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Seadrill (SDRL) investor relations material
Seadrill Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Secured over $300 million in new contract awards across five rigs, increasing order backlog to $2.5 billion, with notable long-term contracts in Brazil, U.S. Gulf, Angola, and Norway, and several contracts extending into 2027 and beyond.
Maintained competitive edge through strong customer collaboration and exceptional crew performance, especially in Angola and the U.S. Gulf.
Upgrades and partnerships, such as with Trendsetter, enhance rig capabilities and open new market opportunities.
Net loss for Q3 2025 was $11 million, with Adjusted EBITDA of $86 million, and narrowed full-year guidance for revenue, Adjusted EBITDA, and capital expenditure.
Joint venture rigs in Angola managed through Sonadrill, with management fees rather than dayrates.
Financial highlights
Q3 2025 operating revenues were $363 million, a 3% year-over-year increase, but down from $377 million in Q2 2025.
Net loss: $11 million, improved from $42 million loss in Q2 2025; diluted loss per share: $(0.17).
Adjusted EBITDA: $86 million, down from $106 million in Q2 2025; margin excluding reimbursables: 24.4%.
Total liquidity at quarter-end was $587 million, with $402 million in cash and $625 million in gross principal debt.
Free Cash Flow: $9 million for Q3 2025; net cash provided by operating activities: $28 million.
Outlook and guidance
Full-year 2025 operating revenue guidance narrowed to $1,360–$1,390 million, Adjusted EBITDA to $330–$360 million, and capital expenditure to $280–$300 million.
Management expects market recovery momentum to build from late 2026 into 2027, with utilization picking up first, followed by day rates.
Oil majors are expected to renew focus on large-scale exploration and investment.
Impact of new contracts on 2026 contract gaps
What drove the narrowed 2025 EBITDA guidance?
Explain Q3 FCF given operating cash flow
Petrobras cost reduction talks: blend & extend?
Strategy for West Capella and Carina rigs
Africa & Asia: key demand drivers for rigs?
Carina/Capella 2026 downtime outlook
Regional leading-edge day rate trends
Petrobras cost reduction talks impact
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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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