Seadrill Limited reported a total operating revenue of $1.437 billion for the fiscal year ending December 31, 2025, reflecting a 4% increase from $1.385 billion in 2024. The company's operating profit, however, decreased significantly to $47 million from $412 million in the previous year, primarily due to a rise in operating expenses, which increased by 12% to $1.369 billion. The net loss for the year was $77 million, compared to a net income of $446 million in 2024, indicating a substantial decline in profitability.
The company experienced notable changes in its operational metrics, with the average number of rigs on contract rising to 10 in 2025 from 9 in 2024. This increase contributed to a $27 million rise in contract revenues. However, economic utilization fell to 90% from 95%, leading to a $37 million decrease in contract revenues. The average contractual dayrate improved to $326,000, up from $296,000, which added $75 million to contract revenues. The contract backlog as of December 31, 2025, was approximately $2.4 billion, down from $3.2 billion in 2024, reflecting a decrease in future revenue visibility.
Strategically, Seadrill completed the acquisition of Aquadrill in April 2023, which added four drillships and one semi-submersible to its fleet. The integration of Aquadrill is expected to enhance Seadrill's market presence and operational capabilities. The company also engaged in a share repurchase program, completing $250 million in repurchases in December 2023 and authorizing an additional $500 million for future buybacks. However, no shares were repurchased in 2025, leaving $208 million available under the current program.
Operationally, Seadrill employed approximately 3,000 employees globally as of December 31, 2025, maintaining a stable workforce despite the challenging market conditions. The company’s fleet consisted of 15 drilling units, with 10 actively operating, one undergoing upgrades, and three cold stacked. The geographic distribution of revenues showed Brazil as the largest contributor at $611 million, followed by the United States at $368 million and Angola at $331 million.
Looking ahead, Seadrill anticipates a potential market recovery in 2027, driven by increased global tendering activity and a renewed focus on deepwater exploration by oil majors. However, the company remains cautious due to ongoing uncertainties in the market, including inflationary pressures and fluctuating oil prices, which could impact future demand for offshore drilling services.
About Seadrill Ltd
Seadrill Limited is an offshore drilling contractor providing worldwide services with a fleet of drillships, semi-submersibles, and jackup rigs. It serves oil and gas companies, including majors and national oil firms, in shallow to ultra-deepwater environments. The company emphasizes safety, technological innovation, and long-term customer relationships, operating in a cyclical industry driven by exploration, development, and production activity in global offshore markets.
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