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Seadrill (SDRL) investor relations material
Seadrill Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered full year 2025 EBITDA of $353 million, exceeding guidance midpoint in a challenging market.
Achieved record safety performance, with a 50% improvement over the IADC offshore industry benchmark and executed deepwater programs ahead of schedule and budget.
Secured $0.5 billion in new contract awards across seven rigs, boosting contract backlog to $2.5 billion as of February 25, 2026.
Operational excellence highlighted by record-setting rig performance and industry awards.
Delivered full year 2025 net loss of $77 million.
Financial highlights
Q4 2025 operating revenues were $362 million, nearly flat sequentially.
Q4 contract drilling revenues decreased by $7 million due to fewer operating days for West Vela, partially offset by Sevan Louisiana.
Q4 EBITDA was $88 million; full year 2025 EBITDA reached $353 million.
Year-end cash balance was $365 million, with total liquidity of $524 million and gross principal debt of $625 million (maturities through 2030).
Full year 2025 operating revenues reached $1.44 billion; net loss was $77 million.
Outlook and guidance
2026 operating revenues expected at $1.4–$1.45 billion (excluding $50 million reimbursables).
2026 EBITDA guidance: $350–$400 million, including $26 million non-cash expense.
Capital expenditures for 2026 projected at $200–$240 million, a significant reduction from prior years.
Anticipates strong cash flow inflection mid-2026 as major rigs commence new contracts and CapEx declines.
Management expects tightening supply, longer contract durations, and higher dayrates to drive improved results into 2027.
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