Seadrill Q4 Earnings Call Highlights

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Sat, February 28, 2026 astatine 5:07 PM CST 8 min read

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Seadrill’s contracted backlog climbed to astir $2.5 billion aft adding astir $500 million since the anterior update, including awards similar $152 million for West Capella, and absorption says steadfast backlog covers astir 90% of the midpoint of its 2026 gross guidance.
The institution reported full‑year 2025 EBITDA of $353 million and Q4 EBITDA of $88 million, ended 2025 with $365 million currency and $524 million full liquidity versus $625 million gross debt, with Q4 currency usage driven by a $43 cardinal ineligible outgo and $69 cardinal of accelerated capex.
For 2026 Seadrill guided full operating revenues of $1.4–$1.45 billion and EBITDA of $350–$400 million, trimmed capex to $200–$240 million, and expects a mid‑year inflection to stronger currency travel arsenic higher‑priced contracts commencement and time rates emergence amid a tightening market.
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Seadrill (NYSE:SDRL) executives said the offshore deepwater marketplace entered 2026 with renewed spot aft a subdued 2025, pointing to tightening supply, rising utilization and improving declaration presumption arsenic factors that could enactment higher time rates into 2027 and beyond.

During the company’s fourth-quarter 2025 net call, Seadrill reported full-year 2025 EBITDA of $353 million, which absorption said exceeded the midpoint of its archetypal guidance range. Leadership besides highlighted what it described arsenic grounds operational and information performance, alongside a bid of declaration awards and extensions that lifted backlog to astir $2.5 billion.

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President and CEO Simon Johnson said information “is the instauration of everything we do,” and noted Seadrill delivered its champion information show successful institution past arsenic measured by full recordable incidental rate, which helium said was 50% amended than the IADC offshore manufacture benchmark.

Johnson and different executives besides emphasized operational execution crossed respective rigs:

West Neptune delivered a grounds “six-zone completion” for LLOG successful the U.S. Gulf, completing the programme successful 11 days and exceeding the anterior benchmark by 60%, according to management.
West Polaris and West Neptune executed MPD programs utilizing integrated riser associated technology, which absorption said saved much than 12 hours during rig up and rig down per well.
West Elara received ConocoPhillips’ Supplier of the Year Award, which the institution linked to execution consistency and reliability.
West Tellus reached 400 consecutive days of BOP subsea deployment portion delivering 5 wells offshore Brazil, described arsenic the second-longest deployment successful Seadrill’s fleet history.
Sevan Louisiana completed 2 good interventions successful January utilizing Trendsetter’s Trident system, its archetypal deployment successful the U.S. Gulf, which absorption said broadened the rig’s marketplace potential.