Seadrill
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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.
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Q4 2025 earnings summary26 Feb, 2026

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.

FY25 net loss drivers vs prior year
Detail FY25 drilling unit additions spend
Reconcile Q4 dayrate dip with future outlook
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Frequently asked questions

Seadrill Limited provides offshore drilling services to the oil and gas industry worldwide. The company offers deepwater rigs, such as semi-submersible, jackup rigs, platform rigs, and drillships; and shallow water and coastal rigs, including integrated shallow water rigs comprising semisubmersible and jackup rig components. Seadrill Limited is based in Hamilton, Bermuda.

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