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Seadrill Limited

SDRL

Seadrill Limited • NYSE
$30.52 ▲ 0.66% (+0.20)
Market Cap $1.90 B
52w High $41.25
52w Low $17.74
Dividend Yield 0%
P/E 64.94
Volume 240.33K
Outstanding Shares 62.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $352M ▼ $86M ▲ $-11M ▲ -3.125% ▲ $-0.18 ▲ $85M ▲
Q2-2025 $377M ▲ $26M ▲ $-42M ▼ -11.141% ▼ $-0.68 ▼ $58M ▼
Q1-2025 $335M ▲ $23M ▲ $-14M ▼ -4.179% ▼ $-0.23 ▼ $71M ▲
Q4-2024 $289M ▼ $17M ▼ $101M ▲ 34.948% ▲ $1.58 ▲ $28M ▼
Q3-2024 $354M $29M $32M 9.04% $0.49 $96M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $402M ▲ $4.067B ▼ $1.202B ▲ $2.865B ▼
Q2-2025 $393M ▼ $4.07B ▲ $1.199B ▲ $2.871B ▼
Q1-2025 $404M ▼ $4.063B ▼ $1.155B ▼ $2.908B ▼
Q4-2024 $478M ▼ $4.156B ▲ $1.238B ▼ $2.918B ▲
Q3-2024 $566M $4.152B $1.239B $2.913B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11M ▲ $28M ▲ $-19M ▲ $0 $9M ▲ $9M ▼
Q2-2025 $-42M ▼ $11M ▲ $-23M ▲ $0 $-11M ▲ $56M ▲
Q1-2025 $-14M ▼ $-27M ▼ $-49M ▼ $0 ▲ $-75M ▲ $-72M ▼
Q4-2024 $101M ▲ $7M ▲ $7M ▲ $-101M ▲ $-87M ▲ $-31M ▲
Q3-2024 $32M $-27M $-53M $-190M $-270M $-80M

Revenue by Products

Product Q2-2022Q4-2022Q1-2025Q2-2025
Reimbursable
Reimbursable
 $10.00M ▲$30.00M ▲$10.00M ▼$20.00M ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$40.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Seadrill’s income statement shows a company that has moved from deep losses to more stable, recurring profitability. Revenue has grown from the trough of the early 2020s, then leveled off more recently, suggesting a business that is no longer in freefall but still exposed to industry cycles. Margins have improved markedly. The company moved from barely breaking even on its operations to generating solid operating and cash earnings from its drilling activities. That said, one year in the recent past shows an unusually large profit, which likely reflects accounting gains from restructuring rather than purely underlying operations. More recent years look more “normal” and indicate a sustainable, but not spectacular, profit profile for a capital‑intensive, cyclical business. Overall, the income statement now reflects a healthier offshore driller with positive earnings, but still tied to the ups and downs of offshore activity and dayrates.

Balance Sheet

Balance Sheet The balance sheet has been transformed from highly stressed to comparatively solid. A few years ago, Seadrill carried very heavy debt and negative equity, which is often a sign of financial distress. After restructuring, debt levels are much lower, and equity is clearly positive, giving the company a more robust capital base. Total assets have remained fairly stable, which makes sense for a rig‑based business, but the mix has improved. Cash levels are steady, providing a reasonable liquidity cushion, while the drastic reduction in debt cuts interest burden and refinancing risk. In plain terms, Seadrill now looks more like a recapitalized industrial company with manageable leverage, rather than the over‑indebted operator it used to be. This does not eliminate risk, but it significantly reduces the likelihood of balance‑sheet‑driven pressure in the near term, assuming industry conditions don’t deteriorate sharply.

Cash Flow

Cash Flow Cash flow has improved but is not yet consistently strong. Operating cash flow was negative during the downturn years and has since turned positive, reflecting better contract terms, higher utilization, and tighter cost control. However, these inflows are still modest relative to the size and capital needs of the business. Free cash flow has been more volatile. There was a period of clearly positive free cash generation after restructuring, but the most recent year shows a slight move back into negative territory, mainly because of higher investment in the fleet. This is typical for drilling companies: maintaining and upgrading rigs consumes a lot of cash, especially when management is positioning for future demand. Net result: Seadrill can now generate cash from its core operations, but free cash flow can swing depending on how aggressively it invests in its rigs and technology, and on where the industry is in its cycle.

Competitive Edge

Competitive Edge Seadrill’s competitive position rests on a modern, technologically advanced fleet and a clear focus on complex, deepwater projects. Its rigs are generally younger and higher‑spec than many legacy competitors, which can mean better efficiency, safety, and suitability for demanding wells. The company’s data‑driven operating model—centered on its proprietary analytics platform—can help reduce downtime, optimize drilling performance, and lower costs for clients. This is increasingly important as oil companies seek reliable partners for technically challenging work. Seadrill also benefits from long‑standing relationships with major oil and gas companies and a presence in key deepwater regions such as Brazil, West Africa, and the Gulf of Mexico. However, the offshore drilling market remains crowded and cyclical, with intense pricing pressure when demand softens. Seadrill’s more focused, deepwater‑oriented strategy may be an advantage in an upcycle, but it also heightens exposure to that particular segment.

Innovation and R&D

Innovation and R&D Innovation at Seadrill is less about traditional lab R&D and more about applying digital tools and advanced techniques to offshore drilling. The company’s PLATO data analytics platform—developed with a major cloud provider—collects and analyzes large volumes of rig data to spot inefficiencies and guide real‑time operational decisions. Other initiatives, such as advanced maintenance strategies, managed pressure drilling expertise, and high‑bandwidth satellite connectivity (including Starlink), are designed to improve reliability, safety, and crew effectiveness. These capabilities help Seadrill handle complex wells in harsh environments and support its positioning in the higher‑end deepwater market. Looking ahead, the company has signaled plans to push further into automation, predictive maintenance, and smart fleet management, including selective acquisitions and divestments. This suggests ongoing investment in technology and fleet quality rather than raw fleet size.

Summary

Seadrill today looks like a restructured offshore driller that has moved from crisis to cautious stability. The income statement shows a shift from heavy losses to more normal, recurring profits; the balance sheet has been cleaned up, with much lower debt and restored equity; and operating cash flow is now positive, albeit still sensitive to capital spending and market conditions. Strategically, Seadrill is betting on a modern, deepwater‑focused fleet and a data‑driven operating model to stand out in a competitive, cyclical sector. Its technological tools and younger rigs give it a clear angle in complex offshore projects, but the business remains exposed to swings in oil company spending and dayrates. Overall, the company appears financially and operationally stronger than in its pre‑restructuring days, with meaningful strengths in technology and fleet quality. At the same time, it operates in a volatile industry where contract visibility, pricing power, and disciplined investment will be key drivers of future performance and risk.

NEWS

November 5, 2025 · 4:30 PM UTC

Seadrill Announces Third Quarter 2025 Results

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October 9, 2025 · 4:30 PM UTC

Seadrill Announces Third Quarter 2025 Earnings Release and Conference Call

Read more