Oil and Gas Drilling Sector Outlook — September 2026

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ENERGY › ENERGY › OIL AND GAS DRILLING

Oil and Gas Drilling: One Label, Three Price Tiers

This report shows where the market is paying up across the sector's offshore and land drilling contractors, and which operating strengths sit behind the top of the range.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice

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   ENERGY › ENERGY › OIL AND GAS DRILLING

   Oil and Gas Drilling: One Label, Three Price Tiers

   This cover introduces the sector's single label alongside three distinct valuation tiers as of September 2026.

   Oil and Gas Drilling reads as one segment label, but the contractors inside it trade across three distinct price tiers on a forward EV/EBITDA basis. We use this report to show where that spread comes from and what it means for how a fleet is run and valued.

   Everything on this page

   ENERGY › ENERGY › OIL AND GAS DRILLING Oil and Gas Drilling: One Label, Three Price Tiers This report shows where the market is paying up across the sector's offshore and land drilling contractors, and which operating strengths sit behind the top of the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the report's five sections plus appendix, running from the bottom line through strategic implications.

   We've structured this report so the bottom line comes first — a reader who stops after section one still leaves with the full story. The sections that follow build the evidence: the market landscape, valuation and situations, precedent transactions, and strategic implications. So what: you can go as deep as the conversation needs, and every layer stands on its own.

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   CONTENTS What This Report Covers 01 The Bottom Line The Bottom Line: One Label, Three Prices in Oil and Gas Drilling 02 The Landscape One Segment, Eight Contractors, One Long Price Range 03 Valuation & Situations Where the Market Pays up on CY2027E Profit 04 Precedent Transactions Contractors Buying Contractors, Across Two Decades of the Transaction Record 05 Strategic Implications Where the Next Dollar of Capital Earns Its Multiple 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Oil and Gas Drilling Trades in Three Tiers, Not as One Market

   This page states the report's central finding: the sector trades in three tiers rather than as one market, on a forward EV/EBITDA basis.

   Across the eight approved contractors, seven carry a forward EV/EBITDA estimate, and they span from 7.8x at the top down to 4.1x at the bottom. That spread survives a lens that already prices in 2027 earnings, so the gap reflects more than a single year's outlook. We treat this as the anchor for everything that follows: three tiers, not one market, and the pages ahead show what separates them.

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   01 · THE BOTTOM LINE Oil and Gas Drilling Trades in Three Tiers, Not as One Market The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Buyers Pay up at the Top, and the Step Down Is Steep Transocean Ltd. (RIG) and Valaris Limited (VAL) hold the top of the range at 7.8x forward EV / EBITDA, against 4.1x at the bottom, where Patterson-UTI Energy, Inc. (PTEN) and Nabors Industries Ltd. (NBR) sit. The lens is forward, so 2027 earnings are already inside the number; a premium that survives that is a read on durability. 2 The Faster-Growing Contractors Hold the Higher Marks Among the 7 contractors with a forward estimate, the 4 growing revenue at 11% or better are marked at 6.8x, against 4.7x for the 3 below that line. The higher marks sit with the faster-growing names; on a set this small that is an association to test against backlog, not a rule. 3 Margin Quality Travels with the Multiple for Three of the Names Three of the 7 contractors with a forward estimate — Transocean Ltd. (RIG), Noble Corporation Plc (NE) and Borr Drilling Limited (BORR) — sit above the middle of the range and above the 28% EBITDA margin line. In a dayrate business that separation shows up in rig margin per day, revenue efficiency and non-productive time. 4 Most Deals in the Record Add Scale by Buying Other Contractors The transaction record is contractors combining with contractors: an undisclosed buyer is recorded at $8.5B for Transocean Ltd. (RIG), at 7.5x EBITDA. Financial capital appears mainly through credit, hard-asset and rig-financing structures rather than through conventional buyouts. 6.5x Sector median EV/EBITDA CY2027E consensus · 7 rated of 8 companies 7.8x Premium end EV/EBITDA vs 4.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 8 Transactions with disclosed terms 40 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the market map: one segment covering eight contractors with a long price range inside it.

   This section resets the room before we walk through the market map. The single segment label covers eight contractors with very different fleet, backlog and cost positions — that's the gap this section makes visible.

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   SECTION 02 02 THE LANDSCAPE One Segment, Eight Contractors, One Long Price Range The sector's single label holds very different fleet, backlog and cost positions. 02 of 06 Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   One Segment Covers All Eight Contractors — the Price Gaps Sit Inside It

   This page groups the eight approved contractors by business segment and shows the median forward EV/EBITDA per group.

   All eight approved contractors sit inside one segment classification, yet the group medians on that same forward lens differ meaningfully. Grouping by segment shows where the price gaps actually sit rather than treating the sector as uniform. So what: segment alone doesn't explain the multiple — the pages ahead go company by company to find what does.

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   02 · MARKET MAP One Segment Covers All Eight Contractors — the Price Gaps Sit Inside It 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED OFFSHORE AND LAND DRILLING CONTRACTORS 8 cos median 6.5x Transocean (RIG) Noble Corporation (NE) Valaris Limited (VAL) Helmerich & Payne (HP) Patterson-UTI (PTEN) Nabors Industries (NBR) Borr Drilling (BORR) Seadrill Limited (SDRL) All 8 companies sit here, 100% of the screen, so the valuation spread is between peers rather than between different businesses.

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   02 · LANDSCAPE

   Comparisons Here Run Fleet Against Fleet, Backlog Against Backlog

   This page compares the approved universe fleet against fleet and backlog against backlog within each segment.

   We line up the segment groups on fleet and backlog rather than on the label alone, using the same forward EV/EBITDA medians on rated names. That comparison is what lets a reader see why two contractors in the same segment can carry very different marks. So what: the operating detail behind each group is what a buyer or owner should be underwriting, not the segment tag.

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   02 · LANDSCAPE Comparisons Here Run Fleet Against Fleet, Backlog Against Backlog Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified offshore and land drilling contractors 8 100% 6.5x Transocean Ltd. (RIG) · Noble Corporation Plc (NE) · +6 more One segment, eight contractors. Offshore and land drilling contractors sit together under a single label, with the middle of the group at 6.5x forward EV / EBITDA and 7 of the 8 carrying a forward estimate. Differences in fleet generation, contracted backlog and stacking status show up in the multiple rather than in the segment name.

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   SECTION 03

   03

   This divider introduces the valuation section: where the market pays up on CY2027E profit.

   We move now to where the market actually pays up on forward profit, using the lens that seven of the eight contractors carry. This section sets the top of the range against the bottom on that same basis.

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   SECTION 03 03 VALUATION & SITUATIONS Where the Market Pays up on CY2027E Profit The top of the range against the bottom, on the lens 7 of the 8 contractors carry. 03 of 06 Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Where the Market Pays up: Two Contractors Hold the Top of the Range

   This page ranks all seven rated companies by forward EV/EBITDA against a sector median of 6.5x.

   Two contractors hold the top of the range on this forward lens, with the sector median sitting at 6.5x across all seven rated names. The tier zones split the rated set at its own quartiles, so the comparison is internally consistent. So what: knowing which tier a contractor sits in is the first step to understanding what the market is paying for.

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   03 · PUBLIC MARKET VALUATION Where the Market Pays up: Two Contractors Hold the Top of the Range EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 6.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 7.8x CORE · median 6.5x DISCOUNT · median 4.1x Sector median 6.5x WHAT SEPARATES THE TWO ENDS The top end prices durability. Transocean Ltd. (RIG) and Valaris Limited (VAL) are marked at 7.8x on CY2027E EBITDA. Because the lens is forward, the 2027 earnings recovery is already credited inside the number, so what remains in the premium is the market's read on contract coverage holding through the next window. The bottom end prices exposure. Patterson-UTI Energy, Inc. (PTEN) and Nabors Industries Ltd. (NBR) sit at 4.1x. Land-weighted fleets recontract faster and carry more well-to-well exposure, and the market appears to be pricing that shorter visibility rather than any gap in fleet size. One offshore name sits lower. Seadrill Limited (SDRL) sits in the middle group rather than at the top, so the spread does not read as a clean offshore-versus-land line. Helmerich & Payne, Inc. (HP) appears on the page without a forward estimate, so 7 of the 8 contractors are ranked here.

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   03 · VALUATION DRIVERS

   Margin and Growth: Where the Higher Multiples Sit

   This page splits the rated contractors into growth and margin cohorts and compares median forward EV/EBITDA across each.

   Contractors growing revenue faster are marked at 6.8x versus 4.7x for the slower group, and a similar pattern shows up on the EBITDA-margin split against the 28% covered median. On a set this small we read this as an association worth testing against backlog and contract coverage, not a proven rule. So what: growth and margin both travel with the higher marks, which points to where the premium is earned.

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   03 · VALUATION DRIVERS Margin and Growth: Where the Higher Multiples Sit Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 28% Growth the Market Believes In Names growing at or above 11% carry 6.8x against 4.7x below it. Margin Quality Profitability differences compound the growth split rather than replacing it. Business Mix Segment medians differ across Diversified offshore and land drilling contractors — mix, not the sector label, sets the multiple.

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    03 · SITUATION MAP

    Three Contractors Sit Above Both the Multiple and the Margin Line

    This page maps each contractor against the sector median multiple and the covered median margin to identify who sits above both lines.

    Three contractors sit above both the 6.5x multiple line and the 28% margin line, marking them as a distinct group inside the wider universe. This is a cut on the data, not a recommendation — it frames where the stronger operating and pricing combination shows up. So what: that group is where the next section's questions for owners and acquirers concentrate.

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    03 · SITUATION MAP Three Contractors Sit Above Both the Multiple and the Margin Line Cut on EV / EBITDA vs the sector median (6.5x) (rows) and EBITDA margin vs the covered median (28%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 3 names Transocean Ltd. (RIG) · Noble Corporation Plc (NE) · Borr Drilling Limited (BORR) Transocean Ltd. (RIG), Noble Corporation Plc (NE) and Borr Drilling Limited (BORR) sit above the 6.5x sector middle and above the covered margin line. For these three, the working question is protecting rig margin per day through the next recontracting window rather than proving the fleet. Higher Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 1 names Valaris Limited (VAL) Valaris Limited (VAL) is marked above the sector middle while its EBITDA margin, at 23%, sits below the covered line. The market appears to be paying for fleet capability and contract coverage ahead of today's reported margin, which puts the weight on cost per rig day and non-productive time. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 1 names Seadrill Limited (SDRL) Seadrill Limited (SDRL) carries a margin above the covered line but is marked at 5.2x, below the sector middle. That gap usually points at contract duration and near-term roll rather than at how the fleet is operating. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 2 names Patterson-UTI Energy, Inc. (PTEN) · Nabors Industries Ltd. (NBR) Patterson-UTI Energy, Inc. (PTEN) and Nabors Industries Ltd. (NBR) sit below on both measures. For land-weighted fleets the route up runs through super-spec utilization, cost per rig day, and capital allocation between reactivation spend and returns.

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    03 · THE AGENDA

    Three Profiles That Sit at the Top of the Range, and What Each One Asks of an Owner

    This page frames three ownership profiles that sit at the top of the range and the questions each raises for an owner.

    We translate the situation map into three profiles and the questions an owner or acquirer should be resolving for each one. These are directional views grounded in the cohort data shown earlier, not investment advice. So what: the profile a contractor fits determines which lever — coverage, margin, or capital discipline — matters most next.

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    03 · THE AGENDA Three Profiles That Sit at the Top of the Range, and What Each One Asks of an Owner NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Extend Term Coverage Before the Next Roll The top of the range is held by names whose contract coverage reaches into the period the forward multiple is struck on. Trading a little leading-edge dayrate for duration with creditworthy counterparties is how that coverage gets built. What changes the answer: A rising share of the fleet rolling to well-to-well work inside twelve months. Spend on Reactivation Only Where the Payback Is Short Cold-stacked units and heavy special periodic survey obligations sit on the detractor side of how buyers read a fleet. Ranking each unit by reactivation capex against contracted payback keeps capital away from rigs the market is not marking. What changes the answer: Reactivation cost per rig running ahead of the dayrate a live tender will support. Buy Capability That Earns More per Rig Day The transaction record includes a completed purchase of drilling technology at 4.0x EBITDA, a lower mark than the listed contractors carry. Adding automation and directional capability is one route to more revenue attached to rigs already working, without adding steel. What changes the answer: Non-productive time and revenue efficiency gaps a technology package would close. Treat Consolidation as the Sector's Normal Route to Scale Combinations between listed contractors run through the record, from 2008 through the 2026 filings. For an owner that means knowing where your fleet, backlog and cost per rig day would sit inside a larger operator, and which combinations would change the tender line-up in your basins. What changes the answer: Peers announcing combinations that reshape bidder lists in your core basins.

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    SECTION 04

    04

    This divider introduces the precedent transaction record spanning the recorded history.

    We turn next to what buyers have actually agreed to pay across the transaction record, and what those marks benchmark against. This section covers contractors buying contractors across the full recorded history.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Contractors Buying Contractors, Across Two Decades of the Transaction Record What buyers agreed to pay, and what those marks benchmark against. 04 of 06 Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Contractors Buying Contractors: What Buyers Agreed to Pay

    This page presents two disclosed-terms transactions as case studies, with multiples on LTM financials at announcement.

    Among the transactions with disclosed terms, we've selected two as case studies — including an $8.5B transaction for Transocean Ltd. (RIG) at 7.5x EBITDA — to show what buyers agreed to pay and why. These deal multiples are struck on LTM financials at announcement, so they aren't directly comparable to the forward public basis and we don't claim a spread between them. So what: the case studies show the operating logic behind real prices paid, which the public multiples alone can't show.

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    04 · DEAL CASE STUDIES Contractors Buying Contractors: What Buyers Agreed to Pay 2 of 8 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 58 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 32 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Feb-2026 $17.0B Transocean Ltd. acquires Valaris Limited EV / LTM revenue 7.2x EV / LTM EBITDA 30.8x WHY THE DEAL HAPPENED Transocean Ltd. (RIG) and Valaris Limited (VAL) are both offshore contractors sitting at the top of the public range, so the transaction reads as fleet consolidation for scale, tender credibility and shore-based cost absorption. At this size it also concentrates deepwater and harsh-environment capability inside one operator. HOW THE TARGET WAS VALUED The transaction is recorded at 7.2x revenue and 30.8x EBITDA. A profit multiple that far above where the listed contractors trade is associated with earnings struck at a low point in the cycle rather than with a settled view of run-rate rig margin. Jun-2024 $2.1B Noble Corporation plc Noble adds Diamond Offshore's floaters in a $2.1B offshore combination EV / LTM revenue 1.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Noble Corporation plc is an offshore contractor buying another offshore fleet, which points to scale in floaters, wider tender coverage and one shore-based cost structure spread across more rigs. Buying working and stacked units is also a way to add capability without waiting on shipyard slots. HOW THE TARGET WAS VALUED The deal is recorded at $2.1B and 1.9x revenue. Against the profit multiples elsewhere in the transaction record, a revenue mark at that level benchmarks the fleet nearer asset value than a full recontracting case.

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    SECTION 05

    05

    This divider introduces the strategic implications section on where the next dollar of capital earns its multiple.

    We close the analysis by asking where the next dollar of capital actually earns its multiple in a working fleet. This section turns the valuation and transaction evidence into operating moves.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where the Next Dollar of Capital Earns Its Multiple The operating moves this range points to for a working fleet. 05 of 06 Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    What This Range Means for How You Run the Fleet Next Year

    This page sets out the operating questions this data puts on the table for the next twelve months.

    The range we've shown points to specific operating questions — on contract coverage, reactivation spend, and where capability additions earn the most per rig day. These are directional views drawn from the analysis in this report, framed as observations rather than recommendations. So what: the answers determine which side of the range a fleet sits on a year from now.

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    05 · STRATEGIC IMPLICATIONS What This Range Means for How You Run the Fleet Next Year NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Know Which Half of the Range Your Fleet Sits In Of the 8 contractors on this page, 7 carry a forward estimate and they span a wide band on the same lens. Contract coverage, margin per rig day and fleet generation are the lines that place a company inside that band, and they are the lines management can move. FOR MANAGEMENT TEAMS Defend Margin per Rig Day Through the Roll The names sitting above both the multiple and the margin line in this set are offshore contractors with working fleets. Revenue efficiency and non-productive time are the operating lines most directly under management control through a recontracting window. FOR BOARDS Rank Survey and Reactivation Spend Against the Dayrate It Buys Buyers in this record price fleets rig by rig, netting reactivation and class-renewal cost from the headline figure. The same arithmetic can govern internal capital: a unit that cannot earn back its survey and reactivation cost inside its likely contract deserves a harder look than one that can.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparable universe, methodology and sources.

    The final section carries the comparables detail behind every figure in the body, the valuation basis, and the underlying disclosures each figure draws on. Use it to check any number against its basis.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists all seven rated public comparables on forward EV/EBITDA, grouped by valuation tier, with one company not rated.

    All seven rated companies appear here with their forward EV/EBITDA, shaded against the 6.5x sector median, alongside the one contractor without an eligible multiple. This is the complete rated set referenced throughout the report. So what: it's the full underlying comparable set for anyone who wants to check a tier assignment.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.5x); amber marks below · 7 rated companies; 1 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥7.4x · median 7.8x · 2 companies Transocean Ltd. RIG Diversified offshore and land drilling contractors $10.6B 7.8x -1% 35% 34 Valaris Limited VAL Diversified offshore and land drilling contractors $6.2B 7.8x 14% 23% 46 CORE — 4.9x–7.4x · median 6.5x · 3 companies Noble Corporation Plc NE Diversified offshore and land drilling contractors $8.1B 7.1x 11% 31% 47 Borr Drilling Limited BORR Diversified offshore and land drilling contractors $3.3B 6.5x 21% 30% 64 Seadrill Limited SDRL Diversified offshore and land drilling contractors $3.2B 5.2x 11% 28% 46 DISCOUNT — <4.9x · median 4.1x · 2 companies Patterson-UTI Energy, Inc. PTEN Diversified offshore and land drilling contractors $5.1B 4.7x 7% 19% 28 Nabors Industries Ltd. NBR Diversified offshore and land drilling contractors $3.8B 3.5x 9% 28% 39

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists transactions with disclosed terms in the record, newest first, with multiples on LTM financials at announcement.

    This is the complete list of transactions carrying disclosed terms, ordered newest first, on the same LTM-at-announcement basis used in the case studies. So what: it's the full deal record behind the case studies shown earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 8 transactions with disclosed terms in this tier (40 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 58 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 32 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2026 ENDRA → Noble $2.6B 0.8x 2.5x ENDRA is recorded with a pending transaction for Noble at $2.6B, 2.5x EBITDA and 0.8x revenue, with the value shown as recorded in the filing. Pricing well below where the listed contractors trade usually turns on what sits inside the perimeter, so the fleet and… May-2026 Innovex International, Inc. → Drilling Innovative Solutions, LLC n/a n/a 4.0x Innovex International, Inc. completed its purchase of Drilling Innovative Solutions, LLC at 4.0x EBITDA. Buying drilling technology rather than rigs is how revenue attached to working rigs gets deepened, and it sells into different customer groups from a straight… Feb-2026 Transocean Ltd. → Valaris Limited $17.0B 7.2x 30.8x Transocean Ltd. (RIG) and Valaris Limited (VAL), the two names at the top of the public range, are recorded combining at $17.0B, announced in February 2026. A combination of two offshore contractors at this size reads as a scale and tender-credibility story before it… Aug-2025 Undisclosed buyer → Transocean Ltd. $8.5B 2.2x 7.5x An undisclosed buyer is recorded at $8.5B for Transocean Ltd. (RIG), at 7.5x EBITDA and 2.2x revenue. The value is shown as recorded in the filing with divestiture roles reassigned, so read the marks as indicative of where offshore fleets have been valued rather than… Jun-2024 Noble Corporation plc → Diamond Offshore Drilling, Inc. $2.1B 1.9x n/a Noble Corporation plc is recorded acquiring Diamond Offshore Drilling, Inc. at 1.9x revenue. Adding floaters to an existing offshore fleet is a tender-coverage and shore-cost story, and it is the template most of the transaction record follows. Jun-2014 C&J Energy Services, Inc. → Nabors Industries Ltd. n/a n/a 8.9x C&J Energy Services, Inc. is recorded at 8.9x EBITDA in a 2014 transaction involving Nabors Industries Ltd. Struck at a different point in the cycle, it is a reminder that land-side profit multiples have been agreed well above where the land-weighted names are marked… Aug-2008 Precision Drilling Trust → Grey Wolf Inc. n/a n/a 4.9x Precision Drilling Trust is recorded acquiring Grey Wolf Inc. at 4.9x EBITDA in August 2008. Two land-side transactions almost two decades apart show how far the cycle moves the price agreed for the same kind of fleet. n/a Amazon.com, Inc. → Transocean Partners LLC n/a 7.8x n/a Amazon.com, Inc. is recorded against Transocean Partners LLC on a revenue basis. Read this entry as a cross-check on revenue marks rather than as a read on what offshore fleets earn.

19. 19
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains how the comparable set and precedent list were built, what was excluded, and the basis for each figure shown.

    This page walks through how the comparable set and the precedent list were built, including what didn't pass the plausibility gates and why. It sets out the basis behind every multiple and figure used earlier in the analysis. So what: it gives a clear trail for checking any number in this report against its underlying basis.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Oil and Gas Drilling and it clears the coverage gate with 7 of 8 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 9 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 352 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (351) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    The Premium Sits with Contract Coverage and Margin, and It Is Being Priced a Year Ahead.

    This closing page states the report's conclusion: the premium sits with contract coverage and margin, priced a year ahead.

    The premium in this sector sits with contract coverage and margin, and the market is already pricing it a year ahead on the forward lens. We've laid out the tiers, the drivers, and the transaction record that support that read. So what: the next twelve months are about defending or building the coverage and margin position that earns the higher mark.

    Everything on this page

    The Premium Sits with Contract Coverage and Margin, and It Is Being Priced a Year Ahead. NeuraCap AI — Oil and Gas Drilling Coverage September 2026 · Prepared by NeuraCap AI · Confidential Oil and Gas Drilling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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