Investment Thesis - The company has an attractive exposure to the global offshore drilling industry due to hydrocarbon demand, favorable market dynamics, and a portfolio of premier assets, leading to value creation[4, 5] - Constructive rig supply and demand supports continued dayrate accretion, with leading edge ultra-deepwater dayrates exceeding $500k/d[5] - The company owns approximately 50% of the stacked drillship capacity[6] Financial Position - The company's backlog is $8.6 billion as of July 24, 2024, excluding the $531 million Deepwater Invictus contract[6] - Total liquidity stands at $1.5 billion as of June 30, 2024[6] - Projected liquidity at the end of 2024 is estimated to be between $1.35 billion and $1.45 billion[18] Fleet and Market - The company owns and operates a young fleet of the highest specification floating drilling rigs in the industry[5] - The company has eight cold-stacked UDW ships available[11] - The company's contracted floater utilization is strong compared to peers, with 80% utilization projected for January 2024[16] Dayrate Progression - Dayrates are showing favorable progression, with Deepwater Atlas achieving $505K/d & $580K/d, Deepwater Asgard achieving $505K/d & $515K/d, and Deepwater Invictus achieving $485K/d[15] Deleveraging - The company aims for a net debt target of $4 - $4.5 billion, corresponding to a BB-area corporate credit rating[19]

• Forward-Looking Statements • The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. • Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent u ...