Seadrill Limited ("Seadrill" or the "Company") (NYSE:SDRL) today announced contract awards and extensions for the West Carina, West Capella, Sonangol Libongos, and Sevan Louisiana.

In Indonesia, the West Carina was awarded a contract with an undisclosed operator, with a total contract value of approximately $420 million for the firm term, including a mobilization fee and excluding additional services. The contract has an estimated firm duration of 880 days, with priced options for up to an additional 880 days. The program is expected to commence in the first half of 2027.

In Malaysia, all remaining priced options have been exercised for the West Capella, extending current operations by 120 days and adding approximately $41 million in total contract value, excluding additional services. Unpriced options have also been exercised for a further 120 days, adding approximately $53 million in contract value, excluding additional services. The West Capella is now expected to work in direct continuation through February 2028.

In Angola, Sonadrill Holding Ltd ("Sonadrill"), Seadrill’s 50:50 joint venture with an affiliate of Sonangol E.P. ("Sonangol"), has been awarded a contract extension. All remaining priced options have been exercised for the Sonangol Libongos, extending current operations by approximately three years and committing the rig through January 2030.

In the U.S. Gulf, the Sevan Louisiana was awarded a 25-day contract with Kosmos, with operations expected to commence in November 2026.

"The West Carina award marks the achievement of our longstanding strategic objective to reprice three legacy dayrate contracts to current market levels," said President and Chief Executive Officer, Samir Ali. "The award and extension for the West Carina and West Capella also demonstrate the increasing activity in Southeast Asia that we have anticipated for some time, while the Sonangol Libongos extension underlines the strength of our joint venture in Angola. Our strong commercial execution continues to enhance 2027 revenue visibility, with over 85% of available drillship days across the fleet contracted, and we remain well positioned to translate these contracts into stronger earnings and free cash flow."

About Seadrill

Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company’s plans, strategies, business prospects, financial performance, operations, and rig activity, including with respect to backlog and contract commencement dates and durations, and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms "assumes", "projects", "forecasts", "estimates", "expects", "anticipates", "believes", "plans", "intends", "may", "might", "will", "would", "can", "could", "should" or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 26, 2026, offshore drilling market conditions, including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys and upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, United States ("U.S.") trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East, and any related sanctions, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate-change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC.

The foregoing risks and uncertainties are beyond our ability to control, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law.

Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.seadrill.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release.

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Kevin Smith

Vice President – Corporate Finance and Investor Relations

ir@seadrill.com