Seadrill Limited (SDRL) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

over to Simon. Thanks, Kevin. Hello, and thank you for joining us for today's call. I'll begin by recapping our 2025 achievements before moving to the broader market outlook. Following my remarks, Samir will discuss recent contracting successes and our commercial outlook. Grant will then review fourth quarter and full year 2025 financial results before providing guidance for 2026. For full year 2025, we delivered EBITDA of $353 million, exceeding the midpoint of the original guidance range in what proved to be a very challenging market. Safety is the foundation of everything we do, and in 2025, CEDRAL raised the bar again. We achieved the best safety performance in our history as measured by total recordable incident rate, delivering 50% better than the IADC offshore industry benchmark. That kind of margin is not accidental. It's the product of rigorous standards, elite crews and uncompromising operational discipline. That operational discipline does not stop at safety. It translates directly into performance. In 2025, we did not simply perform well, we separated ourselves from the pack. The West Neptune reinforced its best-in-class reputation by delivering a record-breaking six-zone completion for log in the US Gulf, completing the program in 11 days and exceeding the prior benchmark by an impressive 60%. That level of execution is why the rig is now entering its second decade under continuous contract. Following Harbor Energy's acquisition of LOG, we look forward to extending what has already been an exceptional long-term partnership built on performance. Additionally, West Polaris and West Neptune delivered highly complex NPD programs using state-of-the-art integrated riser joint technology, which translated into more than 12-hour save during rig up and rig down p...