Seadrill Ltd (HAM:P4F)

Q4 2025 Seadrill Ltd Earnings Call Transcript

Feb 26, 2026 / 02:00 PM GMT

Release Date Price: €37.16 (-0.69%)

Transcript 10-K8-K

Key Points

Positve

Seadrill Ltd (SDRL) achieved an EBITDA of $353 million for the full year 2025, exceeding the midpoint of their original guidance range.
The company reported the best safety performance in its history, with a total recordable incident rate 50% better than the IADC offshore industry benchmark.
Seadrill Ltd (SDRL) successfully executed complex projects, such as the West Neptune's record-breaking six-zone completion in the US Gulf, enhancing its reputation and securing long-term contracts.
The company has a strong backlog profile, providing revenue visibility into 2026 and growing coverage into 2027, with substantial contracting leverage in an improving market.
Seadrill Ltd (SDRL) is strategically positioned to capitalize on the growing demand for deepwater drilling, with significant opportunities in regions like Africa and Southeast Asia.

Negative

The company faces challenges with high reactivation costs for some of its stacked fleet, requiring significant capital investment to bring them back into operation.
Seadrill Ltd (SDRL) is experiencing some market softness in certain geographies, which may impact short-term utilization and day rates.
The timing of negotiations with Petrobras for blend and extend contracts remains uncertain, potentially affecting future revenue projections.
Moving rigs between regions is expensive, and while Seadrill Ltd (SDRL) is open to relocating assets for better economic opportunities, it adds complexity and cost.
Despite a positive market outlook, there is still uncertainty about the closure of tenders and the realization of projected demand increases, which could impact revenue and EBITDA growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SDRL.N - Seadrill Ltd
Q4 2025 Seadrill Ltd Earnings Call
Feb 26, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by. My name is Rebecca, and I'll be your conference operator today. At this time, I would like to welcome everyone to the C drill 4th quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer. Session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press one again.

Thank you. I will now turn the call over to Kevin Smith, Vice President of Corporate Finance and Investor Relations. Please go ahead.

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