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• Net income for Q2 2026 was $29 million, compared to a net loss of $7 million in Q1 2026.
• Adjusted EBITDA was $144 million in Q2 2026, up from $97 million in Q1 2026.
• Full-year 2026 total operating revenue guidance raised to $1.50-$1.55 billion and Adjusted EBITDA guidance raised to $420-$450 million.
• Contract backlog approximately $2.9 billion as of August 10, 2026, with new awards adding about $200 million.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• The Notes are governed by an Indenture dated June 30, 2026, among the Issuer, Seadrill Limited, certain subsidiary guarantors, and GLAS Trust Company LLC as trustee.
• The Notes mature on July 15, 2034, with interest payable semi-annually on January 15 and July 15, beginning January 15, 2027.
• Proceeds from the offering were used to satisfy and discharge the 8.375% Senior Secured Second Lien Notes due 2030, redeeming all outstanding 2030 Notes.
• Seadrill also entered into Amendment No. 2 to its Senior Secured Revolving Credit Agreement, increasing revolving commitments from $225 million to $300 million, effective June 30, 2026.

1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 8.01 Other Events · 9.01 Financial Statements and Exhibits

• On June 22, 2026, Seadrill Limited announced an extension of its share repurchase program to run through December 31, 2026.
• As of June 19, 2026, approximately $208 million of the authorized amount remained available for repurchases.
• The extension was authorized by the Board of Directors and is part of the company's commitment to shareholder returns.
• The repurchase program may be modified, suspended, or discontinued at any time, and the company is not obligated to purchase any shares.

7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits

• The amendment increases revolving borrowing commitments from $225 million to $300 million.
• The stated maturity date is extended from 2028 to 2031.
• Certain immaterial subsidiaries and stacked vessels will be removed as guarantors and collateral, respectively.
• The amendment is expected to become effective on June 30, 2026, subject to conditions.

1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits

• The offering is pursuant to Rule 144A and Regulation S under the Securities Act.
• Net proceeds, with cash on hand, will be used to redeem all outstanding 8.375% Senior Secured Second Lien Notes due 2030.
• As of March 31, 2026, approximately $575 million aggregate principal amount of the 2030 Notes remained outstanding.
• The notes are not registered under the Securities Act and are offered only to eligible purchasers.

7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits

• At the June 3, 2026 Annual General Meeting, shareholders approved Amendment No. 1 to the Amended and Restated Seadrill Limited 2022 Management Incentive Plan.
• All nine director nominees were re-elected, including Julie J. Robertson, Jean Cahuzac, Jan Kjærvik, Mark McCollum, Harry Quarls, Andrew Schultz, Paul Smith, Jonathan Swinney, and Ana Zambelli.
• Shareholders approved the appointment of PricewaterhouseCoopers LLP as independent auditor for fiscal year 2026.
• Advisory votes on director remuneration and named executive officer compensation for 2025 were approved.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits

• Adjusted EBITDA was $97 million in Q1 2026, up from $88 million in the prior quarter.
• Contract Backlog increased by over $860 million to $3.1 billion, driven by awards in the U.S. Gulf, Brazil, and Angola.
• Full-year 2026 Total operating revenues guidance raised to $1.43-$1.48 billion, and Adjusted EBITDA guidance raised to $370-$420 million.
• Net debt stood at $296 million, with $329 million in cash and cash equivalents and restricted cash.

2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits

• Samir Ali, previously EVP and Chief Commercial Officer, was appointed President and CEO, succeeding Simon Johnson, effective immediately on March 12, 2026.
• Ali received a long-term incentive award with a grant date value of $3,500,000, consisting of 60% performance-vested RSUs and 40% time-vested RSUs.
• His employment agreement will be amended to increase severance to 24 months of base salary and COBRA for termination without cause or for good reason, and to three times base salary plus target bonus and COBRA if terminated within 24 months after a change in control.
• The company expects to enter into a separation agreement with Simon Johnson providing termination without cause severance benefits under his existing agreements.

5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits