Business
Seadrill Announces First Quarter 2026 Results
HAMILTON, Bermuda, May 11, 2026--Seadrill Announces First Quarter 2026 Results
About this update from Seadrill Limited
HAMILTON, Bermuda, May 11, 2026--(BUSINESS WIRE)--Seadrill Limited ("Seadrill" or the "Company") (NYSE: SDRL) today announced its first quarter 2026 results. Highlights Financial Highlights "Seadrill delivered a solid quarter financially and operationally, including the completion of two major projects ahead of schedule and on budget. These achievements, together with recent commercial success, enhance visibility toward higher earnings and Free Cash Flow(4) in the second half of 2026 and into 2027," said President and CEO Samir Ali. "Increasing demand for deepwater rigs is supported by multiple customers across multiple regions, and with a renewed global focus on energy security, we see growing tailwinds into 2027 to drive positive dayrate momentum." Financial and Operational Results First quarter 2026 Total operating revenues decreased to $358 million, compared to $362 million in the prior quarter. The decrease was largely attributable to fewer operating days and lower reimbursable revenues, partially offset by increases in fleet-wide Economic utilization(5) and average contractual dayrates. First quarter 2026 Total operating expenses decreased by $10 million to $334 million, compared to $344 million in the prior quarter, primarily driven by the capitalization of expenses related to the West Jupiter's first quarter contract preparations. Net loss for the first quarter was $7 million. Adjusted EBITDA was $97 million, compared to $88 million in the prior quarter. Balance Sheet and Cash Flow At quarter-end, Seadrill had gross principal debt of $625 million and $329 million in cash, cash equivalents and restricted cash, for a net debt position of $296 million. The use of cash during the first quarter of 2026 included $51 million for capital additions and long-term maintenance, and was impacted by payments for contract preparation activities for West Jupiter and West Capella as well as timing of working capital. Both rigs successfully commenced operations late in the first quarter of 2026, with mobilization revenue relating to West Jupiter and West Capella due to be collected in the second quarter of 2026. Commercial Activity and Contract Backlog As of May 11, 2026, Seadrill’s Contract Backlog was approximately $3.1 billion. The Company has provided an updated fleet status report on the Investor Relations section of...