Seadrill Ltd. (SDRL)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.5B

Revenue growth

13.1%

Net income, last twelve months

$1.0M

Earnings per share

$0.03

Operating margin

7.8%

Net margin

0.1%

Return on equity

0.0%

Market value

$3.3B

Price to earnings

1747.2x

Cash

$337.0M

Debt

$737.0M

Debt to equity

0.26

Shares outstanding

62.5M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 10 August 2026.

• Net income turned positive. Net income was $29 million, against a net loss of $7 million in the prior quarter. Adjusted EBITDA was $144 million, up from $97 million.
• Revenue rose to $449 million. Total operating revenues were $449 million, up from $358 million in the first quarter.
• Contract revenues and EPS rose. Contract revenues were $355 million against $277 million. Diluted EPS was $0.47, against a loss of $0.11 per share.
• Operating days drove fleet revenue. Operating-day gains came from West Jupiter and West Capella, with a higher fleet-wide dayrate. West Tellus had fewer operating days.
• Management cited 96% utilization. Management cited 96% economic utilization. The company defines the measure as dayrate revenue earned, excluding bonuses, against contractual dayrate. The contract table reports 95.5%.
• Receivables rose on new contracts. Accounts receivable reached $311 million at June 30, up from $214 million at March 31, mainly from the start of the two rigs' contracts and collection timing.
• West Vela won U.S. Gulf work. A one-year U.S. Gulf contract starting June 2027 adds about $161 million of backlog, excluding additional services.
• West Capella extended in Malaysia. The Malaysia extension adds an estimated 75 days and about $26 million of backlog, committing West Capella into August 2027.
• Backlog stood at $2.9 billion. Contract backlog was about $2.9 billion as of August 10, 2026, against $3.1 billion as of May 11, after about $200 million of awards added since the May fleet status report.
• Operating expenses rose $43 million. Total operating expenses were $377 million, against $334 million, mainly reflecting higher operating activity for West Jupiter and West Capella.
• Depreciation rose, tax fell. Depreciation and amortization was $72 million, against $71 million. Income tax expense was $12 million, against $23 million.
• Non-operating net expense rose. Total financial and other non-operating items, net, were $31 million of expense, against $8 million in the first quarter.
• Adjusted EBITDA margin widened. Adjusted EBITDA margin excluding reimbursables was 33.5%, against 27.9% in the first quarter.
• Free cash flow stayed negative. Free Cash Flow was negative $43 million, against negative $35 million. Operating cash use was $18 million and drilling additions were $25 million.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 18 held.

Every filing

The newest filings with the SEC of 313 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

275 funds held it at 30 Jun 2026: 129 added and 60 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Noble Corp. plc (NE): revenue $3.0B, market value $7.5B
• Transocean Ltd. (RIG): revenue $4.1B, market value $7.5B
• Valaris Ltd. (VAL): revenue $2.1B, market value $7.0B
• Patterson-UTI Energy, Inc. (PTEN): revenue $4.7B, market value $4.8B
• Helmerich & Payne, Inc. (HP): revenue $4.0B, market value $4.2B

What the company does

Seadrill Limited is an offshore drilling contractor that provides drilling services to the oil and gas industry worldwide. It owns and operates drillships and semi-submersible rigs that work in water from shallow to ultra-deepwater, in both benign and harsh environments. As of 31 December 2025 it owned 15 drilling units, of which 10 were operating, and it also managed two drilling units owned by Sonangol. It employed approximately 3,000 people worldwide, including contracted-in staff.

What it owns

Seadrill groups its fleet as floaters, jackup rigs and harsh environment units. All of the drilling units were delivered after 2007.

At year end, 10 units were operating, one was being upgraded for a contract starting in the second quarter of 2026, one was in repairs and maintenance, and three were cold stacked. A cold stacked rig has its crew reduced to a few people or removed, and is stored in a harbor, shipyard or designated offshore area.

How it earns money

Seadrill contracts its units to customers at an agreed dayrate, either for a fixed term or on a well completion basis. The customer bears substantially all the ancillary costs of constructing the well, as well as most of the economic risk of the well's success. Dayrates vary with the type of unit, contract length, location and other factors. The dayrate can be reduced when service is interrupted by repairs, upgrades, weather or maintenance, or when the customer asks for a suspension. Some contracts allow the customer to end the contract early for a specified fee. Seadrill may also receive fees for mobilizing equipment and personnel, and for upgrades made before drilling starts.

Its operating revenues come from contract revenues, reimbursable revenues, management contract revenues, leasing revenues and other revenues. The management and leasing lines relate to Sonadrill, a joint venture. Seadrill manages the Libongos, Quenguela and West Gemini for Sonadrill, and charters the West Gemini to it.

Who it sells to

Customers include oil super-majors, state-owned national oil companies and independent oil and gas companies. Four customers each accounted for more than 10% of total operating revenues in 2025: Petrobras at 36%, Sonadrill at 22%, Talos at 11% and LLOG at 10%.

Where it operates

Seadrill describes a single, global offshore drilling market, because its rigs are mobile and can be moved as conditions change. Moving between regions can be costly, since a rig may need upgrades to meet regional requirements. Operations are subject to flag state rules, international maritime conventions, national environmental and safety laws, and local content requirements, which currently apply to drilling contracts in Brazil. Each unit must be classed by a classification society, with annual class surveys and a renewal survey every five years.

How it competes

The company describes the industry as highly competitive, with participants ranging from large multinationals to small local firms. Contracts are generally awarded by competitive bid or through privately negotiated deals. The filing lists the deciding factors as pricing, rig availability, technical specification, rig location, equipment condition, operating record, safety record, crew experience, reputation and customer relations. Demand follows the exploration and development drilling programs of oil and gas companies, which respond to oil and gas prices and other factors.

Its people and safety

Crews run from 120 to 160 people on a drillship and 110 to 130 on a semi-submersible, and from 80 to 110 on a jackup. In Norway and Brazil, employees and contract labor are covered by collective bargaining agreements. The Norwegian agreements are reviewed every two years, and the Brazilian one is negotiated annually.

Seadrill works with the International Well Control Forum on well control training and runs the Seadrill Development Academy, a drilling simulator suite. Its total recordable incident rate for 2025 was 0.17, against an International Association of Drilling Contractors average of 0.34 for the areas where it operates.

The chief executive is Simon Johnson, and Julie J. Robertson chairs the board.

*From Seadrill's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1737706/000173770626000010/sdrl-20251231.htm)*

From the company's 10-K.