Seadrill Limited

over to Simon.

Thanks, Kevin. Hello, and thank you for joining us for today's call. I'll begin by recapping our 2025 achievements before moving to the broader market outlook. Following my remarks, Samir will discuss recent contracting successes and our commercial outlook. Grant will then review fourth quarter and full year 2025 financial results before providing guidance for 2026. For full year 2025, we delivered EBITDA of $353 million, exceeding the midpoint of the original guidance range in what proved to be a very challenging market. Safety is the foundation of everything we do, and in 2025, CEDRAL raised the bar again. We achieved the best safety performance in our history as measured by total recordable incident rate, delivering 50% better than the IADC offshore industry benchmark. That kind of margin is not accidental. It's the product of rigorous standards, elite crews and uncompromising operational discipline. That operational discipline does not stop at safety. It translates directly into performance. In 2025, we did not simply perform well, we separated ourselves from the pack. The West Neptune reinforced its best-in-class reputation by delivering a record-breaking six-zone completion for log in the US Gulf, completing the program in 11 days and exceeding the prior benchmark by an impressive 60%. That level of execution is why the rig is now entering its second decade under continuous contract. Following Harbor Energy's acquisition of LOG, we look forward to extending what has already been an exceptional long-term partnership built on performance. Additionally, West Polaris and West Neptune delivered highly complex NPD programs using state-of-the-art integrated riser joint technology, which translated into more than 12-hour save during rig up and rig down per well, and meaningful economic value for our customers. With over 100 MPD wells drilled, our crews operate further up the learning curve than most in the industry. The West Alara and ConocoPhillips Supplier of the Year Award for their focus on execution, recognition that reflects not just performance metrics, but the consistency and reliability that sophisticated operators demand. Meanwhile, the West Hellas reached an outstanding milestone 400 consecutive days of BOP subsea deployment while delivering five wells offshore Brazil. This marks the second longest deployment in our fleet history, demonstrating the durability of both our equipment and our crews in a demanding deepwater environment. This superior performance has already extended into 2026. In January, the Savan, Louisiana, successfully executed two well interventions using Trendsetter's innovative Trident system, its first deployment in the US Gulf. This advanced technology is broadening the rig's market potential, attracting attention from customers who appreciate its operational flexibility and its proven effectiveness in both shallow and deep water environments. Our strategic partnership with Trendsetter has resulted in a truly differentiated offering that will continue to deliver advantages for both companies well into the future. None of this performance is coincidental. Throughout 2025, we invested deliberately in our people through ongoing professional development opportunities. We expanded course offerings at the Cedral Academy in Dubai, held operational discipline and technical services workshops around the world, and launched our first safety leadership assessment program. We conducted training in simulated environments that replicate our equipment and procedures, resulting in a cycle of self-improvement and advancement in our operational practice. our customers consistently reference the quality of our crews, their can-do attitude, and their focus on well-site performance over centralized bureaucracy. This is what operating atop the performance curve looks like. Technical capability matched by discipline execution. Commercially, in a competitive market, we maximize utilization across our high specification fleet. Our backlog profile provides strong revenue visibility into 2026, growing coverage into 2027, and substantial contracting leverage in an improving market. The West Capella's return to operations in the second quarter of 2026 represents a significant enhancement to CEDRAL's forward earnings trajectory. The 14-month award from longstanding customer PTTEP reflects confidence in the rig's consistent performance throughout its many years in service and reinforces our competitive position in arranging, experiencing, growing energy consumption and offshore activity. Turning to the broader market, the current macro environment is the most favourable in recent memory. After a subdued 2025, the ultra-deepwater market entered 2026 with renewed strength. Tightening supply and increasing visibility point towards an even more robust 2027 as day rates, utilisation and contract durations gain positive momentum. The International Energy Agency's annual World Energy Outlook now projects that oil and gas demand will grow through 2050, a notable reversal from prior expectations of a near-term peak. Declining production from existing fields and rising consumption is forecast to quickly absorb any near-term oversupply. In fact, the market will require roughly 25 million barrels per day of new production by 2035 just to remain in balance. Growing oil demand, operators pivoting back towards deep water and mounting confidence in the next expiration wave all indicate the beginning of an up cycle. For several quarters, we have consistently highlighted that operators have prioritised shareholder returns over reserve replacement. The impact of underinvestment is becoming increasingly evident and that narrative is beginning to flip. Amid projections of growing oil and gas demand and the lagging energy transition, the longevity of reserves is becoming a focal point for oil majors and the sell side. The Financial Times last week reported that oil and gas super majors are undergoing increasing pressure to spell out their growth plans after years focused on shareholder returns and capital discipline. They are now facing growing calls to explain the visibility of future production and where the new barrels will come from. It seems that concerns about short-term supplying balances have receded in the wake of a far bigger problem. Momentum behind the strategic pivot to deepwater continues to build. Just last week, ANI announced significant new discoveries in Namibia and Cote d'Ivoire, underscoring the growing scale of opportunity in frontier offshore basins. Importantly, this trend extends beyond the majors. The government of India, for instance, has outlined plans to drill 150 wells over the next seven years, activity that can necessitate up to five additional floaters. We've highlighted growing deep water exploration from the majors and activities accelerated as they intensify efforts to secure future growth. Shell recently acknowledged the need to rebuild its exploration pipeline after reserves fell to the lowest level since 2013. We can already see this in action with Shell signing a joint study agreement for exploration blocks in Indonesia, marking their return following the 2023 exit. Chevron plans to increase annual exploration spending by roughly 50% over coming years with 10 to 15 exploration wells in the US Gulf and 20 exploration wells in West Africa during the next three to five years. Chevron also signed an agreement for offshore exploration in Syria and acquired four blocks offshore Greece earlier this month. Petrobras is returning to Namibia after acquiring an interest in a block in the Luderitz Basin and Libya recently awarded blocks under its first lease sale in 17 years. The need for new reserves and sustained production growth is increasingly urgent. Exploration is back and it's scaling. And with that, I'll turn the call over to Samir.

Thanks, Simon, and good day to everyone. I'll walk through our recent contracting activity before sharing our thoughts on the commercial landscape for the year ahead. Despite a competitive environment in 2025, the value of contracts we secured has grown every quarter over the last 12 months. Our disciplined approach to fleet management, minimizing idle time, and securing contracts that maximize our assets' technical capabilities has established a solid foundation as the balance between global offshore rig supply and customer demand becomes increasingly constrained. Since our last earnings update, we've added half a billion to our contracted backlog, which currently stands at approximately $2.5 billion. In the U.S. Gulf, CEDRAL continues to be a preferred contractor. Our skilled teams consistently deliver high performance, earning repeat work and recognition. In December, the West Neptune secured a four-month extension with Log, securing the rig's schedule into September and adding $48 million to contracted backlog. As Simon mentioned earlier, we look forward to deepening our partnership with Log under its new ownership, building on over a decade of productive collaboration and shared success. Staying in the region, the Savan Louisiana has been awarded a well intervention program with two different customers. We are pleased to report on the successful deployment of the Trendsetter Trident well intervention system on our campaign with Walter Oil & Gas. After completing the work with Walter, we are eager to demonstrate the Savan's continued versatility through upcoming work with a large IOC. Outside the U.S. Gulf, CEDRAL has been actively securing several contracts over the last three months. In Angola, Total Energies exercised a priced option to commit the Senegal Cangella for an additional 10 months into February 2027. In Norway, Equinor awarded the West Alara a 450-day accommodation contract after we reached a mutual agreement with ConocoPhillips to make the rig available. In Brazil, the West Carina extended its current contract with Petrobras through April 2026. Also in Brazil, Equinor exercised a priced option on the West Saturn keeping the rig working through October 2027. Lastly, the West Capella was successful in a competitive tender with PTTEP in Malaysia. The program is anticipated to commence in the second quarter of 2026, contributing $152 million to contracted backlog over an estimated period of 440 days. More importantly, the reactivation of the West Capella strengthens CEDRAL's earnings potential in 2026 and 2027, reaffirming our presence in Southeast Asia. of the most exciting geographies for deepwater demand this award reflects our disciplined approach to reactivations deploying capital selectively where we see strong customer commitments and attractive return potential turning to our outlook we maintain our confidence in deepwater demand in 26 with even more optimism looking into 2027. the offshore drilling industry operates on a simple principle utilization drives day rates With committed drill ship utilization currently at 88% and sideline capacity unlikely to enter the market, supply constraints are likely to intensify as demand continues to rise. Although some market softness may persist in certain geographies during parts of the year, the sheer number of opportunities and the durations of programs are increasing, particularly in high-growth regions such as Africa and Southeast Asia. Sea Drill is well-positioned to capitalize on that opportunity set. At present, 90% of the midpoint of our 2026 revenue range is covered by firm backlog, and we are having ongoing conversations regarding the rigs that have near-term availability. In the U.S. Gulf, recent day rates have remained stable in the low 400s, and despite some near-term softness, we anticipate rates will remain in this range. Seven drill ships, including the West Neptune and the West Vela, are set to become available in 2026, importantly for our rigs. Both are contracted in the first half of the year, allowing us time to secure work in the second half of the year. With several long-term opportunities and undersupplied geographies, we expect some rigs will be bid outside of the region and may leave the U.S. Gulf. Nevertheless, short lead times in the U.S. Gulf means demand can recover swiftly. Our assets in the region demonstrate outstanding technical performance. As Simon pointed out, the West Neptune has consistently set new records. The West Vela has a reputation for completing projects ahead of schedule and under budget, and the Savon Louisiana is drawing increasing interest from clients who appreciate its unique capabilities and strong results in niche applications. All three rigs are at the top of the performance curve and are very well placed to fill their schedules in 2026 and 2027 in the U.S. Gulf or in other regions. Moving to Brazil, IOCs have begun to consume rig capacity. Recent awards from Shell and BP and an ongoing tender with Equinor are positive developments that help mitigate current uncertainty around NOC plans. The West Carina, our seventh generation drill ship equipped with MPD and dual BOP capabilities, is set to finish its current contract at the end of April. We continue to actively market the rig for opportunities with customers in Brazil and outside the country for a wide range of projects starting in the second half of 26 and early 27. In West Africa, our final rig with availability in 2026 is the West Gemini, which is currently operating under the Somendrill joint venture. As noted in the previous quarters, recent contracting awards for all three rigs within the JV reinforced its stability and our market-leading position in Angola. The West Gemini has promising prospects to secure additional work through the joint venture both in Angola and across Africa beginning in late 26 and early 2027. The outlook for global deepwater demand is becoming clearer and leading indicators support this perspective. Market research by Westwood shows the number of subsea tree installations has increased for five consecutive quarters. They also forecast that floater utilization rates will recover, reaching 91% in 2026 and 96% in 2027. Additionally, there are 44 years worth of outstanding floater requirements with commencements across Africa and Asia alone. Ongoing industry consolidation continues to support a more rational supply environment, reinforcements on the sustainable pricing improvements. And as ever, market research does not capture opportunities resulting from direct negotiations. The foundation for 2026 has been laid. In particular, the benefit of repricing legacy contracts, for the West Jupiter, West Telus, and West Saturn will be felt in the second half of the year, and even more so in 2027. This should set the stage for a meaningful increase in earnings and free cash flow. Procedural fleet, we're not just predicting increasing day rates, we're already securing them. And with that, I'll hand it over to Grant.