with several major

IOCs and NOCs

✓ Positioned in the right basins for all segments

Middle East
Benign Environment
‒ Continuing to build ultra-deepwater franchise
Jackups in the Golden Triangle and driving economies
of scale from rig clustering in the region

‒ Enjoying strong relationships and contracting

Golden Triangle SE Asia activity in the Middle East benign jack-up
Brazil, Angola, US GoM environment
Ultra Deepwater Floaters

#1 International Operator
in Brazil1 #1 Operator of
rigs in Angola1

Note: 1) IHS Petrodata, Angola includes Seadrill & Sonadrill

8
 2 Strategically Positioned throughout the Golden Triangle

Brazil: Leading international driller Angola: Leading driller US Gulf of Mexico: Attractive positioning

✓ Largest offshore drilling presence ✓ Largest offshore drilling presence ✓ Long-standing track record
amongst international drillers
✓ Attractive strategic partnership ✓ Excellent relationship with
✓ Well-positioned for recontracting / with Sonangol local operators
extensions with Petrobras
✓ Strong recontracting outlook ✓ Upside from short term
✓ Rapidly growing rig demand contracts / spot market

Key customers Benign UDW position Key customers Benign UDW position Key customers Benign UDW position

25%
Seadrill share of benign UDW rig
26%
Seadrill share of benign UDW rig
15%
Seadrill share of benign UDW rig
years awarded since 2012 years awarded since 2012 years awarded since 2012

Num ber of rigs per int’l driller1 Cum ulative contracted rig years2 Num ber of rigs1 Cum ulative contracted rig years2 Num ber of contracted rigs1 Cum ulative contracted rig years2

50 25 50
7
4 3
40 20 40
4
3 30 2 15 30
4
20 10 20
3
2 1
10 5 3 10
1 0 1 0 0
2011 2014 2017 2020 2011 2014 2017 2020 1 2011 2014 2017 2020

Note: 1) Benign UDWs managed as of 29 March 2022; 2) From benign UDWs managed by Seadrill or Sonadrill
Source: IHS Rigpoint (underlying data), DNB Markets (further calculations)
9
 3 Diversified, Balanced Portfolio with Enhanced Cash Flow Resilience

Diversified streams of revenue Nearly 90 unique customers served Strong relationships with key UDW customers
Total revenue backlog by rig type 1 Cumulative number of customers served since Smedvig Benign UDW rig years awarded per operator since 2012 3
Jack-ups acquisition 2 Top 15 benign UDW operators

10%
90 23% 152
85
1% 126
80
Harsh Environment 31% 75 2% 86
59%
Floaters 70 23% 85
65
30% 74
60
55 53% 62
50 19% 40
Total revenue backlog by geography1 45
40 26
Asia & Middle East North America 35 65% 26
8% 10% 30
24
25
20 19% 19
Norway 28%
15 18
10
47% 4% 14
5
Brazil Seadrill
7% 0 14
Others
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Angola 44% 14 Denotes operators with DW
production growing >25% over
next 5 years (2021-2025E)

Balanced revenue streams from diversification A significant portion of operators globally have been Well-positioned to benefit from UDW recovery from
across assets and geographies served throughout Seadrill’s history strong relationships with key operators

Note: 1) Includes revenue backlog of rigs owned by Seadrill, 2 rigs owned by SFL and operated under a bareboat arrangement, i ncluding 6 months of revenue backlog from West Linus, management contract revenue backlog of rigs managed on behalf of Seamex and Sonadrill, and bareboat charter revenue backlog from GulfDrill as of
23 February 2022; 2) Includes rigs managed by Seadrill, Seamex, Gulfdrill and Sonadrill; 3) Benign UDWs defined as rigs with rig water depth ≥ 7,500m and a non-harsh market category in IHS Rigpoint as per 29 March 2022. Seadrill includes rigs managed by Seadrill and Sonadrill 10
Source: IHS Rigpoint (underlying data), DNB Markets (further calculations), Wood Mackenzie (production growth data)
 3 Profitable $2.2bn Backlog with a Strong Contract Win Record

Backlog per 23 February 2022 Large backlog providing the most secure future cash flows
Owned and leased rigs1
Average number of backlog months per rig 2
Per benign
22 16 13 14 13
UDW rig3
24

$1.3bn
16
Floaters 13 13
11

Winning a disproportionately large share of benign UDW rig years4

Harsh
Environment $0.8bn Cumulative rig years
awarded to Seadrill
Cumulative % of total
awarded rig years
25 30%
19.8 20.4
20 25%
20%
15
9.5 15%
10 8.3
10%
5 5%
0.5

$0.1bn
0 0%
Jack-ups Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

Note: 1) Includes 6 months of revenue backlog from West Linus; 2) Fleets include owned and managed rigs, but for Diamond Offshore excludes rigs managed on behalf of Aquadrill. Noble is shown pro forma for merger with Maersk Drilling. Per 29 March 2022; 3) Benign UDWs defined as rigs with rig water depth ≥ 7,500m and a non-
harsh market category in IHS Rigpoint; 9 for Seadrill, 29 for Transocean, 7 for Diamond Offshore, 18 for Noble and 15 for Valaris; 4) Where Seadrill has acted as manager as per IHS Rigpoint 29 March 2022 11
Source: IHS Rigpoint (underlying data), DNB Markets (further calculations)
 3 Securing Premium UDW Contracts at Better Terms Than Peers

Consistently securing contracts at the high-end of the market… … at longer contract durations

Average announced benign UDW dayrate ($k/d)1 Average benign UDW contract length (rig
Others Seadrill years)1,2

+9% +110%
+12%
552 2.0
518
506
464

+6%

325
306

1.0
+2%

196 201

2006-2009 2010-2013 2014-2017 2018-2021 Others Seadrill

Operational excellence and technologically advanced fleet key to secure premium dayrates Consistently awarded longer work than peers

Note: 1) Benign UDWs defined as rigs with rig water depth ≥ 7,500m and a non-harsh market category in IHS Rigpoint. Includes only new mutual contracts excludes rigs with 20K BOP stacks. Seadrill fleet includes rigs owned by Seadrill, 2 rigs owned by SFL and operated under a bareboat arrangement, and rigs managed on behalf of
Sonadrill; 2) Since 1 January 2021, as per 29 March 2022 12
Source: IHS Rigpoint (underlying data), DNB Markets (further calculations)
 3 The Offshore Rig Market is Recovering

Bottomed-out rig count Large share of non-competitive rigs

Number of contracted floaters Number of benign UDW rigs
300 137
22 5
Limited 200 82 28
Supply 100
0
1985 1990 1995 2000 2005 2010 2015 2020 Current/future Warm Cold Orderbook Global
contracted stacked stacked fleet

Accelerated rig demand recovery

Increase in contracted floaters from trough
80 All signs indicating a strong
Historical average
60
2021 trough
recovery within Seadrill’s main
Increasing 40
Demand 20 segments
0
0 5 10 15 20 25 30 35 40 45 50
Months from trough

Recovering dayrates Recovering utilization

Benign UDW fixtures (new mutual, $k/d) Total utilization of benign UDW floaters
800 100%
600 80%
Strong 400
Recovery 200 60%
0 40%
2000 2005 2010 2015 2020 2000 2005 2010 2015 2020

Note: Benign UDWs defined as rigs with rig water depth ≥ 7,500m and a non-harsh market category in IHS Rigpoint. Data per 29 March 2022
Source: IHS Rigpoint (underlying data), DNB Markets (further calculations)
13
 4 Substantially De-levered and Simplified Capital Structure

Complete rebalancing of the capital structure Conservative debt and ample liquidity

Current build-up to net debt 2

$12.6bn
>55% $175m First Lien Term Loan

Reduction $50m Unsecured Convertible Bond

Undraw n: $125m First Lien Revolver
Majority expected to
become unrestricted in the
short to medium term
$50m
$175m $335m

$151m
$908m
$683m
$573m
$5.6bn
$422m
>85%
Reduction
Total Debt Unrestricted Net Debt Restricted Adj. Net Debt
Cash 2022 Cash 2022

✓ Substantial deleveraging

$0.9bn ✓ Improved pro-forma liquidity

$0.7bn
✓ Simplification of the capital structure from 12 silos to a single silo
Total Existing Pre- Take- Total debt
liabilities 1 petition debt back Debt 2022 ✓ No debt maturities until December 2026
2017 2018 2022

Note: 1) Figure is representative of all liabilities including bank debt, unsecured bonds, yard capex, finance leases, and other financial guarantees; 2) Figures are all upon emergence, 23 February 2022
14
 5 Exceptional Cost and Capital Discipline

Commitment to lowering costs

✓ Disciplined approach to fleet Materially lower operating expenses And a lower G&A cost base
management >25%
Rig operating expenses (benign), $k/day Seadrill G&A
‒ Retired 12 rigs 1 from its fleet to Floaters Jack-ups
eliminate stacking costs
-19%

✓ Focus on sufficient contractual term

and accretive economics to justify Seadrill Pre Petition Seadrill now
reactivations
‒ $1.7bn in contract backlog secured
Supported by significantly lower interest expense
in 2021
Seadrill Interest Payments
-18%
>60%
✓ Clustered assets in core strategic
basins to gain synergies and reduce
costs
‒ Brazil, Angola and the Middle East
2017 2021 2017 2021 Seadrill Pre Petition Seadrill now

Note: 1) Including Sevan Driller and Sevan Brasil, currently held for sale 15
 5 Providing Attractive Earnings in a Market Recovery

Significant earnings potential in a market recovery… …that is converted into cash

Illustrative EBITDA Illustrative unlevered FCF / EBITDA

Illustrative FCF
~$1.1bn
79%
~$0.9bn

63%
~$0.4bn
~$0.3bn
~$0.2bn
~$0.1bn

Dayrate scenario A B C 36%

Harsh Environment $280k/d $300k/d $320k/d

Floaters $250k/d $300k/d $450k/d

Jack-ups $80k/d $90k/d $150k/d

Fleet utilisation 80% 85% 90% Scenario A Scenario B Scenario C

Significant EBITDA and unlevered FCF potential in an increasing dayrate scenario

Note: This slide is not intended to show Seadrill’s exact fleet, or be guidance, but rather high-level illustrative scenarios. The scenarios assume ~98% economic utilisation, average daily operating expenses of $140k for harsh environment (2 rigs), $110k for floater s (8 rigs) and ~$40k for jack-ups (11 rigs), ~$180m annual overhead
costs, annual capital expenditures of ~$120m and a 10% cash tax rate
16
 5 Low Implied UDW Values Providing Equity Uplift Potential

Current low implied values per modern UDWs… …providing significant support for strong equity uplift potential

Implied UDW equivalent value ($m) UDW equivalent ($m) Implied share price ($)2
Based on trading peers 1
850
314 300 446 750 790 1,123
800
750
700 -6% +54% +178% +195% +330%

650 173
600
550
500 Average last ten years

450 119
112
400
Pre-Covid-19 implied value
350
300
250 62
200
Implied value based on current 40 38
150
trading levels of listed companies
100
50
0
Q1 2012 Q1 2014 Q1 2016 Q1 2018 Q1 2020 Q1 2022 Current implied Pre Covid-19 Average last Replacement Peak last Seadrill
value of peers 3 implied value ten years cost ten years peak implied
value (2014)

Implied rig values at historical lows Tangible share price uplift potential from reference points

Note: 1) Maersk Drilling alone used as proxy post-2020; 2) Est. Seadrill UDW equivalents used, net debt of $573m, and 50m shares outstanding; 3) Average of Noble, Valaris and Transocean
Source: Bloomberg (underlying data), DNB Markets (further calculations)
17
 5 Historically Unmatched Returns Profile
Strong earnings capabilities with proven track record of dividend delivery

Industry leading profitability Robust through-cycle EBITDA generation THE leading return proposition

Average EBITDA Margin Versus Peers1, Cumulative EBITDA2 Since Q4 2008-21 ($bn) Dividends Paid Since YE 2008 ($ bn)
2009-2021 (%)

47.9% 1 19.3 1 7.6

3
41.8% 2 12.0 2 4.2

3 33.3 3 3.0

4 13.4 4 2.2

5 13.6 5 1.5

Seadrill Peer Average

One of the only drillers to deliver significant through cycle returns for shareholders

Note: 1) Peers include Diamond Offshore, Transocean, Noble (pro forma for Maersk Drilling merger), Valaris; 2) For peers EBITDA has been calculated based on Operating Income + Depreciation & Amortisation + adjustments for any one off impairments and any gains / losses; 3) Diamond results only reported up to 9M 2021
Source: Company disclosures
18
6 Track Record of Operational Excellence
Setting the standard in drilling since 2005

World-class safety standards High performance and utilisation Industry leading business practices

Total Recordable Incident Rate

>2,700 wells drilled
Industry
0.30 in every major
Average
basin in the world Plato Condition-Based Maintenance
0.24

Comparing favourably to H2 2021 Live tracking of key performance

97 %
offshore drilling industry standard Technical
indicators in real time
Utilisation
(Trailing 6M)

Industry leader for managed

pressure drilling (MPD) systems

95 % Technical
Utilisation
(Trailing 12M)

Digital platform drives performance

97 % Technical delivering on average 4.53 days

Utilisation ahead of clients planned AFEs
(Since 2015)

19
 6 A Culture of Innovation and Sustainability
Keeping people and the environment safe, and operations efficient

Committed to building sustainable operations

An industry leader in how we

A case study in Seadrill’s commitment to innovation
manage our carbon emissions

West Saturn Installations1 Outcomes

Carbon Disclosure Project Rankings

✓ 10-15% CO2 emission reduction Seadrill................................ B

Combined hydrogen and
✓ 10-15% fuel saving Borr...................................... B
methanol injection system
✓ 30-80% NOx emission reduction Shelf Drilling......................... B -
Transocean.......................... F
✓ Same reliability with fewer engines Valaris.................................. F
running at higher loads Noble.................................... F
Closed Bus Tie
✓ CO2 reduced by 11%
✓ NOx reduced by 9%
Top ranked Offshore Driller
✓ Designed to work with Multi Machine
NOVOS System in 2021
Control to increase automated handling

Our focus areas

Data Energy efficiency Technology Transparency

to assess and management plans to implementation Sustainability report to be
measure drive operations and to get us closer released in Q1 2022 to include
progress behavioural change to our goals carbon reduction target

Note: 1) Some installations are ongoing 20

 6 Unparalleled Leadership with Extensive Experience

New Board brings extensive industry and leadership experience
Over 250 combined
years of industry
experience
Combined with world-class management
Julie Johnson Robertson Simon Johnson
Chair of the Board President and Chief Executive Officer
• 40+ years at Noble Corporation as Chair, President, CEO • 25+ years experience from a number of publicly
listed offshore drilling contractors, including Diamond
• Sits on the board of EOG and Superior Energy Services
Offshore, Seadrill, Noble Corporation and Borr
Drilling, the latter as CEO
Mark McCollum Karen Dyrskjot Boesen
Chair of the Audit Committee • 20+ years experience in
• 17+ years executive oil and finance and commerce Grant Creed
gas experience Executive Vice President and Chief Financial Officer
• Former CFO at
• Former President/CEO of TotalEnergies and Mærsk • 20+ years finance experience, joined Seadrill in 2013 and
Weatherford, and EVP/CFO Oil has held various positions within the Seadrill group
of Halliburton including Chief Restructuring Officer, VP M&A and VP
Corp. and Commercial Finance

Extensive Jan Kjaervik Jean Cahuzac

track record • 35+ years experience in • 40+ years drilling services Leif Nelson
banking, energy and experience Executive Vice President, Chief Operating and
maritime Technology Officer
• Former CEO of Subsea 7
• Former Head of Treasury & • Previously COO at • 23+ years in drilling industry, with Seadrill since 2011,
Risk of AP Møller-Mærsk Transocean formerly holding various positions at Transocean
and Aker Kværner/Solutions

Andrew Schultz Paul Smith

• Seasoned turnaround • Founder/Principal of Sandra Redding
investor and executive Collingwood Capital Executive Vice President, General Counsel and Chief
Proven of Staff
Partners
leadership • Former Chair of Pacific
Drilling and Director of • Previously worked for • 20+ years in house legal experience in the oil and gas
Vanguard Natural Glencore, and Former CFO sector, most recently with the Dubai owned Dragon Oil
Resources of Katanga Mining

21
 6 Playing a Key Role in Reshaping the Industry

Significant fleet rationalisation Restructurings well-progressed Seadrill is well-positioned to play a key role in reshaping
123 retired in the last 3 years > $18bn wiped out over the last two years the industry

Rig recycling and retirements Deleveraging1 Key segment focus by player

# Rigs $bn
55

10.0 Benign Benign Ultra

7.7 Jack-ups Deepwater
41
5.0
35 0.6

17 5.6
27 0.9
3.1
2.9
16
2 2.6
24 0.3
20
3.9
11 0.2
1.0
2019 2020 2021

Jack-ups Floaters 2019 Debt 2 Current Debt

Harsh Environment

Seadrill has retired 10 rigs from its

Seadrill has reduced total debt by Seadrill sees consolidation and select rig purchases as possible
fleet and identified 2 further for rig
over 85% during restructuring growth venues
disposal programme

Source: IHS Rigpoint, Company Filings, Docket Filings

Note: 1) Seadrill pre and post reorganization figures include new secured note and SFL related obligations. Post reorganizati on debt inc ludes $50mm Hemen Convertible Notes; 2) Debt as of 1 January 2019
22
Why Seadrill?

1 Large fleet of premium and high-specification offshore drilling rigs

2 Well-positioned in key segments with favourable outlook

3 Strategic customer relationships supported by solid backlog

4 Significantly strengthened balance sheet

5 Attractive cash flow outlook and equity upside

Platform with unique track record to create value in a transforming offshore

6 drilling industry

23
Appendix
 Backlog Overview
Total backlog of $2.2bn with $1.7bn added in 2021
West Saturn 2026 Option – 2030
West Tellus
202
2025
West Carina
6
2025
West Jupiter 2025
West Gemini Undisclosed
West Neptune Option
Sevan Louisiana
West Phoenix Option

Owned West Elara 2028

Rigs West Linus
West Hercules
AOD I
AOD II
AOD III
West Callisto
West Telesto 2025 Option – 2026
West Castor Option 2025
West Tucana Option 2025
Java Star 3
Lovanda
West Telesto 2025 Option – 2026
West Castor Option 2025
West Tucana Option 2025
Quenguela Option 2025
Libongos
West Titania
Joint Ventures West Oberon 2025
and
Investments West Intrepid 2026
West Defender 2026
West Courageous 2026
Sapura Diamante 2025
Sapura Topazio 2025
Sapura Esmeralda
Sapura Onix
Sapura Jade Floaters
Sapura Rubi
Harsh Environment

2022 2023 2024 Jack Ups

Note: Chart excludes contract options, owned rigs that are currently stacked (West Ariel, West Leda, West Cressida, West Prospero), or intended for sale/recycling (West Navigator, West Venture, Sevan Brasil, Sevan Driller), and rigs managed by Seadrill 25
 Simplified Corporate Structure
Changes to the corporate structure have been made through the restructuring

Managed
Seadrill Limited $50m New Unsecured Convertible Bond: Aug 28
Not managed
Seadrill debt facilities
Other debt facilities

Seadrill Investment Holding Company

$175m New First 100% 35%

Lien: Dec 26

Undrawn $125m
RigCo $620m Secured Note: Jul 26 Paratus Energy Services
First Lien Revolver:
Dec 26

$683m New Second

Lien: Jun 27
BBC3

50% 50% 100% 50%

Gulfdrill JV Sonadrill JV SeaMex Seabras

$221m1,2 Secured Note: Aug 24 $300m2 Senior Secured Credit Facility: Jun 26
$129m2 Senior Secured Credit Facility: 2032

Strategic JVs and Investments are standalone entities with no financial dependence on, or recourse to, Seadrill

Notes: 1) Including $26m upfront fee; 2) As of 11 January 2022; 3) Bareboat charter 26