SEADRILL Ltd (SDRL) Form 8-K — Aug 7, 2026
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.
Key figures
- Eps
- $0.47 diluted (vs -$0.68 in Q2 2025)
- Revenue
- $449 million (Q2 2026 total operating revenues)
- Guidance
- FY2026 total operating revenues raised to $1.50-$1.55 billion (previously $1.43-$1.48 billion, excluding $50 million of reimbursable revenues); Adjusted EBITDA raised to $420-$450 million (previously $370-$420 million); capex and long-term maintenance maintained at $200-$240 million
- Net Income
- $29 million (vs net loss of $42 million in Q2 2025)
- Total Debt
- $750 million gross principal debt ($737 million long-term debt on balance sheet)
- Revenue Yoy
- +19% vs Q2 2025 ($377 million)
- Cash Position
- $360 million (cash, cash equivalents and restricted cash; $337 million cash and equivalents)
- Net Debt
- $390 million
- Backlog Added
- approximately $200 million from U.S. Gulf and Malaysia awards/extensions subsequent to May fleet status report
- Free Cash Flow
- -$43 million (Q2 2026)
- Adjusted Ebitda
- $144 million (vs $97 million in Q1 2026)
- Revolver Upsize
- increased to $300 million from $225 million, maturity extended to 2031
- Contract Backlog
- approximately $2.9 billion as of August 10, 2026
- Six Month Revenue
- $807 million
- Notes Refinancing
- prior senior notes due 2030 refinanced, maturity extended into 2034
- Share Repurchases Q2
- $20 million
- Economic Utilization
- 96% per highlights (95.5% per Appendix II)
- Average Rigs On Contract
- 10
- Loss On Debt Extinguishment
- $35 million (six months ended June 30, 2026)
- Average Contractual Dayrate
- $360 thousand (vs $343 thousand in Q1 2026)
Price after filing
Close on the filing date to close N calendar days later (from $43.24). Historical, not a forecast.
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