Seadrill Limited

Seadrill Announces Contract Awards and Extensions in Indonesia, Malaysia, Angola, and the U.S. Gulf

Seadrill won a West Carina contract in Indonesia worth approximately $420 million for the firm term, with 880 days firm plus priced options for another 880 days, commencing in the first half of 2027. In Malaysia, the West Capella had all remaining priced options exercised, adding about $41 million and 120 days, with unpriced options adding roughly $53 million more, keeping the rig working through February 2028. In Angola, the 50:50 Sonadrill joint venture extended the Sonangol Libongos about three years through January 2030, and the Sevan Louisiana won a 25-day U.S. Gulf job with Kosmos starting November 2026. CEO Samir Ali said the awards enhance 2027 revenue visibility, with over 85% of available fleet drillship days now contracted, supporting stronger earnings and free cash flow.

•13d ago

SDRL: 10-Q · periodic report

Seadrill's Q2 2026 10-Q shows operating revenues of $449 million, up 19% year over year, with net income of $29 million ($0.47 per diluted share) versus a $42 million loss (-$0.68) a year earlier. Operating profit jumped to $72 million from $6 million on higher average dayrates ($360 thousand vs $331 thousand) and improved 96% economic utilization. During the quarter Seadrill issued $700 million of 6.750% unsecured Senior Notes due 2034 and satisfied and discharged its $575 million 8.375% secured notes due 2030, recognizing a $35 million extinguishment loss that includes a $25 million make-whole premium. The revolving credit facility was upsized from $225 million to $300 million and extended from 2028 to 2031, leaving total available liquidity of $585 million. Contract backlog rose to $2,934 million from $2,380 million at year-end 2025, and the board extended the $500 million share repurchase program through December 31, 2026, with roughly $188 million remaining after $20 million of Q2 buybacks. Management also flags signs pointing toward a market recovery in 2027 as global tendering accelerates. Key overhangs remain the Petrobras Sete Brazil dispute, with roughly $213 million of delay penalties claimed and an alleged entitlement to about $825 million of compensatory damages, plus Brazilian tax assessments totaling around $175 million, none of which has been accrued.

SEC 10-Q•2mo ago

Seadrill Announces Second Quarter 2026 Results

Seadrill reported Q2 revenue of $449 million, up from $358 million in the prior quarter, with net income of $29 million compared to a loss of $7 million. Adjusted EBITDA increased to $144 million, prompting the company to raise its full-year 2026 revenue guidance to $1.50-$1.55 billion and EBITDA guidance to $420-$450 million. Commercial updates included adding approximately $200 million to the contract backlog, bringing the total to $2.9 billion, while economic utilization reached 96%. The company repurchased $20 million of shares, extended its buyback program through year-end, and refinanced senior notes to extend debt maturities.

•2mo ago

SDRL: 8-K · earnings release

Seadrill Limited announced second quarter 2026 results, reporting net income of $29 million and Adjusted EBITDA of $144 million on total operating revenues of $449 million, up from $358 million in the prior quarter and $377 million in the year-ago quarter. Diluted EPS was $0.47, compared with a loss of $0.68 per share in Q2 2025. Management raised full year 2026 guidance, lifting total operating revenues to $1.50-$1.55 billion (from $1.43-$1.48 billion) and Adjusted EBITDA to $420-$450 million (from $370-$420 million), while maintaining capex guidance at $200-$240 million. Contract backlog stood at approximately $2.9 billion after roughly $200 million of new awards and extensions in the U.S. Gulf and Malaysia, including a one-year $161 million award for West Vela. The company also refinanced senior notes due 2030 into 2034, upsized its revolving credit facility to $300 million from $225 million, and extended its share repurchase program through December 31, 2026 after buying back about $20 million of stock in the quarter. CEO Samir Ali pointed to 96% economic utilization and strengthening demand for the high-specification fleet as the offshore market improves.

SEC 8-K•2mo ago

SDRL: 8-K · debt financing

Seadrill Finance Limited, a wholly owned subsidiary of Seadrill Limited, issued $700 million in 6.750% Senior Notes due 2034 on June 30, 2026, in a Rule 144A and Regulation S offering. The Notes are fully and unconditionally guaranteed by Seadrill Limited and certain subsidiaries, with interest payable semi-annually beginning January 15, 2027. The net proceeds were used to redeem and discharge all outstanding 8.375% Senior Secured Second Lien Notes due 2030, approximately $575 million of which remained outstanding as of March 31, 2026. The 2030 Notes indenture was satisfied and discharged upon deposit of sufficient funds with the trustee. Seadrill also amended its Senior Secured Revolving Credit Agreement, increasing commitments from $225 million to $300 million and replacing J.P. Morgan SE with JPMorgan Chase Bank, N.A. as administrative agent. The amended facility became effective on June 30, 2026, and has not been drawn to date.

SEC 8-K•3mo ago

Seadrill Extends Share Repurchase Program

Seadrill extended its $500 million share repurchase program by six months, setting a new expiration date of December 31, 2026. As of June 19, approximately $208 million of the authorized amount remained available under the program for future repurchases. The company retains flexibility to modify or suspend the program at any time based on market conditions and capital requirements.

•4mo ago

SDRL: 8-K · debt financing

Seadrill Limited entered into Amendment No. 2 to its Senior Secured Revolving Credit Agreement on June 16, 2026, increasing the total revolving commitments from $225 million to $300 million. The amendment extends the stated maturity date of the facility from 2028 to 2031 and replaces J.P. Morgan SE with JPMorgan Chase Bank, N.A. as the administrative agent. Additionally, the transaction removes certain immaterial subsidiaries and stacked vessels from guarantor and collateral obligations while amending covenants to provide greater operational and financial flexibility.

SEC 8-K•4mo ago

Seadrill Announces First Quarter 2026 Results

Seadrill reported Q1 total operating revenues of $358 million and Adjusted EBITDA of $97 million, completing the West Capella and West Jupiter projects ahead of schedule and on budget. The company raised its full-year 2026 guidance, increasing the revenue outlook to $1.43-$1.48 billion and Adjusted EBITDA to $370-$420 million, driven by over $860 million in new contract awards since February. Contract backlog now stands at $3.1 billion, bolstered by new work with Petrobras, LLOG, and TotalEnergies, with management citing growing tailwinds from energy security driving dayrate momentum.

•5mo ago

Seadrill Announces U.S. Gulf Contract Awards for West Neptune and West Vela

Seadrill Limited secured two contract awards with LLOG Exploration in the U.S. Gulf of Mexico, adding approximately $260 million to its backlog. The ultra-deepwater drillships West Neptune and West Vela were awarded programs of 365 days and 270 days respectively, with operations expected to commence in August and September 2026. Management stated that the new work enhances revenue visibility and supports free cash flow generation while the company navigates near-term market softness.

•6mo ago