Seadrill posts Q3 net loss on legal provision impact
SDRL•Seadrill reported a third-quarter net loss of $30 million, including a legal provision, while revenue of $428 million and adjusted EBITDA of $121 million beat analyst expectations. It raised 2026 revenue and adjusted EBITDA guidance and repurchased $22 million of shares.
1. Q3 results
Seadrill reported third-quarter operating revenue of $428 million and adjusted EBITDA of $121 million, above analyst expectations of $378.21 million and $100.21 million, respectively. The company posted a net loss of $30 million, or $0.49 per share, including the impact of a legal provision booked during the quarter.
2. 2026 guidance
Seadrill raised its 2026 total operating revenue guidance to $1.56 billion-$1.58 billion, excluding $90 million in reimbursables, and lifted adjusted EBITDA guidance to $440 million-$460 million. It narrowed its capital expenditure and long-term maintenance guidance to $210 million-$230 million.
3. Operating days and shares
Lower revenue was mainly due to fewer operating days for West Carina, which completed its contract in Q2, and downtime between contracts for West Vela, West Elara and Sevan Louisiana. More operating days for West Tellus, which began a long-term contract in June, partly offset the decline. Seadrill repurchased $22 million of shares.
