Seadrill Limited ("Seadrill" or the "Company") (NYSE: SDRL) today announced the ultra-deepwater drillship, West Polaris, was awarded a 1,095-day contract extension with Petrobras for the Búzios field in the Santos Basin, offshore Brazil.

The additional term adds approximately $480 million in contract backlog and is expected to commence in direct continuation of the current program in January 2028.

Additionally, the current contracted dayrate has been updated as follows:

  - April 1, 2026 through March 31, 2027 - $409,200
  - April 1, 2027 through January 15, 2028 - $454,700

Seadrill’s President and Chief Executive Officer, Samir Ali, commented, "This award enhances Seadrill’s earnings visibility for a mature asset into the next decade. It provides significant value to both Seadrill and Petrobras, while strengthening our relationship with a valued, long-term partner.”

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.

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.