Seadrill Limited announced its financial results for the third quarter of 2026, highlighting its financial and operational achievements. During this period, the company secured contracts and extensions in Indonesia, Malaysia, Angola, and the Gulf of the United States, adding approximately $800 million to the total contract value.
Financial and Operational Results
In the third quarter of 2026, Seadrill generated $195 million in net cash flow from operating activities and $179 million in free cash flow. The company also repurchased nearly $22 million of its shares during this period. Despite a net loss of $30 million, which includes the effects of a legal reserve, the company's adjusted EBITDA reached $121 million.
Financial Forecast for 2026
Seadrill also raised its forecast for total operating revenues and adjusted EBITDA for 2026. Total operating revenues are expected to increase to $1.56 to $1.58 billion, excluding $90 million in non-reimbursable revenues. Additionally, the adjusted EBITDA range has increased to $440 to $460 million. Capital and long-term maintenance expenditures have also decreased to $210 to $230 million.
At the end of the third quarter, Seadrill had a gross principal debt of $750 million and $506 million in cash, equivalent to $244 million in net debt. The company benefited from significant revenues related to mobilization and the release of working investments during this period.
Samir Ali, President and CEO of Seadrill, stated, "Over 85% of the available days for drilling rigs in 2027 are now contracted, providing better visibility into next year's revenues and cash flow. The awarding of the West Carina contract secures the third and final repricing of three legacy contracts, implementing improved day rates starting in 2027." He also noted a healthy bidding pipeline and growing demand in deepwater, which enhances confidence in the market outlook.
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