Seadrill's West Saturn Backlog Extension to Boost Revenue Visibility and De-Risk Contract Coverage

Seadrill's ultra-deepwater drillship West Saturn has added $114 million to its backlog and extended its work through October 2027. This reinforces the importance of Seadrill's modern fleet in Brazil and enhances forward revenue visibility. While this extension improves near-term revenue visibility and slightly de-risks contract coverage, it does not fundamentally change key near-term catalysts, including Q4 2025 results and contract profitability. Despite retreating, Seadrill's shares might still be trading above their fair value, with fair value estimates ranging from $43 to almost $394.