PETROBRAS - PETROLEO BRASILEIRO SA

Additionally, in Brazil, the president has the power to enact policies and issue orders relating to the Brazilian economy, including the sector in which we operate, through specific regulations or through their control over Petrobras, our sole supplier of gasoline, diesel and certain other oil by-products, which could affect our operations and financial performance in Brazil.

Petrobras 34 % 37 % 34 % 33 %

Petrobras 34 % 29 %

Petrobras 36 % 18 % 16 %

Petrobras 38 % 17 % 35 % 17 %

For the year ended December 31, 2025, our most significant customers were Petróleo Brasileiro S.A. (together with its affiliates, “Petrobras”), Shell plc (together with its affiliates, “Shell”) and Equinor ASA (together with its affiliates, “Equinor”), representing 22 percent, 22 percent and 12 percent, respectively, of our consolidated operating revenues.

For the year ended December 31, 2024, our most significant customers were Shell plc (together with its affiliates, “Shell”), Petróleo Brasileiro S.A. (together with its affiliates, “Petrobras”) and Equinor ASA (together with its affiliates, “Equinor”), representing 27 percent, 21 percent and 13 percent, respectively, of our consolidated operating revenues.

In addition to Pemex, another large customer, Petrobras, notified us that it was disputing contract language regarding the lengths of contracts for our two dynamically positioned drillships operating in Brazil (the “Petrobras Contracts”).

Petróleo Brasileiro S.A. ("Petrobras") 13 % — % — % 13 %

Petrobras 9 % — % — % 9 %

Petrobras (4) 4 % 8 % 11 %

Petrobras (4) 4 % 10 % 5 % 11 %

Petrobras (4) 5 % 12 %

Petrobras (1) 5 % 11 % 9 % 11 %

Petrobras (1) 10 % 11 % 11 % 10 %

Petrobras (1) 12 % 10 %

Petrobras (1) 8 % 11 % 9 %

Petrobras (1) 11 % 9 % 11 % 11 %

Petrobras (1) 11 % 9 % 10 % 12 %

Petrobras (1) 10 % 16 %

Petrobras (3) 11 % 9 % 14 %

Petrobras (1) 9 % 16 % 11 % 14 %

Petrobras (2) 9 % 15 % 12 % 13 %

Petrobras (1) 16 % 11 %

Petrobras (3) 9 % 14 % 9 %

Petrobras (2) 16 % 10 % 14 % 10 %

Petrobras (2) 15 % 10 % 13 % 10 %

Petrobras (2) 11 % 10 %

Petrobras (2) 14 % 9 % 14 %

The percentages of consolidated revenues from major customers (those representing 10% or more of our consolidated revenues) are as follows: 2025 — Shell (18%) and Petrobras (10%); 2024 — Shell (12%) and Talos (12%); and 2023 — Apache (11%) and Shell (10%).

The percentages of consolidated revenues from major customers (those representing 10% or more of our consolidated revenues) are as follows: 2023 — Apache (11%) and Shell (10%); 2022 — Shell (15%); and 2021 — Petrobras (23%) and Shell (17%).

The percentages of consolidated revenues from major customers (those representing 10% or more of our consolidated revenues) are as follows: 2022 — Shell (15%); 2021 — Petrobras (23%) and Shell (17%); and 2020 — Petrobras (28%) and BP (17%).

The percentages of consolidated revenues from major customers (those representing 10% or more of our consolidated revenues) are as follows: 2021 — Petrobras (23%) and Shell (17%); 2020 — Petrobras (28%) and BP (17%); and 2019 — Petrobras (29%), BP (15%) and Shell (13%).

We have been named in various other claims, lawsuits or threatened actions that are incidental to the ordinary course of our business, including a claim by one of our customers in Brazil, Petróleo Brasileiro S.A. (or Petrobras), that it will seek to recover from its contractors, including us, any taxes, penalties, interest and fees that it must pay to the Brazilian tax authorities for our applicable portion of withholding taxes related to Petrobras’ charter agreements with its contractors.

We have been named in various other claims, lawsuits or threatened actions that are incidental to the ordinary course of our business, including a claim by one of our customers in Brazil, Petróleo Brasileiro S.A. (or Petrobras), that it will seek to recover from its contractors, including us, any taxes, penalties, interest and fees that it must pay to the Brazilian tax authorities for our applicable portion of withholding taxes related to Petrobras’ charter agreements with its contractors.

We have been named in various other claims, lawsuits or threatened actions that are incidental to the ordinary course of our business, including a claim by one of our customers in Brazil, Petróleo Brasileiro S.A., or Petrobras, that it will seek to recover from its contractors, including us, any taxes, penalties, interest and fees that it must pay to the Brazilian tax authorities for our applicable portion of withholding taxes related to Petrobras’ charter agreements with its contractors.

We have been named in various other claims, lawsuits or threatened actions that are incidental to the ordinary course of our business, including a claim by one of our customers in Brazil, Petróleo Brasileiro S.A., or Petrobras, that it will seek to recover from its contractors, including us, any taxes, penalties, interest and fees that it must pay to the Brazilian tax authorities for our applicable portion of withholding taxes related to Petrobras’ charter agreements with its contractors.

We have been named in various other claims, lawsuits or threatened actions that are incidental to the ordinary course of our business, including a claim by one of our customers in Brazil, Petróleo Brasileiro S.A., or Petrobras, that it will seek to recover from its contractors, including us, any taxes, penalties, interest and fees that it must pay to the Brazilian tax authorities for our applicable portion of withholding taxes related to Petrobras’ charter agreements with its contractors.

(1) Contract drilling backlog as of January 1, 2017 for our ultra-deepwater floaters includes (i) $470.9 million from 2017 to 2020 attributable to the Ocean GreatWhite , which reflects a revised standby rate that allows us to pass along certain cost savings to our customer while maintaining approximately the same operating margin and cash flows of the original contract, and (ii) $268.6 million from 2017 to 2018 attributable to contracted work for the Ocean Valor under the contract that Petróleo Brasiliero S.A., or Petrobras, has attempted to terminate and is currently in effect pursuant to an injunction granted by a Brazilian court, which Petrobras has appealed.

During 2015, 2014 and 2013, one of our customers in Brazil, Petróleo Brasileiro S.A., or Petrobras (a Brazilian multinational energy company that is majority-owned by the Brazilian government), accounted for 24%, 32% and 34% of our annual total consolidated revenues, respectively.

During 2014, 2013 and 2012, one of our customers in Brazil, Petróleo Brasileiro S.A., or Petrobras (a Brazilian multinational energy company that is majority-owned by the Brazilian government), accounted for 32%, 34% and 33% of our annual total consolidated revenues, respectively.

Customer Year Ended December 31, 2025 Equinor 16.78 % Exxonmobil 12.12 % CSSA 11.75 % Flopec 6.15 % Petrobras 5.36 % Trafigura 4.35 % Galp 4.26 % BP Shipping 4.11 % Chevron 4.09 % Pisco 3.59 % Petco 3.26 % Shell 3.09 % Vitol 2.91 % Mercuria 2.19 % Aramco 1.88 % Unipec 1.87 % Repsol 1.84 % Maersk Pool 1.40 % BPPNA 0.86 % RWE 0.83 % Regulation A.