Seadrill Ltd

Listed Company

SDRLCIK 0001737706NYSELarge AcceleratedDrilling Oil & Gas WellsFY ends Dec 31

Period

FY 2025

Revenue

$1.44B

Net Income

$-77.00M

Total Assets

$3.95B

Equity

$2.86B

Shares Out

62.45M

Op. Cash Flow

$-28.00M

Business

Seadrill Ltd is an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. It owns and operates drillships, semi‑submersible rigs and jackup rigs, contracting its drilling units to customers on a dayrate or well‑completion basis and providing management services to affiliated entities. Key business segments include floaters (drillships and semi‑submersibles), jackup and harsh‑environment operations, together with fleet management and related support services. It operates globally, serving oil super‑majors, state‑owned national oil companies and independent oil and gas companies through direct contracts and management arrangements.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Contract revenues	1,089	1,009	1,154
Management contract revenue	254	247	245
Leasing revenues	33	54	33
Total operating revenues	1,437	1,385	1,502
Depreciation and amortization	−238	−168	−155
Management contract expenses	−232	−175	−174
Merger and integration related expenses	−2	−24	−24
Selling, general and administrative expenses	−103	−107	−74
Total operating expenses	−1,369	−1,223	−1,187
Loss on impairment of long-lived assets	−22	0	0
Gain on disposals	1	234	14
Other operating income	0	16	0
Total other operating items	−21	250	14
Operating profit	47	412	329
Interest income	14	25	35
Interest expense	−61	−61	−59
Equity in (losses)/earnings of equity method investment (net of tax)	−10	−9	37
Other financial and non-operating items	−41	−34	−25
Total financial and other non-operating items, net	−98	−79	−12
(Loss)/profit before income taxes	−51	333	317
Income tax (expense)/benefit	−26	113	−17
Net (loss)/income	−77	446	300
Basic (LPS)/EPS (in dollars per share)	−1.24	6.56	4.23
Diluted (LPS)/EPS (in dollars per share)	−1.24	6.37	4.12

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-02-28
Cash and cash equivalents	339	478	697	480	336
Restricted cash	26	27	—	—	—
Accounts receivable, net	162	193	—	—	—
Other current assets	231	230	199	—	197
Total current assets	758	928	1,158	—	903
Equity method investment	58	68	90	—	64
Drilling units	2,969	2,946	2,858	—	1,575
Deferred tax assets	44	63	46	—	9
Equipment	8	5	10	—	9
Other non-current assets	110	146	56	—	39
Total non-current assets	3,189	3,228	3,060	—	2,076
Total assets	3,947	4,156	4,218	—	2,979
Trade accounts payable	61	118	53	—	53
Other current liabilities	313	383	—	—	—
Total current liabilities	374	501	389	—	350
Long-term debt	613	610	608	—	951
Deferred tax liabilities	14	11	9	—	6
Other non-current liabilities	88	116	229	—	171
Total non-current liabilities	715	737	846	—	1,130
Commitments and contingencies (Note 24)	—	—	—	—	—
Common shares of par value $0.01 per share: 375,000,000 shares authorized at December 31, 2025 (December 31, 2024: 375,000,000) and 62,374,171 issued at December 31, 2025 (December 31, 2024: 62,154,422)	1	1	741,000	500,000	—
Additional paid-in capital	1,986	1,969	2,480	—	1,499
Accumulated other comprehensive income	1	1	1	—	—
Retained earnings	870	947	501	—	—
Total shareholders' equity	2,858	2,918	2,983	1,702	1,499
Total liabilities and shareholders' equity	3,947	4,156	4,218	—	2,979

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Gain on disposals of assets	−1	−234	−14
Deferred tax expense/(benefit)	22	−13	−13
Amortization of debt bond issuance costs	3	4	2
Share based compensation expense	20	17	8
Change in allowance for credit losses	0	0	−1
Other	23	5	1
Additions to long-term maintenance	−213	−261	−108
Accounts receivable, net	23	29	−25
Trade accounts payable	−47	65	−34
Prepaid expenses	7	−24	−1
Deferred revenue	−8	22	1
Deferred contract costs	45	−92	25
Related party receivables	0	9	19
Other assets	−9	2	−22
Other liabilities	−86	−64	31
Net cash (used in)/provided by operating activities	−28	88	287
Additions to drilling units and equipment	−110	−157	−101
Proceeds from disposal of assets	1	383	14
Proceeds from sales of tender-assist units	0	0	84
Net proceeds on disposal of business and cash impact from deconsolidation	0	0	21
Other	−4	0	24
Net cash (used in)/provided by investing activities	−113	226	42
Taxes withheld on employee stock transactions	−3	0	0
Shares repurchased	0	−532	−263
Proceeds from debt	0	0	576
Repayments of secured credit facilities	0	0	−478
Share issuance costs	0	0	−4
Debt issuance costs	0	0	−31
Net cash used in financing activities	−3	−532	−200
Effect of exchange rate changes on cash and cash equivalents	4	−5	1
Net (decrease)/increase in cash and cash equivalents, including restricted cash	−140	−223	130
Interest paid	−53	−54	−36
Net taxes paid	−12	−17	−24

Filings

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