Oil and Gas Drilling Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

ENERGY › ENERGY › OIL AND GAS DRILLING

Land Contractors Give Ground While Offshore Keeps Signing Term Work

This update covers the sector's movers, company announcements and transactions for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Oil and Gas Drilling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   ENERGY › ENERGY › OIL AND GAS DRILLING

   Cover slide introducing the September 14–28, 2026 bi-weekly update on the Oil and Gas Drilling sector.

   This bi-weekly update covers the Oil and Gas Drilling sector for September 14–28, 2026, tracking what changed, who moved, what transacted and what it means. We'll walk through the two-week period's market movers, company catalysts and the one M&A transaction recorded in the window.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › OIL AND GAS DRILLING Land Contractors Give Ground While Offshore Keeps Signing Term Work This update covers the sector's movers, company announcements and transactions for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Oil and Gas Drilling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Signed Work Separated the Group While the Land Names Gave Back Ground

   This page summarizes the two-week period's market moves across the eight covered names.

   Seven of the eight covered names fell over the period, with a median move of -2.6% against the S&P 500's +1.6%. Borr Drilling (BORR) was the lone gainer, up +1.9%, while it moved to sell its 51% Perfomex joint venture stake and added new contract commitments. Transocean (RIG) disclosed a two-well award in Equatorial Guinea, reinforcing offshore backlog. The widest declines sat with the land contractors — Patterson-UTI (PTEN) -12.2%, Helmerich & Payne (HP) -9.5%, and Nabors (NBR) -6.5% — so this period shows a clear split between signed offshore work and softer land sentiment.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Signed Work Separated the Group While the Land Names Gave Back Ground The two-week period in one page · 8 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Oil and Gas Drilling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 7 of 8 Covered Names Fell; The Median Move Was -2.6% The S&P 500 returned +1.6% over the same two-week period, so the covered drilling names lagged the broad index. Only one of the eight finished higher. 2 Borr Held the Only Gain While Reshaping Its Mexico Position Borr Drilling Limited (BORR) rose +1.9%, with its biggest day at +5.8% on Sep 15, alongside definitive agreements to sell its 51% Perfomex joint venture stake and new contract commitments on the Odin. 3 Offshore Contracting Kept Adding Backlog Transocean Ltd. (RIG) disclosed a two-well award in Equatorial Guinea for a campaign expected to start in 2027. Mid-window, offshore names traded higher: RIG was quoted rising 6.24% to $5.79 and Valaris Limited (VAL) up 5.83% on Sep 15. 4 The Widest Declines Sat with the Land Contractors Patterson-UTI Energy, Inc. (PTEN) fell -12.2%, Helmerich & Payne, Inc. (HP) -9.5% and Nabors Industries Ltd. (NBR) -6.5%, all wider than the -2.6% median. PTEN and NBR sit in the Discount tier of NeuraCap's standing three-tier view. +1.9% Best mover — Borr Drilling Limited (BORR) worst: PTEN -12.2% · 1 up / 7 down of 8 covered -2.6% Sector median two-week return vs S&P 500 +1.6% 1 Transactions announced in the two-week period terms not fully disclosed 2 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   One Gainer with a Record Behind It, and Three Declines Without One

   This page ranks the bi-weekly price moves for the covered names against the sector median and S&P 500.

   Over the two-week period, the sector median move was -2.6% while the S&P 500 returned +1.6%, so the covered names broadly lagged the market. Our materiality bar for this period sits at ±3.9% on a sector-relative basis, separating moves that reflect a recorded driver from ordinary noise. Borr Drilling (BORR) was the gainer with a recorded catalyst behind it, while several of the declines moved without a recorded driver on file. That distinction matters for anyone reading the tape at face value.

   Everything on this page

   PUBLIC MARKET MOVERS One Gainer with a Record Behind It, and Three Declines Without One Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.6% · S&P 500 +1.6% · materiality bar ±3.9% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Oil and Gas Drilling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.6% Borr Drilling Limited (BORR) +1.9% The move appears to reflect two Sep 15 announcements: definitive agreements to divest its 51% stake in the Perfomex Mexican joint ventures, and an operational update on the Odin with new contract commitments. Its biggest day was +5.8%. Pruning a joint venture position and signing new work can land in the same day, and a Core-tier name held the only gain. COMPANY-SPECIFIC Patterson-UTI Energy, Inc. (PTEN) -12.2% No notable in-window news was identified that clearly explains the move. At -12.2%, it was the widest decline in the set against the -2.6% median. Land-focused names carried the period's dispersion without a company disclosure to anchor it. UNEXPLAINED Helmerich & Payne, Inc. (HP) -9.5% No notable in-window news was identified that clearly explains the move. The -9.5% move was wider than the set's -2.6% median. Onshore efficiency exposure repriced as a group, not one name at a time. UNEXPLAINED Nabors Industries Ltd. (NBR) -6.5% No notable in-window news was identified that clearly explains the move. Its -6.5% decline was wider than the -2.6% median. A Discount-tier name moved with the land complex rather than on its own record. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Award Won, Joint Venture Sold: The Period's Real Company Actions

   This page lists the two-week period's highest-impact company announcements and links each to its underlying source.

   The period's clearest signals were operational: Transocean (RIG) disclosed a two-well award in Equatorial Guinea, and Borr Drilling (BORR) agreed to sell its 51% Perfomex joint venture stake. Each entry links to the filing or article it came from, and our 'why it matters' read follows a fixed source-reliability order — SEC filings first, then press releases, then established outlets. Together these two actions define the offshore side of the period's split. This is the record buyers and advisors should treat as decision-relevant, not the daily tape.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Award Won, Joint Venture Sold: The Period's Real Company Actions The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Oil and Gas Drilling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · GlobeNewsWire A conference participation notice carried under Noble Corporation Plc (NE) came from an unrelated issuer The item is not a rig contracting or fleet development, so the NeuraCap read is that it adds nothing to the period's drilling evidence. Symbol-tagged feeds can carry unrelated issuers; confirm the filer before reading an item as sector news. Sep 15 · 8-K · SEC EDGAR Borr Drilling agreed to sell its 51% stake in the Perfomex Mexican joint ventures to its partner The agreement narrows where Borr's jackups and shore-based cost are committed, and per the filing consideration is based on the net book value of the interest. Portfolio pruning now sits alongside buying other contractors as a route to sharper fleet focus. Sep 15 · 8-K · SEC EDGAR Transocean's Deepwater Conqueror won a two-well contract in Equatorial Guinea for a 2027 campaign The award adds signed contracted backlog with visibility into 2027, which is the coverage the equity actually underwrites. Deepwater term awards are where backlog duration is being rebuilt, not the spot market. Sep 15 · NEWS · 24/7 Wall Street Offshore drillers traded higher mid-window while the broad market slipped Transocean Ltd. (RIG) was quoted rising 6.24% to $5.79 and Valaris Limited (VAL) up 5.83% on Sep 15. The NeuraCap read is that the day's strength sat with the offshore fleet rather than the land contractors. The period's dispersion ran along offshore-versus-land lines, not across the sector as one market. Sep 24 · NEWS · Accesswire A second conference presentation notice tagged to Noble Corporation Plc (NE) involved an unrelated issuer Conference visibility items of this kind say nothing about dayrates, marketed utilization or backlog, and the NeuraCap read is that the period's drilling signal came from the contract and divestment records instead. Two of the five curated items were feed noise, which makes the contracting record the period's real evidence.

5. 05
   M&A & STRATEGIC ACTIVITY

   Borr Agrees to Sell Its 51% Mexican Joint Venture Stake — the Period's Rig-Side Agreement

   This page details the period's single announced transaction: Borr Drilling's sale of its 51% Mexican joint venture stake.

   The period produced one new transaction: Borr Drilling's agreement to sell its 51% stake in the Perfomex joint venture. It adds to a trailing record of comparable rig-sale transactions with a median EV/EBITDA of 6.2x, though this deal itself carries no disclosed multiple — it is priced on net book value. We read this as a portfolio-simplification move rather than a distressed sale, based on the recorded evidence. For deal teams, it's the one new reference point this period offers on rig-side structuring.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Borr Agrees to Sell Its 51% Mexican Joint Venture Stake — the Period's Rig-Side Agreement 1 transaction announced · September 14–28, 2026 · figures link to the filing Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Oil and Gas Drilling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 15 n/a Undisclosed buyer Perfomex joint venture interest moves to the buyer on Sep 15 EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Per the Borr filing, the 51% interest passes to the local joint venture partner. The NeuraCap read is that the partner already inside the in-country structure is the natural holder of that position. HOW THE TARGET WAS VALUED No enterprise value or multiple was disclosed; consideration is based on net book value of the interest. For reference, the trailing record of 39 transactions carries a median EV / EBITDA of 6.2x.

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   This page translates the period's evidence into observations for operators, acquirers and advisors.

   For operators, the market rewarded names that added signed term work over the period. For acquirers, the one new transaction extends the reference set at a median EV/EBITDA of 6.2x, though this deal was priced on net book value rather than a disclosed multiple. For advisors, the clearest story is dispersion — 7 of 8 covered names fell against a -2.6% median while offshore names traded higher mid-window. These are observations drawn from the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Oil and Gas Drilling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.5x 8 companies in the study 3 valuation tiers Standing thesis: Oil and Gas Drilling trades in three tiers, not as one market FOR OWNERS & OPERATORS Signed Coverage Did the Talking The names that added term work were the ones the market treated best over the two-week period. FOR ACQUIRERS One New Reference Point, Priced off the Fleet The period adds a single transaction to a trailing record of 39 with a median EV / EBITDA of 6.2x, and it came without a disclosed multiple: the Perfomex interest is priced on net book value. FOR ADVISORS Lead with the Offshore-Versus-Land Split The period's clearest evidence is dispersion: 7 of 8 covered names fell with a -2.6% median, the declines concentrated in the land contractors, while offshore names traded higher mid-window and Transocean added a two-well award.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the data sources, methodology and limitations behind the update.

   Every figure in this update links back to the record it was taken from — SEC filings, publisher-sourced news, and market prices through September 28, 2026. Attribution language throughout is calibrated: we tie each move only to filings and headlines recorded in the window, and we say so plainly when no driver is on record. This page exists so readers can verify any number in this deck at its source.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Oil and Gas Drilling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T060705Z_297_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · sec.gov · 247wallst.com · accessnewswire.com

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