Seadrill Announces Third Quarter 2023 Results and Additional $250 Million Share Repurchase Authorization

November 27, 2023 -- Seadrill Limited (“Seadrill” or the "Company") (NYSE & OSE: SDRL) today reported its third quarter 2023 results, which reflect strong performance across the fleet as the Company continues to deliver safe and efficient drilling operations around the globe.

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Financial Highlights	Three months ended
Figures in USD million, unless otherwise indicated	September 30, 2023	June 30, 2023
Total Operating Revenues	414	414
Contract Revenues	324	329
Operating Profit	117	109
Adjusted EBITDA (1)	151	159
Adjusted EBITDA Margin (1)	36.5 %	38.4 %
Diluted Earnings Per Share ($)	1.10	1.16

President and Chief Executive Officer, Simon Johnson, commented, "We delivered another strong quarter for our stakeholders, and today we announce an increase in our full year 2023 Adjusted EBITDA guidance. We have secured an extension for the West Neptune with LLOG and been awarded a short-term campaign by QuarterNorth Energy for the West Vela. This will mark the return to Seadrill of the second of four drillships that we acquired earlier this year. We remain on track with synergy capture arising from the Aquadrill transaction.

“In September, we initiated our $250 million share repurchase program and have made excellent progress to date. In our view, the price level at which we have executed the buyback is highly accretive. Market fundamentals remain robust and our positive view on the length and durability of this upcycle is unchanged. With this in mind and considering our strong financial position, Seadrill’s board of directors has authorized a further $250 million in share repurchases, taking the aggregate to $500 million. This enables us to continue to return capital to our shareholders that cannot be allocated more efficiently within the business.”