Seadrill’s Backlog Reaches $3.1B with $860M in New Rig Deals

(Credit: Seadrill)

Seadrill has secured more than $860 million in new contract backlog since February fleet status report, driven by offshore drilling awards and extensions in Brazil, the U.S. Gulf and Angola, lifting its total contract backlog to about $3.1 billion.

The offshore drilling contractor said recent awards included a three-year extension for the West Polaris drillship with Petrobras in Brazil beginning in January 2028, adding about $480 million to backlog.

In the U.S. Gulf, West Neptune secured a 365-day contract extension with LLOG, a subsidiary of Harbour Energy, starting in October 2026, while West Vela won a 270-day program expected to start in September 2026. Together, the contracts added about $260 million to backlog.

Seadrill also said the Sonangol Quenguela secured a contract extension with TotalEnergies offshore Angola for an estimated 480 additional days, extending the rig’s commitment into July 2028.

West Carina also extended its current contract in Brazil into June 2026.

The company reported first-quarter adjusted EBITDA of $97 million and a net loss of $7 million.

Seadrill raised its full-year 2026 revenue guidance to between $1.43 billion and $1.48 billion from a previous range of $1.40 billion to $1.45 billion. It also increased adjusted EBITDA guidance to $370 million-$420 million from $350 million-$400 million.

“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 in the second half of 2026 and into 2027.

“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,” said Samir Ali, President and CEO of Seadrill.