Seadrill Ltd SDRL
We are an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Our primary business is the ownership and operation of drillships and semi-submersible rigs for operations in shallow to ultra-deepwater in both benign and harsh environments. We contract our drilling units to drill wells for our customers on a dayrate basis. Our customers include oil super-majors, state-owned national oil companies, and independent oil and gas companies. In addition, we provide management services to certain affiliated entities.
As of December 31, 2025, we owned a total of 15 drilling units, of which 10 were operating, one was undergoing capital upgrade projects for a contract commencing in the second quarter of 2026, one was undergoing repairs and maintenance projects and three were cold stacked. The 10 operating units include nine benign floaters (comprising six 7th generation drillships, two 6th generation drillships and one benign environment semi-submersible) and one harsh environment jackup. In addition to our owned assets, as of December 31, 2025, we managed two drilling units owned by Sonangol.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.09B | $1.01B | $1.15B | — | $663.0M | $605.0M | $863.0M | — | $1.89B | — |
| SG&A | $103.0M | $107.0M | $74.0M | — | $67.0M | $74.0M | $91.0M | — | $277.0M | — |
| Total operating expenses | $1.37B | $1.22B | $1.19B | — | $1.01B | $1.36B | $1.59B | — | $1.90B | — |
| Operating income | $47.0M | $412.0M | $329.0M | — | -$156.0M | -$4.48B | -$296.0M | — | -$728.0M | — |
| Interest expense | $61.0M | $61.0M | $59.0M | — | $109.0M | $398.0M | $407.0M | — | $285.0M | — |
| Pre-tax income | -$51.0M | $333.0M | $317.0M | — | -$572.0M | -$4.43B | -$747.0M | — | -$3.04B | — |
| Income tax | $26.0M | $113.0M | $17.0M | — | $0 | $1.0M | $44.0M | — | $66.0M | — |
| Net income | -$77.0M | $446.0M | $300.0M | $3.91B | -$587.0M | -$4.66B | -$1.22B | — | -$2.97B | — |
| EPS, basic | — | 6.56 | 4.23 | — | -5.85 | -46.43 | -12.18 | — | -5.89 | — |
| EPS, diluted | — | 6.37 | 4.12 | — | -5.85 | -46.43 | -12.18 | — | -5.89 | — |
| Shares, diluted (wtd. avg.) | $65.0M | $71.0M | $74.0M | — | $100.0M | $100.0M | $100.0M | — | $505.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $339.0M | $478.0M | $697.0M | $480.0M | $336.0M | $653.0M | $485.0M | $1.57B | $1.36B | $1.44B |
| Short-term investments | — | — | — | — | — | $8.0M | $11.0M | $57.0M | — | — |
| Receivables | $162.0M | $193.0M | $222.0M | $137.0M | $169.0M | $110.0M | $173.0M | $208.0M | — | — |
| Total current assets | $758.0M | $928.0M | $1.16B | $857.0M | $903.0M | $1.08B | $1.77B | $2.77B | — | — |
| Property, plant and equipment | — | — | — | — | — | — | — | $6.66B | — | — |
| Other intangibles | — | — | — | — | — | $10.0M | — | — | — | — |
| Total assets | $3.95B | $4.16B | $4.22B | $2.80B | $2.98B | $3.98B | $9.28B | $10.85B | — | — |
| Accounts payable | $61.0M | $118.0M | $53.0M | $76.0M | $53.0M | $41.0M | $86.0M | $82.0M | — | — |
| Short-term debt | — | — | $0 | $22.0M | $350.0M | $5.54B | $343.0M | $33.0M | — | — |
| Total current liabilities | $374.0M | $501.0M | $389.0M | $404.0M | $350.0M | $6.56B | $770.0M | $464.0M | — | — |
| Long-term debt | $613.0M | $610.0M | $608.0M | $496.0M | $951.0M | $5.54B | $6.28B | $6.88B | — | — |
| Retained earnings | $870.0M | $947.0M | $501.0M | $201.0M | -$7.21B | -$6.63B | -$1.85B | -$611.0M | — | — |
| Total equity | $2.86B | $2.92B | $2.98B | $1.70B | $1.50B | -$3.14B | $1.65B | $3.04B | $6.96B | $10.06B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$28.0M | $88.0M | $287.0M | — | -$154.0M | -$420.0M | -$256.0M | — | $399.0M | — |
| Depreciation and amortisation | $238.0M | $168.0M | $155.0M | — | $127.0M | $319.0M | $397.0M | — | $798.0M | — |
| Stock-based compensation | $20.0M | $17.0M | $8.0M | — | — | — | $5.0M | — | $7.0M | — |
| Capital expenditure | — | — | — | — | $84.0M | $137.0M | $153.0M | — | $150.0M | — |
| Investing cash flow | -$113.0M | $226.0M | $42.0M | — | $37.0M | -$32.0M | -$26.0M | — | $358.0M | — |
| Financing cash flow | -$3.0M | -$532.0M | -$200.0M | — | $0 | -$163.0M | -$367.0M | — | -$846.0M | — |
| Buybacks | $0 | $532.0M | $263.0M | — | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015486.
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