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- **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. 


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