Seadrill recently posted its third quarter 2025 financial results.
The company reported a net loss of US$11 million and an adjusted gross operating profit of US$86 million during Q3 2025.
Third quarter 2025 total operating revenues decreased by US$14 million to US$363 million, compared to US$377 million in the prior quarter, primarily due to lower economic utilisation, fewer rig operating days, and a sequential decrease in reimbursable revenues.
Third quarter 2025 total operating expenses decreased by US$34 million to US$337 million, compared to US$371 million in the prior quarter. A decrease of US$44 million in management contract expenses was largely driven by an accrual in the prior quarter, partially offset by an US$11 million increase in vessel and rig operating expenses due to the timing of repair and maintenance spend.
At quarter-end, Seadrill had gross principal debt of US$625 million and US$428 million in cash and cash equivalents, including US$26 million of restricted cash, for a net debt position of US$197 million. Net cash provided by operating activities during Q3 2025 was US$28 million, including additions of US$69 million for capitalised long-term maintenance.
Payments for capital additions captured in net cash used in investing activities were US$19 million, while free cash flow was US$9 million.
Full year 2025 guidance ranges are narrowed, with total operating revenue of US$1.36 billion increased to US$1.39 billion (previously US$1.32 billion to US$1.38 billion). The current and prior guidance excludes US$50 million of reimbursable revenue.
Adjusted gross operating profit range is narrowed to US$330 million to US$360 million (previously US$320 million to US$380 million) and capital expenditure and long-term maintenance is narrowed to US$280 million to US$300 million (previously US$250 million to US$300 million).
Contract awards have been secured across five rigs, adding over US$300 million to the order backlog.
"We continue to execute our strategy to build backlog coverage through 2025 and 2026, minimising our exposure to contract gaps," said Seadrill President and CEO Simon Johnson. "Our commercial team secured over US$300 million in new contracts across five rigs, including all three assets in the Sonadrill joint venture in Angola, reaffirming our position as a leading operator in the region.
"As industry fundamentals improve and global tendering activity accelerates, Seadrill remains well positioned to create shareholder value and support long-term demand for energy services through a disciplined commercial strategy that drives sustainable growth."
