What is the market's earnings forecast for Seadrill next quarter?

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What guidance did Seadrill's management provide for the next earnings period?

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- **Record Performance**: 2025 EBITDA of $353M exceeded targets; safety rate 50% better than industry. 
- **Backlog Growth**: $2.5B contracted backlog, 90% of '26 revenue covered. 
- **Market Strength**: 88% drillship utilization, 25M bpd new production needed by 2035. 
- **Financial Outlook**: '26 EBITDA $350-400M, CapEx down 50% YoY. 
- **Rate Upside**: '26 day rates to exceed $400s, '27+ driven by supply constraints.

**【CEO Summary Section】**
- **2025 Performance**: Delivered EBITDA of $353 million, exceeding guidance midpoint. Achieved record safety performance with a Total Recordable Incident Rate 50% better than industry benchmark. 
- **Operational Excellence**: West Neptune set a 60% time reduction record in U.S. Gulf; West Tellus logged 400 consecutive days of BOP deployment in Brazil. 
- **Market Outlook**: Ultra-deepwater market entering '26 with tightening supply; IEA projects 25M bpd new production needed by 2035. Eni, Chevron, and others accelerating deepwater exploration. India plans 150 wells over 7 years, potentially requiring 5 new floaters.

**【CCO Commercial Update】**
- **Contracted Backlog**: $2.5 billion (up $0.5B QoQ), 90% of 2026 revenue covered. Key wins: 
  - West Capella ($152M, 440 days) in Malaysia
  - West Neptune 4-month extension ($48M)
  - Sevan Louisiana well intervention program
- **Future Leverage**: 7 drillships available in '26, with 3 top-performing rigs (West Neptune, West Vela, Sevan Louisiana) poised for global deployment. Brazil and Southeast Asia key growth regions.

**【CFO Financial Review】**
- **Q4 2025 Results**: EBITDA $88M, full year $353M. Cash balance $365M, liquidity $524M. 
- **2026 Guidance**: 
  - Revenue $1.4-1.45B (excl. $50M reimbursables)
  - EBITDA $350-400M (incl. $26M non-cash expense)
  - CapEx $200-240M, down 50% YoY
- **Key Drivers**: Repricing of West Jupiter, West Tellus, and West Capella; declining capital spend.

**【Q&A Highlights】**
- **Day Rate Trends**: CEO expects '26 rates above current $400s, with '27+ upside driven by 88% committed drillship utilization. 
- **Petrobras Negotiations**: Ongoing discussions, timing uncertain. 
- **Fleet Strategy**: Mobile assets will move to highest-margin geographies (e.g., India, Africa) if U.S. Gulf rates lag. 
- **Equity Use**: Cautious on share buybacks; prioritize free cash flow return post-'26 inflection point.

Seadrill Limited (SDRL) Q4 2025 Earnings Call Transcript

- **Backlog Expansion**: $300M added to $2.5B total, with key wins in Angola and U.S. Gulf. 
- **Operational Excellence**: Angola rigs at 99.7% uptime, U.S. Gulf rigs completing ahead of schedule. 
- **Financial Resilience**: EBITDA $86M despite QoQ decline, guided to $330-360M for 2025. 
- **Market Recovery**: 2026H2+ tightening with $100B+ FIDs, driven by deepwater investment shift. 
- **Strategic Moves**: MPD upgrades, joint ventures, and cost management to maintain competitive edge. 


**【CEO Summary Section】**
- Added $300 million to backlog, securing new contracts across 5 rigs, including extensions in Angola (Sonangol Quenguela, Libongos, West Gemini) and U.S. Gulf (West Vela, Sevan Louisiana). 
- Angola rigs achieved near-perfect uptime (99.7%), reaffirming Seadrill's leadership. 
- U.S. Gulf rigs completed contracts ahead of schedule, with West Vela set to drill for Talos in 2026. 
- Installed MPD systems on West Neptune and Polaris, enhancing operational efficiency. 
- Global tendering activity up 7% QoQ, signaling market recovery post-2026. 

**【CCO Market Outlook】**
- Total backlog $2.5 billion, with $300M added since last quarter. 
- Angola: 3 rigs extended into 2027, solidifying #1 drillship operator position. 
- U.S. Gulf: West Vela ($28M, 65 days) and Sevan Louisiana (70 days) secured direct continuations. 
- Asia: India, Malaysia, Indonesia tenders progressing; West Capella MPD-capable for dual activity. 
- Brazil: Carina flexibility to stay in Brazil or move elsewhere; blend-and-extend discussions with Petrobras. 
- Global FIDs up 7% YoY, with ExxonMobil, BP, Eni sanctioning $20B+ projects. 

**【CFO Financials】**
- Q3 2025: 
  - Revenues $363M (-$14M QoQ) due to fewer operating days. 
  - EBITDA $86M (-$20M QoQ) from lower utilization. 
  - Operating expenses $337M (-9% QoQ) driven by $44M management fee reversal. 
- Full year guidance: 
  - EBITDA $330-360M (narrowed from $300-360M). 
  - Capex $280-300M, trending lower in 2026. 
  - Liquidity $600M, net debt $625M. 

**【Q&A Highlights】**
- **Day Rates**: U.S. Gulf resilient ($200-250K/day), West Africa/Brazil softness expected in 2026H1. 
- **Rig Utilization**: West Capella idle until Q1 2026, Carina off Brazil early 2026. 
- **Cost Management**: $33M non-cash amortization expense for 2025. 
- **Reactivation Costs**: $20-50K/day for idle rigs, depending on opportunity. 
- **Petrobras Strategy**: Blend-and-extend discussions to reduce costs while maintaining demand. 
- **Operational Excellence**: Angola rigs 99.7% uptime, West Vela 100% completion rate. 
- **Market Recovery**: 2026H2+ tightening, driven by $100B+ FIDs in 2025. 


Seadrill Limited (SDRL) Q3 2025 Earnings Call Transcript

- **Q2 Financial Strength**: Adjusted EBITDA of $106M, 29% margin, driven by new contracts and operational excellence.
- **Strategic Wins**: West Vela and Sevan Louisiana secure work, minimizing idle time and setting competitive rates.
- **Market Recovery Signal**: 2026-2027 outlook supported by $164B project FIDs, tightening rig supply, and MPD technology leadership.
- **Cash Flow Catalyst**: Brazil contracts (Jupiter, Tellus, Carina) to boost EBITDA in 2026, enabling potential shareholder returns.

**【Management Opening Remarks】**
- Kevin Smith welcomed participants and outlined the call's structure, emphasizing forward-looking statements and non-GAAP measures. He highlighted the use of EBITDA as defined in the earnings release.

**【CEO Commentary】**
- **Q2 Performance**: Adjusted EBITDA of $106 million, margin of 29%, driven by contract drilling and management fees. New contracts for West Vela (Talos Energy) and Sevan Louisiana (Murphy Oil) minimized idle periods.
- **Operational Excellence**: West Gemini achieved 97% uptime over 15 years; West Minerva and Seadrill Academy enhance training and real-time operations.
- **Market Outlook**: Recovery expected in late 2026, supported by increased exploration (TotalEnergies, BP), project FIDs, and tightening rig supply (77 active drillships, 95% utilization needed).

**【CFO Commentary】**
- **Q2 Financials**: Operating revenues $377M (+$42M), EBITDA $106M (+$73M), driven by higher utilization (93%) and management fees. Expenses rose due to a $51M legal judgment.
- **Balance Sheet**: $419M cash, $625M debt. Full-year EBITDA guidance maintained at $320M-$380M, with $250M-$300M capex.

**【Q&A Highlights】**
- **Contracting**: Positive progress on Angola rigs; West Vela rates match 2026-2027 peers. Sevan Louisiana secures shallow-water intervention work.
- **Well Intervention**: Louisiana's success may expand to other regions; MPD-equipped rigs (8 drillships) are competitive advantages.
- **Share Buybacks**: Future buybacks contingent on market stability, cash flow from Brazil contracts (Jupiter, Tellus, Carina), and EBITDA growth.


Seadrill Limited (SDRL) Q2 2025 Earnings Call Transcript

- **Q1 2025 Financials**: EBITDA of $73M, 84% utilization despite Brazilian fleet challenges. 
- **Long-term Outlook**: 2026+ deepwater sanctioning activity expected to double, supporting demand. 
- **Cost Discipline**: $317M operating expenses, $430M cash on hand. 
- **Key Risks**: Near-term macro uncertainty, regulatory issues in Brazil. 
- **Fleet Strength**: $2.8B backlog, modern floater fleet with 75%+ projects economic at $50/bbl.

**【CEO Opening Remarks】**
- Q1 2025 EBITDA: $73 million, economic utilization: 84% (impacted by 3 Brazilian rigs: West Tellus, West Auriga, West Polaris). 
- Key challenges: Regulatory downtime (West Tellus), teething issues (West Auriga/Polaris). April shows improvement in utilization.
- Market outlook: Near-term caution due to macro uncertainty and OPEC supply increases. Long-term demand for deepwater drilling remains strong (2026+ sanctioning activity expected to double 2025 levels). 
- Fleet resilience: Floaters-focused fleet, $430M cash, $2.8B backlog through 2028+. 
- Petrobras legal update: Mediation agreed with no set-off rights; constructive dialogue ongoing.

**【CFO Financial Review】**
- Q1 2025: 
  - Total operating revenue: $335M (vs $289M prior qtr), driven by additional operating days (West Auriga/Polaris). 
  - Adjusted EBITDA: $73M (vs $28M prior qtr). 
  - Operating expenses: $317M (down $6M qoq due to cost control). 
- Full year guidance maintained: 
  - Revenue: $1.3-1.36B 
  - EBITDA: $320-380M 
  - Capex: $250-300M 
- Balance sheet: $430M cash, $625M debt, no near-term maturities.

**【Q&A Highlights】**
1. **Contract performance metrics**: 
   - Performance-based contracts exist but not dominant (~$540M upside seen in peer deals). 
   - West Vela drilled 35% under budget - ideal candidate for performance clauses. 
2. **West Capella costs**: 
   - Currently in ramp-down mode, not fully cold-stacked. 
   - Costs and reactivation costs TBD based on contracting success. 
3. **2025H2 contract visibility**: 
   - Active dialogues for multiple 2025H2/2026 opportunities. 
   - Key rigs to watch: West Vela (GOM), West Carina (Brazil), West Capella (SE Asia). 
4. **Competitive positioning**: 
   - 6th-gen rigs (e.g. West Elara) remain competitive due to cost structure, location, and performance track record. 
   - 7th-gen drillships (e.g. West Vela) differentiate with MPD, dual-activity capability.

Seadrill Limited (SDRL)-12 May 25-2025 Q1 Earnings call transcript

- **2024 Success**: Delivered $378 million EBITDA, returned $792 million to shareholders, and secured $1 billion in Brazil contracts. 
- **2025 Outlook**: Guided for $1.3-1.36 billion revenue and $320-380 million EBITDA, with $55 million EBITDA impact from operational challenges. 
- **Brazil Risks**: 50 days of regulatory downtime and $213 million Petrobras penalties, offset by 75% fleet utilization. 
- **Operational Strength**: West Vela outperforms peers, while Capella and Louisiana seek 2025 work. 
- **Market Catalysts**: 2026+ FIDs for FPSOs and wells, with 30% rigs drilling exploratory wells.

**【CEO Summary Section】**
- **2024 Achievements**: Delivered $378 million EBITDA within guidance, returned $500 million in capital to shareholders, secured $1.3 billion in contracted backlog, and divested non-core assets for $400 million in cash. 
- **Share Buybacks**: Returned $792 million to shareholders, reducing issued share count by 22%. 
- **Brazil Expansion**: Secured $1 billion in backlog from two long-term contracts in Brazil, completing exit from the jack-up market. 
- **Market Outlook**: Anticipates 2025 market softening due to deferred demand but expects 75% of marketed fleet contracted. 
- **Operational Highlights**: West Vela drilled wells ahead of schedule, while regulatory delays in Brazil caused 50 days of downtime for West Tellus. 
- **Legal Matters**: Faced $213 million penalties from Petrobras and a $48 million court ruling related to the Hercules rig, with ongoing appeals and defenses.

**【CCO Summary Section】**
- **Contracting Success**: Captured 65% of global backlog among top drillers, securing $1 billion in Brazil contracts and extending West Vela's work in the US Gulf. 
- **Market Dynamics**: 85% drillship utilization in 2024, with 75% of 2025 fleet contracted, but 30 floaters available without firm contracts. 
- **Rig Availability**: Pursuing work for Sevan Louisiana, West Capella, and Sonadrill JV rigs amid Angola market headwinds. 
- **Backlog Growth**: Increased backlog by $700 million to $3 billion, driven by 2026+ demand visibility.

**【CFO Financial Commentary】**
- **2024 Results**: $1.4 billion revenue, $378 million EBITDA, and $418 million capex. 
- **Q4 Performance**: $289 million revenue (down 18%), $323 million expenses (up 5%), and $100 million share buyback. 
- **2025 Guidance**: Revenue $1.3-1.36 billion, EBITDA $320-380 million, capex $250-300 million. Includes $27 million non-cash mobilization expense. 
- **Operational Impact**: $55 million EBITDA reduction from West Neptune upgrades and regulatory delays.

**【Q&A Highlights】**
- **Brazil Regulatory Challenges**: 50 days of downtime for West Tellus due to stricter regulatory interpretations, with potential for further delays. 
- **Litigation Update**: Petrobras penalties capped at 10% of contract value, with early-stage defenses and counterclaims. 
- **Market Sentiment**: 30% of rigs drilling exploratory wells, signaling long-term deepwater demand despite 2025 softness. 
- **Cost Management**: $150,000/day OpEx target, with rig stacking costs of $6-10 million one-time and $5,000/day ongoing. 
- **Strategic Focus**: Maintaining financial flexibility for buybacks while navigating 2025 uncertainty.

Actual						-0.36	-0.38	0.83	1.16	1.1	0.95	0.81	3.49	0.49	1.54	-0.23	-0.68	-0.17	-0.16
Forecast						-0.3733	-0.4009	0.4797	0.798	0.8261	0.7117	0.6658	0.6063	0.0985	-0.2917	0.4011	0.653	0.2375	0.0526
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	+3.56%	+5.21%	+73.02%	+45.36%	+33.16%	+33.48%	+21.66%	+475.62%	+397.46%	+627.94%	-157.34%	-204.13%	-171.58%	-404.18%

SDRL

SDRL fundamentals

SDRL Q4 2025 Earnings

Earnings Call

You can ask Aime

SDRL

SDRL fundamentals

SDRL Q4 2025 Earnings

Earnings Call

SDRL Earnings Call Summary for Q4/20259:00 AM on Feb 26, 2026

SDRL Earnings Call Summary for Q3/20259:00 AM on Nov 6, 2025

SDRL Earnings Call Summary for Q2/20259:00 AM on Aug 7, 2025

SDRL Earnings Call Summary for Q1/20259:00 AM on May 12, 2025

SDRL Earnings Call Summary for Q4/202410:00 AM on Feb 27, 2025

You can ask Aime