Seadrill(SDRL)2025-02-27 21:17Revenue Contributions - Total revenues from Sonadrill accounted for 22% of consolidated operating revenues for the year ended December 31, 2024[51]. - Petrobras contributed 18% to total revenues for the year ended December 31, 2024[51]. - The company’s revenues from customers with over 10% contribution included Var Energi at 7% and Equinor at 7% for the year ended December 31, 2024[51]. Employee and Training Initiatives - As of December 31, 2024, the company employed approximately 3,300 employees worldwide[56]. - The company is committed to enhancing employee training through the Seadrill Development Academy, which includes advanced technical and behavioral simulations[60]. Safety and Environmental Compliance - The total recordable incident rate (TRIR) for the year ended December 31, 2024, was 0.36, below the industry average of 0.44[62]. - The company’s operations are subject to numerous environmental laws and regulations that can significantly affect operational capabilities and financial condition[67]. Financial Management and Risk Exposure - The company has a majority of its revenues and expenses denominated in U.S. dollars, with some exposure to foreign currencies, but does not expect significant fluctuations in net income from foreign exchange risks[359]. - The majority of the company's debt portfolio is on a fixed interest rate, minimizing interest rate risk exposure[361]. - The company intends to reduce market risks, including foreign exchange and interest rate risks, through appropriate management policies[358]. - The company has a history of utilizing derivative instruments to manage market risks when deemed appropriate[358]. - The company does not currently hedge its foreign exchange exposures, which primarily relate to cash and working capital balances[360]. Leadership and Governance - The executive team includes Simon Johnson as President and CEO, Grant Creed as CFO, and Samir Ali as Chief Commercial Officer, among others, with extensive experience in the offshore drilling industry[72][73][74][75][76][77]. - The executive team has a combined experience of over 100 years in the offshore drilling and oilfield services sectors, enhancing the company's operational capabilities[72][73][74][75][76][77]. - The company has been focusing on strategy development, investor outreach, and relationship management under the leadership of its executive team[72]. - The company has a diverse board of directors with significant experience in the energy sector, enhancing governance and strategic oversight[78]. Operational Overview - The company operates in a single, global offshore drilling market, with operations geographically dispersed in oil and gas exploration areas worldwide[49]. - The backlog information is detailed in Part II, Item 7 of the financial report[48]. - The collective bargaining agreement in Brazil was successfully negotiated for the period from September 2024 to August 2025[58]. - The company has made its financial information available through SEC filings and its website, ensuring transparency for investors[79][80].