Seadrill Limited (SDRL) , an offshore driller, announced multiple contract awards and a contract extension for its West Vela and West Capella drillships worth $97.5 million. The company also provided an update regarding its West Auriga drillship.Seadrill’s West Vela drillship was secured by Talos Production in the U.S. Gulf of Mexico. The total value of the contract is around $73.5 million, excluding managed pressure drilling services. The deal has an estimated duration of 150 days, scheduled to begin in th ...

HAMILTON, Bermuda--(BUSINESS WIRE)--January 29, 2024-- Seadrill Limited ("Seadrill" or the "Company") (NYSE & OSE: SDRL) announces multiple contract awards totalling approximately $97.5 million in value, in addition to an update on the West Auriga. Talos Production Inc. has awarded the West Vela a contract with an estimated duration of 150 days in the U.S. Gulf of Mexico. The contract is expected to commence in the third quarter of 2024 and represents a total contract value of approximately $73.5 million, ...

HAMILTON, Bermuda--(BUSINESS WIRE)--January 23, 2024-- Seadrill Limited ("Seadrill" or the "Company") (NYSE & OSE: SDRL) announces today that, in accordance with its bye-laws, the Board has confirmed the date of the Annual General Meeting of Shareholders in respect of the 2024 calendar year. The 2024 Annual General Meeting shall be held in Bermuda on April 17, 2024. A copy of the Notice of Annual General Meeting and Proxy Statement will be distributed closer to the meeting date. About Seadrill Seadrill is ...

Financial Data and Key Metrics Changes - Seadrill reported adjusted EBITDA of $151 million on revenues of $414 million, resulting in a margin of 36.5% [6][20] - Full year 2023 guidance for adjusted EBITDA has been increased to a range of $485 million to $505 million [6][22] - Net income for Q3 was $90 million, or $1.10 per diluted share [20] Business Line Data and Key Metrics Changes - Contract drilling revenues decreased sequentially by $5 million to $324 million due to planned service days [18] - Economic utilization for Q3 was reported at 93% [18] - Additional revenues from management contracts totaled $68 million, primarily from the Sonadrill joint venture [18] Market Data and Key Metrics Changes - The order backlog currently stands at $2.2 billion as of November 27, 2023 [14] - Drillship market utilization remains in the 90s, with leading-edge day rates recently exceeding $500,000 per day [15] - Average lead times to secure drillships have improved to 319 days, a nearly 60% improvement compared to 2020 [16] Company Strategy and Development Direction - The company is focused on exiting non-core asset categories and simplifying its value proposition [7] - Seadrill plans to close its London office and consolidate its corporate headquarters in Houston, Texas, to improve collaboration and cost efficiencies [8][9] - The company is optimistic about the long-term outlook for the offshore drilling market, particularly in South America [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of market fundamentals and the potential for improved demand [30] - The company anticipates a significant uptick in earnings as legacy contracts roll off and are replaced with higher day rates [10] - Management acknowledged inflationary pressures on labor costs but aims for 100% pass-through of these costs to clients [46] Other Important Information - Seadrill initiated a $250 million share buyback program, executing 85% of it at an average price of $42.76 per share [6][26] - The Board of Directors has increased the share repurchase authorization to a total of $500 million [6][27] Q&A Session Summary Question: Broader market outlook and idle time between contracts - Management noted that while there may be short-term fluctuations, the fundamentals remain strong and day rates are approaching pre-downturn levels [30][31] Question: Opportunities for the Sevan Louisiana rig - Management indicated that the rig is being marketed globally and they aim to maximize value, potentially relocating it if necessary [33][34] Question: Preliminary thoughts on 2024 EBITDA estimates - Management refrained from providing specific guidance for 2024, citing the need for more clarity on revenue and cost items [37] Question: Clarification on the $45 million contract backlog - Management confirmed that the contract is well-based, but specifics on the day rate were not disclosed [38][39] Question: Update on jack-up fleet sale discussions - Management stated that there has been strong interest in the jack-up market, but they are not in a rush to sell and are waiting for favorable pricing [42][43] Question: Cost pressures and pass-through mechanisms - Management acknowledged inflationary pressures on labor costs and expressed a goal of achieving full pass-through of these costs to clients [45][46] Question: Update on the West Phoenix rig - Management confirmed that the rig is being actively marketed for opportunities in Norway and other markets [53]

[Management's Discussion and Analysis of Financial Condition and Results of Operations](index=4&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [Overview](index=4&type=section&id=Overview) Seadrill operates a fleet of 19 drilling rigs, with 16 operational and three cold stacked, and manages seven third-party rigs - As of September 30, 2023, Seadrill's owned fleet consists of **19 rigs**: **16** are operating (including rigs leased to joint ventures) and **3** are cold stacked[10](index=10&type=chunk) - The company's operating fleet includes **eleven floaters**, **two harsh environment units**, and **three jackups**[10](index=10&type=chunk) - In addition to its owned fleet, Seadrill provides management services for **seven third-party rigs**[10](index=10&type=chunk) [Significant Developments since January 1, 2023](index=4&type=section&id=Significant%20Developments%20since%20January%201%2C%202023) Seadrill completed the Aquadrill acquisition, refinanced debt, disposed of non-core assets, and initiated a share repurchase program since January 2023 - Completed the acquisition of Aquadrill on April 3, 2023, adding **four drillships**, **one semi-submersible**, and **three tender-assist units** to its fleet[15](index=15&type=chunk) - Executed a major debt refinancing in July 2023 by issuing **$575 million** in Senior Secured Second Lien Notes due 2030, using the proceeds to prepay existing first and second lien facilities[17](index=17&type=chunk)[81](index=81&type=chunk) - Disposed of **three tender-assist units** acquired from Aquadrill for an aggregate price of **$84 million**, completing the sale on July 28, 2023[16](index=16&type=chunk) - Authorized a share repurchase program of up to **$250 million** in August 2023, which was subsequently increased to a total of **$500 million**[18](index=18&type=chunk) - Announced a proposal to consolidate corporate offices in Houston and close the London office by March 31, 2024[20](index=20&type=chunk) [Contract Backlog](index=6&type=section&id=Contract%20Backlog) Seadrill's contract backlog totaled **$2,306 million** as of September 30, 2023, primarily from drilling contracts, with most revenues expected in 2024 Contract Backlog Comparison (in $ millions) | Category | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Drilling contracts | 1,832 | 1,925 | | Other | 474 | 390 | | **Total contract backlog** | **2,306** | **2,315** | Projected Backlog Realization as of Sep 30, 2023 (in $ millions) | Period | Drilling Contracts | Other | Total | | :--- | :--- | :--- | :--- | | Remainder of 2023 | 324 | 68 | 392 | | 2024 | 797 | 281 | 1,078 | | 2025 | 474 | 119 | 593 | | Thereafter | 237 | 6 | 243 | | **Total** | **1,832** | **474** | **2,306** | [Market Overview and Trends](index=6&type=section&id=Market%20Overview%20and%20Trends) The offshore drilling market continues to recover, with harsh environment floater utilization at 93% and benign environment drillship utilization above 90% Average Brent Oil Price ($/bbl) | Period | Dec-2020 | Dec-2021 | Dec-2022 | Sep-2023 | | :--- | :--- | :--- | :--- | | Average Price | 42 | 71 | 101 | 82 | Floater Marketed Utilization | Segment | Dec-2021 | Dec-2022 | Sep-2023 | | :--- | :--- | :--- | :--- | | Harsh environment floater | 77% | 82% | 93% | | Benign environment floater | 80% | 81% | 85% | - Marketed utilization in the harsh environment floater segment has improved considerably due to a slight increase in contracted rigs and a reduction in total supply from attrition[28](index=28&type=chunk) - Improved demand, particularly for drillships, has driven higher utilization in the benign-environment floater segment, with utilization in the US Gulf of Mexico and Brazil trending **above 90%** and **95%**, respectively[29](index=29&type=chunk) [Results of Operations](index=7&type=section&id=Results%20of%20Operations) Q3 2023 operating revenues increased to **$414 million** with a **$117 million** operating profit, driven by the Aquadrill acquisition, larger fleet, and higher dayrates Consolidated Results of Operations (in $ millions) | Metric | Q3 2023 (Successor) | Q3 2022 (Successor) | 9M 2023 (Successor) | | :--- | :--- | :--- | :--- | | Operating revenues | 414 | 269 | 1,094 | | Operating profit | 117 | 20 | 277 | | Net profit | 90 | (16) | 227 | - The acquisition of Aquadrill, completed on April 3, 2023, is a primary driver of the financial results; the merger was accounted for as a business combination, with Aquadrill's assets and liabilities recorded at fair value, using a convenience date of April 1, 2023[30](index=30&type=chunk) [Operating revenues](index=9&type=section&id=Operating%20revenues) Q3 2023 operating revenues increased to **$414 million** from $269 million, driven by more rigs on contract (7 to 12) and a higher average dayrate of **$290,000** Operating Revenues Breakdown (in $ millions) | Revenue Type | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Contract revenues | 324 | 187 | | Reimbursable revenues | 11 | 9 | | Management contract revenues | 68 | 63 | | Other revenues | 11 | 10 | | **Total operating revenues** | **414** | **269** | - The average number of rigs on contract increased from **seven** in Q3 2022 to **12** in Q3 2023, mainly due to fleet additions from the Aquadrill acquisition[40](index=40&type=chunk) - The average contractual dayrate rose to **$290,000** in Q3 2023 from **$262,000** in Q3 2022, driven by higher rates on the acquired Aquadrill rigs and new contracts in Brazil[41](index=41&type=chunk) - Economic utilization for rigs on contract decreased slightly to **93%** in Q3 2023 from **96%** in Q3 2022, due to planned downtime on two rigs[42](index=42&type=chunk) [Operating expenses](index=10&type=section&id=Operating%20expenses) Total operating expenses rose to **$304 million** in Q3 2023 from $250 million, primarily due to higher vessel and rig operating expenses from the Aquadrill acquisition Operating Expenses Breakdown (in $ millions) | Expense Type | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Vessel and rig operating expenses | (184) | (137) | | Depreciation and amortization | (39) | (38) | | Management contract expenses | (50) | (49) | | Selling, general and administrative | (20) | (18) | | Merger and integration related | (2) | — | | **Total operating expenses** | **(304)** | **(250)** | - The increase in vessel and rig operating expenses was driven by the additions from the Aquadrill acquisition and the reactivation of rigs in Brazil, partially offset by the return of two leased rigs[49](index=49&type=chunk) - Depreciation and amortization remained stable at **$39 million**, as a **$24 million** increase in depreciation from the Aquadrill rigs was offset by a **$23 million** change in amortization of intangible contract assets and liabilities[50](index=50&type=chunk)[52](index=52&type=chunk) [Interest expense](index=11&type=section&id=Interest%20expense) Interest expense significantly decreased to **$15 million** in Q3 2023 from $33 million, a direct result of the July 2023 debt refinancing Interest Expense on Debt Facilities (in $ millions) | Debt Facility | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | $575 million bond in issue | (9) | — | | First-lien senior secured | (2) | (4) | | Second lien senior secured | (1) | (27) | | Unsecured convertible bond | (1) | (1) | | **Total** | **(13)** | **(32)** | - The decrease in interest expense is primarily due to the refinancing of the second lien facility, which carried a higher interest rate, with the new **$575 million** bond[59](index=59&type=chunk)[60](index=60&type=chunk) [Other income and expense](index=12&type=section&id=Other%20income%20and%20expense) Total other income and expense was a net income of **$10 million** in Q3 2023, driven by a **$13 million** gain from associated companies and higher interest income Other Income and Expense Breakdown (in $ millions) | Item | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Interest income | 10 | 4 | | Share in results from associated companies | 13 | (1) | | Reorganization items, net | — | (3) | | Other financial items | (13) | (3) | | **Total other income and expense** | **10** | **(3)** | - The gain from associated companies in Q3 2023 relates to profits from the Sonadrill and Gulfdrill joint ventures[64](index=64&type=chunk) - Other financial items in 2023 included a **$10 million** make-whole fee paid for the early repayment of the first lien debt facility[68](index=68&type=chunk) [Liquidity and Capital Resources](index=13&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity strengthened to **$1,094 million** as of September 30, 2023, driven by cash flow, asset sales, and debt refinancing, including a new **$225 million** RCF - The company announced a new capital allocation framework prioritizing a conservative capital structure (net leverage target < **1.0x**), focused fleet investment, and returning at least **50%** of Free Cash Flow to shareholders via repurchases or dividends[70](index=70&type=chunk) Available Liquidity (in $ millions) | Component | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Unrestricted cash | 837 | 480 | | Restricted cash | 32 | 118 | | **Cash and cash equivalents** | **869** | **598** | | Undrawn revolving credit facility | 225 | 125 | | **Total available liquidity** | **1,094** | **723** | Cash Flow Summary - 9M 2023 (in $ millions) | Cash Flow Category | Amount | | :--- | :--- | | Cash flows provided by operating activities | 147 | | Cash flows provided by investing activities | 100 | | Cash flows provided by financing activities | 20 | [Borrowing Activities](index=15&type=section&id=Borrowing%20Activities) In Q3 2023, Seadrill fully refinanced its secured debt with **$575 million** in new bonds and established a new undrawn **$225 million** revolving credit facility Debt Overview as of September 30, 2023 (in $ millions) | Debt Instrument | Principal Value | Carrying Value | Maturity Date | | :--- | :--- | :--- | :--- | | $575 million bond in issue | 575 | 560 | August 2030 | | $50 million senior convertible bond | 50 | 50 | August 2028 | | **Total debt** | **625** | **610** | | - Proceeds from the new notes were used to prepay the existing first lien facility (**$187 million**) and second lien facility (**$123 million**)[81](index=81&type=chunk)[148](index=148&type=chunk) - A new **$225 million**, 5-year Senior Secured Revolving Credit Facility (RCF) was established, which remains undrawn[80](index=80&type=chunk)[83](index=83&type=chunk) - The company received corporate credit ratings of **B1** (Moody's), **B+** (S&P), and **B+** (Fitch), all with a stable outlook[82](index=82&type=chunk) [Interim Financial Statements (unaudited)](index=18&type=section&id=Interim%20Financial%20Statements%20%28unaudited%29) [Consolidated Statements of Operations](index=19&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2023 unaudited consolidated operations show **$414 million** in revenues and **$90 million** net profit, with diluted EPS of **$1.10** Key Financial Metrics (in $ millions, except per share data) | Metric | Three months ended Sep 30, 2023 | Nine months ended Sep 30, 2023 | | :--- | :--- | :--- | | Total operating revenues | 414 | 1,094 | | Operating profit | 117 | 277 | | Net profit | 90 | 227 | | Diluted EPS ($) | 1.10 | 3.16 | [Consolidated Balance Sheets](index=21&type=section&id=Consolidated%20Balance%20Sheets) Balance sheet strengthened with total assets at **$4,331 million** and equity at **$3,115 million** as of September 30, 2023, reflecting the Aquadrill acquisition and debt refinancing Balance Sheet Summary (in $ millions) | Account | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | 837 | 480 | | Drilling units | 2,822 | 1,668 | | **Total assets** | **4,331** | **2,801** | | Total current liabilities | 358 | 404 | | Long-term debt | 610 | 496 | | **Total liabilities** | **1,216** | **1,099** | | **Total equity** | **3,115** | **1,702** | [Consolidated Statements of Cash Flows](index=22&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For 9M 2023, Seadrill generated **$147 million** from operations, **$100 million** from investing, and **$20 million** from financing, resulting in a **$271 million** cash increase Cash Flow Summary - Nine Months Ended Sep 30, 2023 (in $ millions) | Cash Flow Category | Amount | | :--- | :--- | | Net cash provided by operating activities | 147 | | Net cash provided by investing activities | 100 | | Net cash provided by financing activities | 20 | | **Net increase in cash and cash equivalents** | **271** | [Notes to the Unaudited Consolidated Financial Statements](index=25&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail the Aquadrill acquisition, revenue concentration, tax disputes, debt refinancing, and the expanded share repurchase program [Note 19 - Business Combinations (Aquadrill Acquisition)](index=42&type=section&id=Note%2019%20-%20Business%20Combinations%20%28Aquadrill%20Acquisition%29) Aquadrill acquisition completed April 3, 2023, for **$1,274 million** (29.9 million shares), with **$1,255 million** in drilling units acquired at fair value - The acquisition of Aquadrill was completed on April 3, 2023, with Aquadrill surviving as a wholly-owned subsidiary of Seadrill[203](index=203&type=chunk) Total Consideration Transferred (in $ millions) | Component | Value | | :--- | :--- | | Consideration issued in Seadrill shares | 1,243 | | Consideration settled by tax withholding | 30 | | Consideration settled in cash | 1 | | **Total consideration transferred** | **1,274** | Preliminary Purchase Price Allocation (in $ millions) | Category | Value | | :--- | :--- | | **Assets acquired:** | | | Drilling units | 1,255 | | Total current assets | 152 | | Other non-current assets | 25 | | **Total assets acquired** | **1,432** | | **Liabilities assumed:** | | | Total current liabilities | 80 | | Total non-current liabilities | 78 | | **Total liabilities assumed** | **158** | | **Net asset acquired** | **1,274** | [Note 11 – Debt](index=34&type=section&id=Note%2011%20%E2%80%93%20Debt) In Q3 2023, Seadrill issued **$575 million** in new bonds to repay existing debt and established a new undrawn **$225 million** revolving credit facility - In July and August 2023, Seadrill issued a total of **$575 million** in 8.375% Senior Secured Second Lien Notes due 2030[148](index=148&type=chunk) - The proceeds were used to prepay the first lien facility (**$187 million**) and the second lien facility (**$123 million**), with a **$10 million** make-whole premium paid on the first lien facility repayment[148](index=148&type=chunk)[149](index=149&type=chunk) - A new **$225 million**, 5-year first lien revolving credit facility was established in July 2023 and remains undrawn[152](index=152&type=chunk) [Note 13 – Common shares](index=36&type=section&id=Note%2013%20%E2%80%93%20Common%20shares) Total shares increased to 79.9 million after 29.9 million for Aquadrill; a **$250 million** share repurchase program was authorized, with 1 million shares repurchased - Issued approximately **29.9 million** shares to Aquadrill unitholders and equity award holders as part of the merger[164](index=164&type=chunk) - A share repurchase program of up to **$250 million** was authorized on August 14, 2023[164](index=164&type=chunk) - By September 2023, approximately **1 million** shares were repurchased at a weighted average price of **$46.58**[164](index=164&type=chunk) [Note 20 – Subsequent events](index=47&type=section&id=Note%2020%20%E2%80%93%20Subsequent%20events) Post-quarter, the Board increased the share repurchase authorization by **$250 million** to **$500 million** total, with an additional 4 million shares repurchased by November 24, 2023 - The Board of Directors increased the total share repurchase authorization to **$500 million**, adding another **$250 million** to the program[218](index=218&type=chunk) - As of November 24, 2023, Seadrill had repurchased approximately **4 million** additional shares at a weighted average price of **$41.63** since the end of Q3[218](index=218&type=chunk)

Seadrill Limited (NYSE:SDRL) Q2 2023 Results Conference Call August 15, 2023 9:00 AM ET Company Participants Lydia Mabry - Director, IR Simon Johnson - President and CEO Grant Creed - EVP and CFO Samir Ali - EVP and Chief Commercial Officer Leif Nelson - Chief Operating and Technology Officer Conference Call Participants Greg Lewis - BTIG Ben Nolan - Stifel Fredrik Stene - Clarkson Securities David Smith - Pickering Energy Partners Eddie Kim - Barclays Hamed Khorsand - BWS Financial Lydia Mabry Welcome to S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 6-K ____________________________ REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the six months ended June 30, 2023 Commission File Number: 001-39327 ____________________________ SEADRILL LIMITED (Exact name of Registrant as specified in its Charter) ____________________________ Park Place, 55 Par-la-Ville Road, Hamilton HM 11, Bermuda (Addre ...

Seadrill Limited (NYSE:SDRL) Q1 2023 Earnings Conference Call May 23, 2023 9:00 AM ET Company Participants Simon Johnson - President and CEO Grant Creed - EVP and CFO Samir Ali - EVP and Chief Commercial Officer Conference Call Participants Greg Lewis - BTIG Fredrik Stene - Clarksons Securities Hamed Khorsand - BWS Financial Konstantin Chinarov - Aptior Capital LLP Simon Johnson Welcome all to our Second Quarterly Earnings Call this calendar year and the first call of the 2023 Financial Period. On the line ...

1Q23 Earnings Presentation Starting the year on a strong footing Forward-Looking Statements & Disclaimer Thiscommunicationincludesforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActandSection21EoftheExchangeAct.Allstatementsotherthanstatementsofhistoricalfactsincludedinthiscommunication,includingthoseregarding futureguidance,includingtotalrevenue,AdjustedEBITDA,TotalAdjustedEBITDAandcapitalexpendituresandlong-termmaintenance,andstatementsaboutSeadrill’splans,strategies,businessprospects, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 6-K ____________________________ REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the three months ended March 31, 2023 Commission File Number: 001-39327 ____________________________ SEADRILL LIMITED (Exact name of Registrant as specified in its Charter) ____________________________ Park Place, 55 Par-la-Ville Road, Hamilton HM 11, Bermuda (Ad ...