Seadrill has disclosed approximately $800 million in contract awards and extensions across Indonesia, Malaysia, Angola and the US Gulf, and raised its full-year revenue and adjusted EBITDA guidance in its third-quarter 2026 results released on November 3.
The largest award is an estimated 880-day contract for the drillship West Carina with an undisclosed operator in Indonesia. Valued at approximately $420 million including a mobilisation fee, the work is expected to commence in the first half of 2027 and carries priced options for up to another 880 days.
"The West Carina award secures the third and final repricing of three legacy contracts, with the improved dayrate effective in 2027," said Seadrill President and CEO Samir Ali.
In Malaysia, options adding 240 days and worth approximately $94 million were exercised on West Capella, keeping the drillship working through February 2028. Sonadrill, Seadrill's 50:50 joint venture with an affiliate of Sonangol, secured a roughly three-year extension for Sonangol Libongos in Angola.
The semi-submersible Sevan Louisiana was awarded a 25-day contract with Kosmos starting in November, followed by an approximately 60-day programme with LLOG extending into 2027.
The company said more than 85 per cent of available drillship days in 2027 were now contracted. Backlog stood at approximately $3.3 billion, up from $2.9 billion in August.
Seadrill posted a third-quarter net loss of $30 million, including a legal provision, against a $29 million profit in the second quarter.
Operating revenues fell to $428 million from $449 million as West Carina had fewer operating days and West Vela, West Elara and Sevan Louisiana spent time between contracts. Adjusted EBITDA declined to $121 million.
Free cash flow reached $179 million, helped by a lump-sum mobilisation payment for West Tellus and a working-capital release.
Full-year revenue guidance excluding reimbursables was raised to $1.56–1.58 billion, and adjusted EBITDA guidance to $440–460 million.
A year earlier, Seadrill reported a net loss of $11 million on revenues of $363 million.
