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Seadrill Limited filed its annual report outlining its global offshore drilling business, fleet and main risks. The company owns 15 drilling units, with 10 operating, one under upgrade for a 2026 contract, one under repair and three cold stacked, and also manages two Sonangol units. Its fleet focuses on modern deepwater drillships and semi-submersibles plus one harsh-environment jackup, supported by about 3,000 employees worldwide.
Contract backlog was approximately $2.4 billion as of December 31, 2025, with customer concentration including Petrobras at 36% of 2025 revenue and Sonadrill, Talos and LLOG each above 10%. Seadrill highlights competitive, cyclical market conditions, significant debt and restrictive covenants, regulatory and environmental compliance costs, ESG-driven capital pressures and contractual risks as key challenges. Safety remains a focus, with a total recordable incident rate of 0.17 in 2025, below the IADC average of 0.34 in its operating areas.
Seadrill Limited reported fourth quarter and full-year 2025 results, showing stable activity but a modest loss. Fourth quarter 2025 total operating revenues were $362 million, essentially flat versus $363 million in the prior quarter, with a net loss of $10 million and Adjusted EBITDA of $88 million compared to $86 million previously.
For full year 2025, Seadrill recorded a net loss of $77 million and Adjusted EBITDA of $353 million. The company added about $0.5 billion of new awards across seven rigs, bringing Contract Backlog to roughly $2.5 billion as of February 25, 2026. Management highlighted strengthening deepwater demand and longer-term programs.
Seadrill issued 2026 guidance for total operating revenues of $1.40–$1.45 billion excluding $50 million of reimbursable revenues, Adjusted EBITDA of $350–$400 million, and capital expenditure and long-term maintenance of $200–$240 million. At quarter-end, gross principal debt was $625 million and cash and cash equivalents were $365 million, implying a net debt position of $260 million.
Seadrill Ltd Senior VP of Operations Marcel Wieggers reported equity award activity and a small share disposition. On February 1, 2026, 651 restricted stock units converted into 651 common shares on a one-for-one basis, raising his directly owned common shares to 4,691.
On February 2, 2026, a transaction coded "F" disposed of 193 common shares at $38.3 per share, leaving 4,498 common shares owned directly. The restricted stock units arose from a 1,953-unit grant made on February 1, 2023 that vests in three equal annual installments.
Seadrill Ltd’s President & CEO, as a reporting person, disclosed several equity compensation events. On December 31, 2025, 54,177 common shares were acquired through the vesting and settlement of restricted stock units, and 22,507 shares were disposed of at $34.6 per share, typically associated with tax withholding, leaving 137,188 common shares held directly.
On March 18, 2025, the executive received new performance-based restricted stock unit awards covering 19,633 common shares tied to the 2023 free cash flow metric and 10,263 common shares tied to the 2024 free cash flow metric. The Board committee certified achievement of both the 2023 and 2024 free cash flow performance metrics for the 2024 measurement period at 113.67%, which determined the number of units earned. On December 31, 2025, 34,544 and 19,633 units from earlier awards vested and converted into common shares, fully settling those tranches.
Seadrill Ltd's Executive Vice President & CFO reported performance-based equity transactions and resulting common share ownership. On March 18, 2025, the executive received performance-based restricted stock units (RSUs), including 5,449 RSUs tied to a 2023 free cash flow metric and 4,105 RSUs tied to a 2024 free cash flow metric. The Committee certified achievement of both the 2023 Award FCF Metric for the 2024 measurement period and the 2024 Award FCF Metric for the 2024 measurement period at 113.67%.
On December 31, 2025, 15,037 common shares were acquired upon RSU vesting (code M), and 4,847 shares were disposed of (code F) at $ 34.6 per share, typically indicating shares withheld to cover taxes. After these transactions, the executive directly owned 46,162 Seadrill common shares.
Seadrill Ltd executive Todd D. Strickler, SVP & General Counsel, reported equity compensation activity involving performance-based restricted stock units and related share transactions. On December 31, 2025, 11,951 common shares were acquired through the conversion of restricted stock units, and 3,262 common shares were disposed of at $34.6 per share, likely for tax withholding, leaving him with 24,212 common shares owned directly.
The filing also details performance-based restricted stock units tied to free cash flow metrics. On March 18, 2025, the compensation committee certified free cash flow performance for 2023- and 2024-related awards at 113.67%, resulting in vesting of 7,620 units for the 2023 measurement period and 4,331 units for the 2024 measurement period, which then converted into common shares.
Seadrill Ltd executive reports restricted stock activity and share settlement. An officer of Seadrill Ltd, serving as EVP & Chief Technology & Sustainability Officer, reported equity award vesting and related share transactions dated 12/31/2025, with the earliest related performance certification on 03/18/2025. The officer acquired 11,951 common shares through the settlement of previously granted restricted stock units, then had 3,560 shares disposed of at a price of $34.6 per share, reflecting shares withheld to cover obligations. Following these transactions, the officer directly beneficially owned 35,428 common shares.
The filing also details performance-based restricted stock units granted on 09/25/2023 (28,578 units) and 04/17/2024 (17,607 units), which convert into common shares on a one-for-one basis. Portions of these awards are tied to total shareholder return metrics, while 40% are linked to annual free cash flow performance. The committee certified achievement of the free cash flow performance metrics for the 2024 measurement period at 113.67%, supporting the vesting of certain units relating to the 2023 and 2024 measurement periods.
Seadrill Ltd executive David T. Mullen, EVP & Chief Commercial Officer, reported equity award activity and share movements. On 12/31/2025, performance-based restricted stock units converted into 11,951 common shares, increasing his direct holdings. That same day, 3,262 common shares were disposed of in a transaction coded "F", reflecting shares withheld or sold at $34.6 per share, typically used to cover tax obligations. After these transactions, he directly owned 37,567 common shares.
On 03/18/2025, the board committee certified free cash flow performance metrics for two performance-based RSU awards at 113.67% for the 2024 measurement period, leading to 4,331 RSUs credited under a 2023 award and 2,668 RSUs under a 2024 award. On 12/31/2025, tranches of 7,620 and 4,331 RSUs vested and were converted into common shares, leaving those specific RSU balances at zero.
Elliott Investment Management L.P. reports beneficial ownership of 4,213,146 Seadrill Ltd common shares, representing 6.8% of the outstanding shares. These shares were acquired at an aggregate cost of approximately $87,793,816, and may be held in margin accounts that can be used as collateral for debit balances.
In addition to the common shares, Elliott-related funds have entered into cash-settled swap agreements referencing 4,345,581 Seadrill shares, providing economic exposure comparable to 7.0% of the company without voting or dispositive power over those referenced shares. Based on 62,374,171 Seadrill common shares outstanding as of November 3, 2025, Elliott’s combined economic exposure is approximately 13.7% of the company’s common equity.
Seadrill Limited — Schedule 13G/A (Amendment No. 1): Wellington Management Group LLP and related entities reported beneficial ownership of 631,604 shares of Seadrill common stock. The filing lists shared voting power of 488,044 shares and shared dispositive power of 631,604 shares; sole voting and dispositive power are 0.
The reporting persons indicate ownership on behalf of advisory clients and certify the holdings were acquired and are held in the ordinary course of business, not to change or influence control. The filing states ownership of five percent or less of the class.