Seadrill : Investor Presentation – January 2023

NYSE & OSE: SDRL

Seadrill Limited Investor Presentation

January 2023

Disclaimer

We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise.

The information contained herein includes forward-looking statements. Such statements are generally not historical in nature, and specifically include statements about completion of the merger transaction and the timing and amount of synergies realized from the combination of Aquadrill and Seadrill, future cash flows and liquidity of the combined company, timing of closing the transaction, and Seadrill's and Aquadrill's plans, strategies, business prospects, changes, and trends in their businesses and the markets in which they operate. These statements are based on Seadrill's and Aquadrill's respective management teams' current plans, expectations, assumptions and beliefs concerning future events impacting each of Seadrill and Aquadrill, and the combined company should the merger occur, 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, which speak only as of the date of the applicable news release. Important factors that could impact our ability to complete the merger transaction, recognize the benefits from the combination of Seadrill and Aquadrill that Seadrill and Aquadrill envision, such as synergies, or otherwise cause actual results to differ materially from those in the forward-looking statements include, but are not limited to applicable regulatory approvals of the merger transaction or requirements or conditions of such approvals, the ability of the combined company to man and operate the Aquadrill rigs outside of the current management agreement structure employed by Aquadrill, offshore drilling market conditions including supply and demand, day rates, customer drilling programs and effects of new rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance of the drilling rigs in Seadrill's and Aquadrill's fleets, the cost and timing of shipyard and other capital projects, the performance of the drilling rigs in Seadrill's and Aquadrill's fleets, delay in payment or disputes with customers, Seadrill's and Aquadrill's ability to successfully employ their drilling units, procure or have access to financing, ability to comply with loan covenants, liquidity and adequacy of cash flow from operations, fluctuations in the international price of oil, international financial market conditions, changes in governmental regulations that affect Seadrill, Aquadrill or the operations of their fleets, increased competition in the offshore drilling industry, the impact of global economic conditions and global health threats, Seadrill's and Aquadrill's ability to maintain relationships with suppliers, customers, employees and other third parties and each of Seadrill's and Aquadrill's ability to maintain adequate financing to support their business plans following emergence from their respective Chapter 11 proceedings, factors related to the offshore drilling market, the impact of global economic conditions, Seadrill's and Aquadrill's liquidity and the adequacy of cash flows for their obligations, political and other uncertainties, the concentration of Seadrill's and Aquadrill's revenues in certain geographical jurisdictions, limitations on insurance coverage, Seadrill's and Aquadrill's ability to attract and retain skilled personnel on commercially reasonable terms, the level of expected capital expenditures, Seadrill's and Aquadrill's expected financing of such capital expenditures, and the timing and cost of completion of capital projects, 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, tax assessments and liabilities for tax issues, legal and regulatory matters, customs and environmental matters, the potential impacts on Seadrill's and Aquadrill's businesses resulting from climate-change or greenhouse gas legislation or regulations, the impact on Seadrill's and Aquadrill's businesses from climate-change related physical changes or changes in weather pattern, and the occurrence of cybersecurity incidents, attacks or other breaches to Seadrill's and Aquadrill's information technology systems, including their rig operating systems. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should also keep in mind the risks described from time to time in Seadrill's filings with the SEC, including its Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on April 29, 2022 (File No. 001-39327).

Seadrill and Aquadrill undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for Seadrill and Aquadrill to predict all of these factors. Further, Seadrill and Aquadrill cannot assess the impact of each such factors on their businesses or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.

Important Additional Information

This communication relates to a proposed business combination transaction (the "Transaction") between Seadrill Limited and Aquadrill LLC. This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the Transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law.

In connection with the Transaction, Seadrill will file with the SEC a registration statement on Form F-4 that will include a prospectus of Seadrill, as well as other relevant documents concerning the Transaction. HOLDERS OF AQUADRILL UNITS AND EQUITY AWARDS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROSPECTUS REGARDING THE TRANSACTION WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Access to the registration statement and the prospectus, as well as other filings containing information about Seadrill and Aquadrill, are available without charge at the SEC's website (http://www.sec.gov). Copies of the documents filed with the SEC can also be obtained, without charge, by directing a request to Seadrill.

2

2022 key milestones and initiatives

Series of strategic initiatives, demonstrating readiness to capitalize on opportunities to maximize shareholder value

April

September

October

October

October/November

November

December

Euronext Expand	Saudi business	New York Stock	Paratus Energy	Debt prepayments	Oslo Stock
initial listing	divestment(1)	Exchange re-listing	divestment(2)	of $442m(3)	Exchange up-listing

Strategic	Crystalize value for	Broaden investor	Monetize non-	Deleverage, reduce	Access to
core assets,	interest, enhance	capital in multiple
Rationale	shareholders	base
streamline structure	FCF outlook	markets

Aquadrill all-stock

acquisition(4)

Enhance scale & capacity, improve credit profile

Industry-leading offshore driller, with a strengthened balance sheet and best-in-class fleet

3

(1) Transaction closed in October 2022; (2) Transaction expected to close in early 2023; (3) In addition to $442m in debt principal prepayments under the 2nd lien facility, we paid $8m in associated accrued interest and $23m in exit fees; (4) Transaction expected to close mid-2023

Transformational Aquadrill acquisition

Strategic rationale

Enhanced fleet and scale

Strengthened position in key strategic basins

Overview of the transaction

Consideration		Valuation		Governance		Timeline to Closing		Synergies
All-stock, Aquadrill		Implied Aquadrill		Domiciled in Bermuda,		Targeted closing		At least $70m est. annual
equity holders to own			J. Robertson and S.			synergies, expected to
	value of approximately			for the transaction
38% of combined			Johnson to remain Chair			be fully realized within 2
	$958m(2)			in mid-2023
company(1)			and President & CEO			years of closing

Strong cash flow generation potential

Highly synergistic and integrated platform

Strengthened balance sheet

Fleet overview

	Drillships		Semi-sub / Tenders
AURIGA (2013)	VELA (2013)	AQUARIUS (2009)	VENCEDOR (2009)
7th Gen (Dual BOP, MPD)	7th Gen (Dual BOP, MPD)	Harsh Semi-sub	Tender Assist Unit

CAPELLA (2008)	POLARIS (2008)	T-15 (2013)	T-16 (2013)
6th Gen (MPD)	6th Gen	Tender Assist Unit	Tender Assist Unit

4

(1) Aquadrill unitholders and equity award holders to own 38% of the combined company's common shares on a non-diluted basis (Seadrill shareholders 62%); (2) Based on Seadrill's 30-dayvolume-weighted average share price on the NYSE of $31.25 as of December 22, 2022

Strong exposure in key strategic basins

	US GOM				BRAZIL
	Growing position				Among market-leading international drillers

ANGOLA

Strong market footprint

• Long-standingtrack record
• Excellent relationship with local operators
• Upside from short term contracts / spot market in an increasing dayrate environment

Number of rigs(1) per international driller

10 9

4

25%

Seadrill share of benign UDW rig years awarded since 2012

• Well-positionedfor recontracting / extensions with Petrobras and IOCs
• Brazil expected to be at the forefront of rig demand
• Ability to leverage existing footprint for future growth

Number of rigs(1) per international driller

44

26%

Seadrill share of benign UDW rig years awarded since 2012

• Significant presence
• Attractive strategic partnership with Sonangol
• Strong recontracting outlook

Number of rigs(1) per international driller

3

2 2

2

22

1

2	2
	1

Valaris

Transocean

Noble

Diamond

Transocean

Valaris

Diamond

Noble

Saipem

Valaris

Transocean

Potential to deploy additional UDW rigs across the Golden Triangle

5

Source: S&P Global Petrodata as of December 13, 2022, Company disclosures; (1) Contracted and future contracted rigs, including, with respect to Angola specifically, rigs that are operated by seadrill on behalf of the Sonadrill