Seadrill Announces Q3 2025 Results

© Seadrill Limited

Seadrill Limited announced its third quarter 2025 results.

Quarterly Highlights:

• Secured contract awards across five rigs, adding over $300 million to Order Backlog.
• West Gemini, Sonangol Libongos and Sonangol Quenguela secured an estimated 1,000 days of incremental work in Angola, extending the longevity of the Sonadrill joint venture.
• West Vela was awarded two contracts in the U.S. Gulf, adding over four months in firm term, securing the rig into the second half of 2026.
• Sevan Louisiana received an award in the U.S. Gulf, scheduled to commence in direct continuation of the current contract in November 2025.
• Reported a net loss of $11 million and Adjusted EBITDA of $86 million.
• Full year 2025 guidance ranges are narrowed. Total operating revenue of $1,360 million to $1,390 million (previously $1,320 million to $1,380 million). Current and prior guidance excludes $50 million of reimbursable revenue. Adjusted EBITDA ⁽³⁾ range is narrowed to $330 million to $360 million (previously $320 million to $380 million) and Capital Expenditure and Long-Term Maintenance is narrowed to $280 million to $300 million (previously $250 million to $300 million).

“We continue to execute our strategy to build backlog coverage through 2025 and 2026, minimizing our exposure to contract gaps. Our commercial team secured over $300 million in new contracts across five rigs, including all three assets in the Sonadrill joint venture in Angola, reaffirming our position as a leading operator in the region. The awards in the U.S. Gulf demonstrate Seadrill’s continued ability to collaborate with customers, leverage advanced technology, and deliver operational excellence,” said President and CEO Simon Johnson. 

“As industry fundamentals improve and global tendering activity accelerates, Seadrill remains well positioned to create shareholder value and support long-term demand for energy services through a disciplined commercial strategy that drives sustainable growth.”