Seadrill Backlog Tops $2.5B with 2026 Revenue $1.4–$1.45B, EBITDA $350–$400M
Seadrill reported Q4 EBITDA of $88M and full-year 2025 EBITDA of $353M while closing the year with $365M cash against $625M gross debt. The company’s contracted backlog rose to $2.5B covering about 90% of the 2026 revenue midpoint, and it guided 2026 revenues of $1.4–$1.45B and EBITDA of $350–$400M.
1. Q4 and Full-Year Financial Results
Seadrill reported Q4 2025 operating revenues of $362M and EBITDA of $88M, bringing full-year EBITDA to $353M. The company ended the year with $365M in cash, $524M in total liquidity and $625M in gross debt, with Q4 cash use driven by legal payments and accelerated capex.
2. Backlog Growth and Contract Awards
Contracted backlog increased by roughly $500M to about $2.5B, covering approximately 90% of the midpoint of 2026 revenue guidance. Key additions include a $152M award for West Capella, a four-month extension adding $48M for West Neptune, and multiple rig extensions and options across global assets.
3. 2026 Guidance and Market Outlook
For 2026 Seadrill guided total operating revenues of $1.4–$1.45B and EBITDA of $350–$400M, trimming capex to $200–$240M and expecting a mid-year cash flow inflection as higher-priced contracts commence. Management cited tightening deepwater supply, rising utilization and improving day rates supporting market strength.
4. Operational Highlights and Safety Performance
Rig operations included two well interventions with the Trident system in the U.S. Gulf, 400 consecutive days of subsea deployment for West Tellus and a record six-zone completion by West Neptune. The company achieved its best safety performance ever, with total recordable incident rate 50% below the IADC offshore benchmark.