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Here are 1-3 brief analogies for Seadrill (SDRL):

• 'United Rentals for deepwater oil and gas drilling.'
• 'A specialized Halliburton or Schlumberger, focused solely on operating massive deepwater drilling rigs.'

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• Semi-submersible Rig Services: Providing contract drilling services using semi-submersible platforms for offshore oil and gas exploration and development.
• Jackup Rig Services: Offering contract drilling services with jackup rigs, typically for shallow water oil and gas drilling projects.
• Drillship Services: Supplying contract drilling services with drillships for deepwater and ultra-deepwater oil and gas exploration and production.

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Seadrill (SDRL) sells its deepwater drilling services primarily to other companies in the petroleum industry. Its major customers are typically large international and national oil and gas companies that engage in exploration and production activities. Based on recent contract awards and disclosures, some of its major customers include:

• ExxonMobil (XOM)
• Petrobras (PBR)
• Equinor (EQNR)
• Saudi Aramco (Publicly traded on the Saudi Exchange under 2222.SR)

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• National Oilwell Varco (NOV)
• Schlumberger (SLB)
• Baker Hughes (BKR)
• TechnipFMC (FTI)

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Samir Ali President and Chief Executive Officer

Samir Ali was appointed President and Chief Executive Officer of Seadrill on March 12, 2026. Prior to this, he served as Executive Vice President, Chief Commercial Officer since August 2022. Before joining Seadrill, Mr. Ali was with Diamond Offshore, where he held the position of Vice President of Investor Relations and Corporate Development. He also has experience as a Debt and Equity Investment Portfolio Manager at Bain Capital and as an Investment Banker at Simmons & Company.

Grant Creed Executive Vice President and Chief Financial Officer

Grant Creed was appointed Executive Vice President and Chief Financial Officer in May 2021. He joined Seadrill in 2013 and has held several roles within the company, including Chief Restructuring Officer, VP Mergers & Acquisitions, and VP Corporate and Commercial Finance. Before his time at Seadrill, Mr. Creed held M&A Transaction Services and Audit positions at Deloitte. He is a chartered accountant and holds a bachelor's degree of Commerce in Accounting.

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

Todd Strickler Senior Vice President and General Counsel

Marcel Wieggers Senior Vice President, Operations

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Here are the key risks to Seadrill's business:

1. Market Volatility and Cyclicality of the Oil and Gas Industry: Seadrill's business is highly dependent on the level of activity in the offshore oil and gas industry, making it susceptible to fluctuations in oil and gas prices, reduced demand, and increased regulation. These factors can lead to contract renegotiations at unfavorable rates or cancellations, directly impacting the company's revenue and profitability. The company's cash generation is also highly sensitive to commodity price swings, and its stock exhibits high volatility and greater sensitivity to market movements.
2. Operational Difficulties, High Costs, and Execution Risks: Seadrill faces significant operational challenges and high costs that can limit profitability. These include high reactivation costs for rigs, regional market softness, and the economic challenges associated with relocating rigs between geographies. Unplanned downtime for rigs and other operational events can also impact profitability. Furthermore, risks related to an aging fleet and the potential for asset impairments can weigh on earnings.
3. Intense Competition and Pricing Pressure: The offshore drilling industry is highly competitive, with Seadrill competing with other major contractors such as Transocean and Valaris. This intense competition, coupled with market softness in certain regions, can lead to aggressive pricing strategies and pressure on day rates, which may limit Seadrill's ability to secure favorable contract terms and impact its market share and financial results.

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Seadrill (SDRL) operates in the global offshore drilling market, specifically utilizing semi-submersible platforms, jackup rigs, and drillships for deepwater drilling services in the petroleum industry. The addressable markets for its main products and services are substantial and are projected to grow significantly.

Global Offshore Drilling Market

The global offshore drilling market, which encompasses the broad scope of Seadrill's services, was valued at approximately USD 42.40 billion in 2025. Projections indicate that this market is expected to grow to around USD 60.76 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 4.60% during this period. Other estimates place the market value at USD 43.78 billion in 2025, with a projected increase to USD 87.50 billion by 2034, growing at a CAGR of 7.87%.

Deepwater Drilling Market

Within the broader offshore drilling sector, the deepwater drilling segment is a critical focus for Seadrill. The global deepwater drilling market was valued at USD 20.17 billion in 2024 and is projected to reach USD 33.83 billion by 2030, with a CAGR of 9.00%. Another source indicates the deepwater drilling market advanced from USD 36.56 billion in 2025 to USD 39.40 billion in 2026 and is expected to reach USD 62.54 billion by 2032, at a CAGR of 7.96%. The deepwater segment held the largest revenue share, 45.8%, of the offshore drilling market in 2025.

Jackup Rigs Market

The global market for jackup rigs, which are utilized for shallow to moderate-depth offshore drilling operations, was valued at approximately USD 3.03 billion in 2024. This market is anticipated to grow to USD 4.71 billion by 2033, with a CAGR of 5% during the forecast period. Another report estimates the market at USD 3.4 billion in 2024, with a projected growth to USD 4.6 billion by 2030 at a CAGR of 4.90%.

Drillship Market

For drillships, specialized vessels designed for deep-water and ultra-deepwater drilling, the global market was valued at approximately USD 3.2 billion in 2024. It is expected to reach around USD 7.0 billion by 2034, demonstrating a CAGR of 8.5%. Other estimates indicate the market size grew from USD 5.57 billion in 2025 to USD 6.02 billion in 2026, and is projected to reach USD 8.08 billion by 2030, with a CAGR of 7.6%.

Semi-Submersible Rigs Market

The global semi-submersible drilling rig market was estimated at USD 9.1 billion in 2024. This market is projected to expand to USD 15.7 billion by 2033, at a CAGR of 6.2%. Another report projects the global semi-submersible drilling rig market to be USD 13.36 billion in 2025, with an anticipated CAGR of 6.3% from 2025 to 2033. The overall market size for semi-submersible drilling rigs, including new construction, charter hire, and operational services, is estimated to be between USD 15 billion and USD 20 billion annually.

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Seadrill (SDRL) is anticipated to experience revenue growth over the next 2-3 years, driven by several key factors:

• Rising Day Rates and Utilization: The ultra-deepwater market entered 2026 with renewed strength, and a more robust 2027 is forecasted, characterized by increasing day rates, utilization, and contract durations, which will positively impact Seadrill's revenue.
• Repricing of Legacy Contracts: The company expects to realize the benefits of repricing legacy contracts for rigs such as the West Jupiter, West Tellus, and West Saturn, particularly in the second half of 2026 and even more significantly in 2027, leading to higher revenue per operating day.
• Expansion of Contract Backlog: Seadrill has grown its contracted backlog to approximately $2.5 billion as of February 25, 2026, including multi-month and multi-year agreements. This provides a strong foundation and visibility for future revenue streams extending into 2027.
• Deployment of Reactivated Rigs: The return to service of rigs like the West Capella in Q2 2026 is projected to significantly enhance Seadrill's forward earnings trajectory. This rig alone is expected to contribute $152 million to the contracted backlog.
• Strategic Presence in Growing Deepwater Regions: Seadrill is well-positioned to capitalize on increasing demand in key deepwater regions, including Africa, Southeast Asia, and the U.S. Gulf of Mexico. The company's continued presence and contract awards in these areas are expected to drive revenue growth.

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Share Repurchases

• Seadrill authorized a share repurchase program of up to $250 million in September 2023.
• The company completed the $250 million share repurchase program initiated in December 2023.
• In June 2024, a new $500 million share repurchase program was authorized for two years, with an initial tranche of up to $200 million authorized for purchase by September 30, 2024.

Share Issuance

• Upon emerging from Chapter 11 bankruptcy on February 23, 2022, approximately 50 million new common shares were issued as part of the reorganization.
• This restructuring involved equitizing approximately $4.9 billion of secured bank debt.

Inbound Investments

• As part of its February 2022 Chapter 11 restructuring, Seadrill raised $350 million in new financing.
• Institutional ownership in Seadrill (SDRL) stood at 104.09% as of March 2026, indicating substantial interest from large investors.

Outbound Investments

• Seadrill acquired Aquadrill, an offshore drilling services provider, in December 2022.
• In January 2022, Seadrill disposed of 65% pro forma equity in its unit Seadrill New Finance Limited (now Paratus Energy Services Ltd), retaining 35% and separating this unit from the consolidated Seadrill group.

Capital Expenditures

• Capital expenditures and long-term maintenance for Seadrill were $69 million in the fourth quarter of 2025, including accelerated spending for contract preparations for the West Capella, West Jupiter, and West Tellus rigs.
• For the full year 2026, Seadrill has provided guidance for capital expenditure and long-term maintenance in the range of $200 million to $240 million.
• Capital expenditures for Seadrill Ltd amounted to -$157 million USD as of December 31, 2024.