Seadrill's Q2 results beat expectations, driving an 8.0% stock gain as higher-than-anticipated EBITDA and strong contract backlog growth underpin improved full-year guidance.
- Reported EBITDA of $144 million spurred a second guidance raise for full-year 2026 revenue and EBITDA.
- Economic utilization remained high at 96%, reflecting operational efficiency and reliability.
- Added approximately $200 million to backlog since May across key regions including the U.S. Gulf and Malaysia.
- Resumed share repurchases with $20 million bought opportunistically in late June, signaling confidence in cash flow generation.
- Market outlook is constructive with expected tighter drillship supply/demand balance in 2027 and rising offshore exploration investment.
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