Seadrill has added more than $860 million in new rig awards and extensions, taking its total contract backlog to $3.1 billion.
The latest awards cover work in the U.S. Gulf, Brazil and Angola with LLOG, a subsidiary of Harbour Energy, Brazil’s Petrobras and TotalEnergies.
In Brazil, West Polaris secured a three-year extension with Petrobras starting in January 2028. The 2008-built drillship will add about $480 million to backlog.
In the Gulf of America, also referred to as the U.S. Gulf of Mexico, West Neptune and West Vela received work from LLOG, adding $260 million in total. West Neptune was awarded a 365-day extension beginning in October 2026, while West Vela was contracted for a 270-day program expected to start in September 2026.
In Angola, Sonangol Quenguela received an estimated 480-day extension from TotalEnergies, keeping the 2015-built drillship committed through July 2028. West Carina also extended its existing Petrobras contract in Brazil into June 2026.
For the first quarter of 2026, Seadrill posted a net loss of $7 million and adjusted EBITDA of $97 million. At the end of the quarter, gross principal debt stood at $625 million, while cash, cash equivalents and restricted cash totaled $329 million. Net debt was $296 million.
Quarterly cash use included $51 million for capital additions and long-term maintenance, partly linked to contract preparation for West Jupiter and West Capella. Both rigs began operations late in the first quarter of 2026, with mobilization revenue expected to be collected in the second quarter.
Seadrill raised its operating revenue outlook to $1.43 billion–$1.48 billion, excluding $50 million of reimbursable revenues. Adjusted EBITDA guidance was increased to $370 million–$420 million, while the capital expenditure and long-term maintenance range remained at $200 million–$240 million.
The company said the quarter included two major projects completed ahead of schedule and within budget. It also pointed to recent contract wins as improving earnings and free cash flow visibility for the second half of 2026 and into 2027.
Management also said demand for deepwater rigs is being supported by several customers across multiple regions. The company linked that trend to renewed attention on energy security and said it sees conditions supporting stronger dayrate momentum into 2027.
