(WO) — Seadrill added more than $860 million to its offshore drilling contract backlog during first-quarter 2026, supported by new deepwater rig awards and extensions across Brazil, the U.S. Gulf and Angola as the company pointed to strengthening demand for offshore drilling services.
Seadrill’s total contract backlog reached approximately $3.1 billion as of May 11, 2026, following several major awards since the company’s February fleet status update.
Among the largest awards, the West Polaris secured a three-year contract extension with Petrobras offshore Brazil beginning in January 2028, adding roughly $480 million to backlog. In the Gulf of America, West Neptune and West Vela secured new work with LLOG, a subsidiary of Harbour Energy, contributing an additional $260 million.
The company also announced a contract extension for Sonangol Quenguela with TotalEnergies offshore Angola, extending the rig’s commitment into July 2028.
Seadrill reported first-quarter total operating revenues of $358 million, compared to $362 million in the previous quarter, while adjusted EBITDA increased to $97 million from $88 million. Net loss narrowed to $7 million from $10 million in fourth-quarter 2025.
President and CEO Samir Ali said the company completed major projects for West Capella and West Jupiter ahead of schedule and on budget, positioning Seadrill for improved earnings and free cash flow generation later this year.
“Increasing demand for deepwater rigs is supported by multiple customers across multiple regions, and with a renewed global focus on energy security, we see growing tailwinds into 2027 to drive positive dayrate momentum,” Ali said.
Seadrill raised its full-year 2026 guidance, increasing projected operating revenues to between $1.43 billion and $1.48 billion and adjusted EBITDA guidance to between $370 million and $420 million.
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