Seadrill Announces Third Quarter 2026 Results

Highlights • Secured contract awards and extensions in Indonesia, Malaysia, Angola, and the U.S. Gulf, adding approximately $800 million of Total Contract Value(1) subsequent to the August fleet status report. • Generated $195 million of Net cash provided by operating activities, $179 million of Free Cash Flow(2), and repurchased approximately $22 million of shares in the third quarter. • Reported Net loss of $30 million, which includes the impact of a legal provision booked in the third quarter, and Adjusted EBITDA(2) of $121 million. • Increased and narrowed full year 2026 Total operating revenues and Adjusted EBITDA(3) guidance ranges as follows: o Total operating revenues range increased to $1.56 – $1.58 billion, excluding $90 million of Reimbursable revenues (previously $1.50 – $1.55 billion, excluding $50 million of Reimbursable revenues); o Adjusted EBITDA(3) range increased to $440 – $460 million (previously $420 – $450 million); o Capital Expenditure and Long-Term Maintenance range narrowed to $210 – $230 million (previously $200 – $240 million).

Financial and Operational Results Third quarter 2026 Total operating revenues decreased to $428 million, compared to $449 million in the prior quarter, primarily driven by fewer operating days for the West Carina, which completed its contract in the second quarter, and time between contracts for the West Vela, West Elara, and Sevan Louisiana. This decrease was partially offset by an increase in operating days for the West Tellus, which commenced its long-term contract in June. Total operating expenses increased by $7 million to $384 million, compared to $377 million in the prior quarter. Adjusted EBITDA decreased to $121 million, compared to $144 million in the prior quarter.

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