Welcome to our dedicated page for Seadrill news (Ticker: SDRL), a resource for investors and traders seeking the latest updates and insights on Seadrill stock.
Seadrill Limited (NYSE: SDRL) is an offshore drilling contractor focused on deepwater oil and gas drilling, operating drillships, semi-submersible rigs and jack-up rigs for customers across key offshore basins. The Seadrill news feed on this page aggregates company-specific announcements, giving investors and industry followers a single place to review the latest disclosures and developments.
News items for Seadrill commonly include quarterly and annual results, where the company reports contract revenues, management contract revenues, leasing revenues, operating expenses, net income or net loss, and non-GAAP measures such as Adjusted EBITDA and Free Cash Flow. These releases often discuss changes in Order Backlog, contract coverage across the fleet and trends in economic utilization and operating days for specific rigs.
Another major category of SDRL news is commercial activity and contract awards. Seadrill regularly announces new contracts and extensions for rigs such as West Vela, West Neptune, Sevan Louisiana, West Jupiter, West Tellus, West Gemini, Sonangol Libongos and Sonangol Quenguela. These updates detail estimated contract terms, expected commencement windows, regions such as the U.S. Gulf, Brazil and Angola, and the contribution to backlog. They also highlight activity within the Sonadrill joint venture in Angola and Seadrill’s role in providing management, operational and technical support.
In addition, Seadrill publishes earnings release and conference call notices that specify when results will be issued and how to access management’s commentary. Together, these news items provide context on Seadrill’s operational performance, contracting progress, backlog development and financial position. Investors interested in SDRL stock can review this news stream to follow the company’s reported results, major contracts and strategic updates over time.
Seadrill (NYSE: SDRL) has announced the completion of its share delisting from the Oslo Stock Exchange. This strategic move marks a significant change in the company's trading landscape. Despite this delisting, Seadrill's shares will continue to be listed on the New York Stock Exchange under the ticker symbol 'SDRL'. This decision potentially streamlines Seadrill's market presence, focusing on a single major exchange. For investors seeking more details about this development, additional information is available on the investor relations section of Seadrill's official website, www.seadrill.com.
Seadrill (NYSE & OSE: SDRL) reported strong Q2 2024 results with $288 million Operating Profit and $133 million Adjusted EBITDA on $375 million Total Operating Revenues. The company achieved a 35.5% Adjusted EBITDA Margin. Key highlights include:
1. Completed sale of three jack-up rigs and Gulfdrill joint venture interest
2. Repurchased $566 million of shares since September 2023
3. Generated $79 million cash flow from operations
4. Maintained a strong balance sheet with $862 million in cash and $625 million in gross debt
5. Updated full-year 2024 guidance: revenues between $1,355-$1,405 million, Adjusted EBITDA of $315-$365 million
Seadrill's Order Backlog stands at approximately $2.5 billion as of August 5, 2024.
Seadrill has announced its Q2 2024 earnings release and conference call schedules. The company is set to reveal its financial results for the second quarter of 2024 on Monday, August 5, after the NYSE closes. A conference call to discuss these results is scheduled for Tuesday, August 6, at 09:00 CT / 16:00 CET. Participants can join the call by dialing +1 (800) 715-9871 with Conference ID: 5348977 at least 15 minutes prior to the start. The call will be webcast live on Seadrill's Investor Relations section of its website, and a replay will be available later.
Seadrill has announced the extension of its share repurchase program, further enhancing shareholder returns. The company completed a $250 million buyback initiated in December 2023 and will cancel the acquired shares. The Board has now authorized a new $500 million buyback over two years, with an initial $200 million to be purchased by September 30, 2024. This tranche will be executed via DNB Markets, using a 10b5-1 plan and a side-by-side discretionary plan. The repurchases, starting June 26, 2024, will adhere to European Market Abuse Regulation guidelines. The buyback aims to strengthen shareholder value by reducing the share count and potentially boosting earnings per share.
Seadrill has completed the sale of three jack-up rigs—West Castor, West Telesto, and West Tucana—and its 50% equity interest in the joint venture operating these rigs offshore Qatar. The buyer, Gulf Drilling International, has paid $338 million in cash for the assets. This divestment is part of Seadrill's strategy to streamline its portfolio and focus on core operations.
Seadrill (NYSE & OSE: SDRL) has announced its voluntary delisting from the Oslo Stock Exchange (OSE), following an affirmative shareholder vote at its Annual General Meeting in April 2024. The delisting will be effective from September 10, 2024, with the last trading day on September 9, 2024. Seadrill will continue to be listed on the New York Stock Exchange (NYSE) as part of its strategy to simplify its business operations. CEO Simon Johnson acknowledged the company's historical ties with Norway and the support from the Norwegian investment community.
Seadrill announced it will sell its Qatar Jack-Up Fleet, including three rigs and a 50% stake in a joint venture, to Gulf Drilling International for $338 million. The deal is expected to close in Q3 2024, pending approvals. CEO Simon Johnson stated this divestiture aligns with Seadrill's focus on deepwater rigs and enhances liquidity. Concurrently, Seadrill's Board has expanded the share repurchase program, authorizing up to $500 million in additional buybacks over two years. Repurchases can occur in various forms and are subject to market conditions and the company's financial status.
Seadrill (NYSE & OSE: SDRL) has announced its first quarter 2024 results. The company reported an operating profit of $80 million and an Adjusted EBITDA of $124 million on $367 million in revenue, with an Adjusted EBITDA Margin of 33.8%. Despite a sequential revenue decline from $408 million in the previous quarter, the company secured its highest dayrate to date at $545,000 for a one-well contract. Seadrill reaffirmed its full-year guidance with projected revenues of $1.47 to $1.52 billion and Adjusted EBITDA between $400 to $450 million.
Significant operational highlights include the repurchase of 9.9 million shares (12.4% of the issued share count) since September 2023 and an order backlog of approximately $2.8 billion. As of March 31, 2024, Seadrill holds $612 million in cash and cash equivalents and has an additional $225 million available under its undrawn credit facility. The company also highlighted reduced operating expenses and a continued focus on strategic fleet management.
Seadrill has announced two new drillship contracts: The West Capella secured a one-well contract in South Korea worth $32 million, starting in December 2024. The West Neptune secured a six-month contract extension in the U.S. Gulf of Mexico valued at $86 million, starting in the third quarter of 2025.
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