Seadrill Limited Earnings Recaps
Q1 2026
May 12, 2026
Seadrill’s Q1 earnings beat expectations, driving a 3.4% stock increase as improved revenue visibility from multi-year contract extensions and raised full-year guidance underpin investor optimism.
Key takeaways
- Q1 adjusted EBITDA came in at $97 million, reflecting solid operational execution and strong economic utilization across the fleet.
- The company raised full-year 2026 revenue and EBITDA guidance, signaling confidence in improved cash flow generation starting in H2.
- Approximately $860 million was added to backlog through recent contract awards, including extensions in Brazil, Angola, and new U.S. Gulf contracts, enhancing forward revenue visibility.
- Two key rigs in the U.S. Gulf, West Neptune and West Vela, secured follow-on contracts in a competitive environment, reducing idle time and positioning for 2027 market improvements.
- Management highlighted a positive market environment driven by rising deepwater exploration demand and increased energy security concerns, supporting long-term contract opportunities.
Q3 2025
Nov 7, 2025
Seadrill's Q3 2025 earnings reflect strong operational performance and strategic contract wins, contributing over $300 million to its backlog and solidifying its market leadership in Angola and the U.S. Gulf.
Key takeaways
- Added over $300 million to backlog through new contracts for five rigs, enhancing revenue visibility through 2026.
- Achieved exceptional technical uptime of over 99.7% for rigs in the Sonadrill joint venture.
- Secured direct continuation contracts for the West Vela and Sevan Louisiana in the U.S. Gulf, underscoring strong customer relationships.
- Highlighted commitment to operational excellence, with plans to enhance rig capabilities through new technologies like managed pressure drilling.
- Positive market outlook with increasing global tendering activity and renewed focus on offshore investment by oil majors.