Seadrill (NYSE:SDRL) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsEddie Kim - Vice President of Equity ResearchFredrik Stene - Head of ResearchGrant Creed - Executive Vice President and CFOGreg Lewis - Managing Director of Equity ResearchKeith Beckmann - Vice President of ResearchKevin Smith - Vice President of Corporate Finance and Investor RelationsNoel Parks - Managing Director, CleanTech and E&PSamir Ali - Executive Vice President and Chief Commercial OfficerSimon Johnson - Pr ...

Seadrill (NYSE:SDRL) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Speaker8Thank you for standing by. My name is Rebecca, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Seadrill Fourth Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one o ...

Investor Presentation February 2026 Disclaimer FORWARD-LOOKING STATEMENTS: This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding Seadrill Limited's (the "Company") outlook and guidance, plans, strategies, business prospects, financi ...

Core Insights - Transocean Ltd. reported a strong financial performance for 2025, achieving a full-year adjusted EBITDA of $1.37 billion, reflecting a ~20% year-on-year increase [1] - The company is undergoing a strategic expansion with the acquisition of Valaris, expected to generate over $200 million in cost synergies and create a pro forma combined backlog of nearly $11 billion [1] Financial Performance - The adjusted EBITDA for 2025 was $1.37 billion, marking a ~20% increase compared to the previous year [1] - Transocean successfully removed $100 million in costs during 2025 and aims for an additional $150 million in reductions for 2026 [2] Strategic Initiatives - The acquisition of Valaris is a key strategic move, anticipated to enhance operational efficiencies and financial performance [1] - Management plans to reposition assets from lower-demand markets like the US Gulf to higher-demand regions in Africa and Asia [2] Market Outlook - The outlook for late 2026 and 2027 is positive due to rising exploration budgets and increased tendering activity [3] - However, the company faces near-term challenges, including potential idle time for specific rigs and prolonged negotiations with Petrobras [3] - Leadership remains confident in the cyclical recovery of offshore drilling, noting an increase in rig years awarded for larger development projects [3]

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Core Viewpoint - Valaris Limited is a significant player in the offshore drilling industry, providing services globally and competing with major companies like Transocean and Noble Corporation [1] Company Performance - Valaris's stock price has increased by 3.52%, reaching $95.75, with fluctuations between $89.12 and $95.89 on the day [5] - Over the past year, the stock has ranged from a low of $27.15 to a high of $96.40, with a market capitalization of approximately $6.66 billion and a trading volume of 2,613,194 shares [5][6] Institutional Interest - Institutional investors have shown significant interest in Valaris, with Semanteon Capital Management LP acquiring 9,505 shares valued at approximately $464,000 [3] - ANTIPODES PARTNERS Ltd increased its holdings by 8,034% during the third quarter, now owning 580,198 shares worth $28.3 million [4] - Goehring and Rozencwajg Associates LLC expanded its position by 108.9%, holding 902,440 shares valued at $44 million [4][6] Analyst Insights - Charles Minervino from Susquehanna set a price target of $96 for Valaris, indicating a modest potential increase of 0.26% from the current stock price [2][6]

Core Viewpoint - Transocean (NYSE:RIG) is a prominent offshore drilling contractor with a positive outlook from Susquehanna, which raised the price target from $6.50 to $7.50 while maintaining a "Positive" grade [1][4][5] Group 1: Stock Performance - At the time of the announcement, RIG's stock price was $6.52, reflecting a 2.52% increase or $0.16 [2][5] - The stock has experienced significant volatility, with a yearly range between $1.97 and $6.57, indicating the dynamic nature of the energy market [2][5] - RIG's daily trading range has been between $6.11 and $6.53, showcasing fluctuations in investor sentiment [2] Group 2: Market Position - Transocean's market capitalization is approximately $5.89 billion, highlighting its substantial presence in the offshore drilling industry [3][5] - The company has a high trading volume, with 51.24 million shares exchanged on the NYSE, suggesting strong investor interest and confidence [3][5] Group 3: Future Outlook - The decision by Susquehanna to maintain a "Positive" grade and raise the price target indicates optimism regarding Transocean's growth potential, influenced by strategic initiatives and market conditions [4][5] - Investors are expected to closely monitor RIG's performance in light of recent price movements and broader energy market trends [4]

Core Insights - The offshore drilling industry is being closely monitored, with a focus on forecasting future revenues based on backlog data [1] - Company fundamentals, industry-specific data, and broader economic trends are the primary basis for analysis [1] - Company presentations are designed to present data favorably, and no presentations have advised selling stock [1] Company Analysis - Noble's recent earnings report was highlighted for its backlog scrutiny, indicating its importance in revenue forecasting [1] - Transocean's performance is also under consideration, suggesting it may be a key player in the industry [1] Industry Trends - The analysis emphasizes the importance of backlog in predicting future revenues within the offshore drilling sector [1] - The approach taken is to rely on comprehensive data rather than solely on company presentations, which may be biased [1]

Mohnish Pabrai’s Dalal Street LLC reported an equity portfolio of approximately $402 million in the latest quarter, maintaining its signature high-conviction, concentrated value investing approach. The portfolio remains heavily focused on a small group of cyclical commodity and energy services companies, particularly coal producers and offshore drilling firms — areas where Pabrai has historically sought asymmetric upside tied to industry cycles and capital scarcity.The latest filing suggests selective posit ...

Company Overview - Borr Drilling Limited provides offshore drilling services, focusing on the ownership and operation of jack-up rigs for shallow-water oil and gas exploration and production [5] - The company generates revenue by contracting rigs and related services to oil and gas companies, charging for rig time, equipment, and work crews [5] Financial Performance - Borr Drilling reported a revenue of $1.02 billion and a net income of $75.30 million for the trailing twelve months (TTM) [4] - The company has a dividend yield of 4.03% as of February 20, 2026 [4] - As of the same date, shares of Borr Drilling were priced at $5.95, reflecting a 95% increase over the past year [3][4] Market Activity - GeoSphere Capital Management acquired 1,385,000 shares of Borr Drilling, valued at approximately $5.58 million, during the fourth quarter of 2025 [2] - This new position accounts for 1.8371% of GeoSphere's reportable assets under management [3] Industry Dynamics - The offshore drilling sector is highly cyclical, with improving contract activity expected to lift earnings sharply [1][7] - Following years of underinvestment, offshore activity is recovering, leading to a significant rise in Borr's stock price [7] - The company's profitability is closely tied to the demand for rigs and contract prices, which can fluctuate based on industry activity [9][10] Investment Considerations - Investors should monitor whether higher day rates and stronger rig demand can be sustained, as these factors will influence Borr's cash flow [10] - High fleet utilization and manageable debt levels are critical for Borr to capitalize on industry improvements [10]