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 Ltd (SDRL) delivers essential offshore drilling services through its fleet of advanced drillships, semi-submersible rigs, and jack-up rigs. This news hub provides investors and industry professionals with direct access to official updates from one of the sector's key players.
Track critical developments including contract awards with major energy companies, quarterly financial results, and operational updates from challenging environments like ultra-deepwater sites. Our curated collection ensures you stay informed about SDRL's strategic moves in markets spanning the Americas, Africa, and Europe.
Discover time-sensitive announcements alongside analysis of long-term industry trends affecting offshore drilling. The page serves as your primary source for understanding how SDRL navigates complex energy markets through technological innovation and fleet optimization strategies.
Bookmark this resource for streamlined access to Seadrill's latest press releases, regulatory filings, and operational milestones. Check regularly for updates that could impact market positioning in the dynamic offshore energy sector.
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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