Seadrill Secures $500M in New Contracts Amid Mixed 2025 Results

Event summary

  • Seadrill secured $500M in new contract awards across seven rigs, boosting its contract backlog to $2.5B.
  • The company reported a full-year 2025 net loss of $77M but achieved $353M in Adjusted EBITDA.
  • Seadrill provided 2026 guidance with total operating revenues expected between $1.4B and $1.45B.
  • The West Capella rig received a 14-month contract with PTTEP in Malaysia, enhancing earnings potential for 2026-2027.
  • Seadrill's net debt position stood at $260M as of Q4 2025.

The big picture

Seadrill's strategic positioning is strengthening as it capitalizes on improving demand for deepwater rigs and tightening supply. The company's ability to secure long-term contracts and enhance its contract backlog is crucial in a market where utilization, dayrates, and contract durations are gathering positive momentum. The mixed financial results for 2025 highlight the challenges of cost management and operational efficiency, which will be key areas to watch in 2026.

What we're watching

Contract Backlog Growth
Whether Seadrill can sustain the momentum in securing new contracts amid tightening supply and improving demand for deepwater rigs.
Financial Performance
How the company's ability to manage costs and improve operational efficiency will impact its profitability in 2026.
Industry Demand
The pace at which dayrates and contract durations will continue to gather positive momentum in the offshore drilling market.