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Seadrill Rigs Update In Second Quarter 2023

Seadrill a leading offshore drilling contractor has during the quarter secured multi-well contract extensions against existing agreements for two drillships, the Sonangol Quenguela and the West Gemini, operating in Angola through the Company’s 50:50 joint venture with Sonangol. These exercised options will commence in direct continuation of the rigs’ existing contracts, committing the Sonangol Quenguela through January 2025 and the West Gemini through May 2025.

Additionally, the operator of the West Capella exercised a one-well option, extending its operations by approximately two months. Two of the Company’s jackups, the West Castor and the West Tucana, received contract extensions for continued operations offshore Qatar through the Company’s 50:50 joint venture with GDI. As of August 15, 2023, the Company’s Order Backlog stands at $2.4 billion.

The number of rigs contributing to contract revenue includes fleet additions from the Aquadrill transaction (West Capella, West Vela, West Auriga, West Polaris, T-15); excludes rigs managed on behalf of Sonadrill (West Gemini, Sonangol Quenguela, Sonangol Libongos); and excludes rigs managed on behalf of Gulfdrill (West Telesto, West Castor, West Tucana).

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