• A United Rentals for colossal offshore oil and gas drilling rigs.
• Like Maersk, but operating giant drilling vessels for oil and gas exploration instead of cargo.

• Contract Drilling Services (Ultra-Deepwater): Providing advanced drillships for exploration and development drilling in ultra-deepwater environments.
• Contract Drilling Services (Deepwater/Harsh Environment): Supplying high-specification semi-submersible rigs for drilling in deepwater and challenging offshore conditions.
• Contract Drilling Services (Shallow Water): Offering robust jack-up rigs for drilling operations in shallower offshore areas.

Seadrill (SDRL) sells its offshore drilling services primarily to other companies, specifically major international, national, and independent oil and gas companies.

Its major customers, as identified in its financial filings, include:

• Chevron (Symbol: CVX)
• ExxonMobil (Symbol: XOM)
• Shell (Symbol: SHEL)
• BP (Symbol: BP)
• TotalEnergies (Symbol: TTE)
• Petrobras (Symbol: PBR)
• Saudi Aramco (Symbol: 2222 on Tadawul)
• QatarEnergy (Not a publicly traded company)
• ADNOC (Abu Dhabi National Oil Company) (Not a publicly traded company)
• PTTEP (PTT Exploration and Production Public Company Limited) (Symbol: PTTEP.BK on the Stock Exchange of Thailand)
• Wintershall Dea (Not a publicly traded company)

Major suppliers for Seadrill (SDRL) include:

• National Oilwell Varco (NYSE: NOV)
• Schlumberger (NYSE: SLB)
• Baker Hughes (NASDAQ: BKR)

Simon Johnson President and Chief Executive Officer

Simon Johnson was appointed President and Chief Executive Officer of Seadrill in March 2022. He has over 28 years of international experience with several publicly listed offshore drilling contractors, including Diamond Offshore, Noble Corporation, and Borr Drilling. He previously served as Chief Executive Officer of Borr Drilling, which was acquired by Paragon Offshore in 2018.

Grant Creed Executive Vice President and Chief Financial Officer

Grant Creed joined Seadrill in 2013 and was appointed Executive Vice President and Chief Financial Officer in May 2021. Within Seadrill, he has held various roles including Chief Restructuring Officer, VP Mergers & Acquisitions, and VP Corporate and Commercial Finance. Prior to Seadrill, Mr. Creed held M&A Transaction Services and Audit positions at Deloitte.

Samir Ali Executive Vice President, Chief Commercial Officer

Samir Ali serves as Executive Vice President, Chief Commercial Officer, a role he was appointed to in August 2022. Before joining Seadrill, he was the Vice President of Investor Relations and Corporate Development at Diamond Offshore. He also worked as a Debt and Equity investment Portfolio manager at Bain Capital and as an investment banker at Simmons & Company.

Torsten Sauer-Petersen Executive Vice President, Chief Technology and Sustainability Officer

Torsten Sauer-Petersen is the Executive Vice President, Chief Technology and Sustainability Officer at Seadrill.

Todd Strickler Senior Vice President, General Counsel

Todd Strickler serves as Senior Vice President, General Counsel for Seadrill.

The accelerating global energy transition, characterized by increasing investor and governmental pressure on oil and gas companies to decarbonize, significantly shift capital expenditure towards renewable energy sources, and reduce long-term reliance on fossil fuels. This trend directly threatens the demand for new offshore drilling services, as Seadrill's primary clients reallocate investment away from new exploration and production projects in favor of sustainable energy solutions.

Global Offshore Drilling Market

Global Jack-up Rigs Market

Global Floating Rigs Market (Drillships and Semi-submersibles)

Seadrill (SDRL) is expected to drive future revenue growth over the next 2-3 years through a combination of a robust contract backlog, an anticipated recovery in the deepwater drilling market, strategic positioning in key operating regions, and ongoing fleet optimization alongside technological advancements.

Expected Drivers of Future Revenue Growth:

1. Robust Contract Backlog and New Contract Awards: Seadrill has significantly strengthened its order backlog, securing over $300 million in new contracts across five rigs, which has expanded its total contracted backlog to approximately $2.5 billion. This backlog provides substantial revenue visibility through 2025 and 2026, with some contracts extending into 2028 and 2029, ensuring a stable revenue stream for the coming years.
2. Anticipated Deepwater Market Recovery and Improved Day Rates: Management and analysts foresee a constructive market recovery in the offshore deepwater drilling segment, with momentum expected to build from late 2026 into 2027. This recovery is underpinned by an increase in global tendering activity and higher offshore capital expenditures by exploration and production companies, which is projected to lead to increased contracted utilization and meaningful progression in day rates.
3. Strategic Focus and Operational Excellence in Key Basins: Seadrill is enhancing its market presence and operational efficiency in crucial regions such as Angola, the U.S. Gulf, and Brazil. Successful contract extensions within the Sonadrill joint venture in Angola, securing additional work for rigs like the Sonangol Quenguela, along with new contracts in the U.S. Gulf for rigs like the West Vela, demonstrate the company's ability to capitalize on regional opportunities and execute its commercial strategy effectively.
4. Fleet Optimization and Technological Advancements: The company's investments in advanced drilling technologies, such as the Managed Pressure Drilling (MPD) system on the West Neptune, and ongoing upgrades to enhance rigs like the Sevan Louisiana, are aimed at improving operational capabilities and market flexibility. These technological advancements, coupled with the potential reactivation of stacked rigs as market conditions improve, contribute to a competitive advantage that can command higher day rates and increase overall fleet utilization.

Share Repurchases

• Seadrill initiated a $250 million share repurchase program in September 2023, followed by an incremental $250 million program in December 2023, totaling $500 million authorized.
• By the end of 2024, the company had repurchased a total of $792 million in shares since September 2023, reducing its issued share count by 22%.
• A new $500 million share repurchase program was announced in late June 2024; however, the remaining $208 million authorized from this program was halted by Q3 2025 due to negative free cash flow.

Outbound Investments

• In April 2023, Seadrill completed the acquisition of Aquadrill, which added four drillships, a harsh-environment semisubmersible, and three Tri-Resist rigs to its fleet, contributing to scaling the business.
• In Q2 2024, Seadrill completed the sale of three jack-up rigs and its associated interest in the Gulfdrill joint venture for a total of $338 million, supporting fleet refinement.
• In Q4 2024, the company divested the West Prospero jack-up rig for $45 million in cash proceeds as part of its strategy to exit the benign jack-up market.

Capital Expenditures

• Seadrill's capital expenditures for full-year 2023 were guided in the range of $185 million to $205 million, primarily for long-term maintenance and capital upgrades.
• For full-year 2024, capital expenditures and long-term maintenance were guided between $420 million and $440 million, focusing on contract preparation for rigs like West Auriga and West Polaris and planned surveys and upgrades for the West Neptune.
• The full-year 2025 capital expenditure guidance was narrowed to $280 million to $300 million, with expectations for lower capital expenditure and long-term maintenance in 2026.