Overview
Seadrill Ltd. is an offshore drilling contractor serving the oil and gas industry. It owns and operates drillships and semi-submersible rigs for drilling in shallow- to ultra-deepwater and benign and harsh environments, and also provides management services.[1] Its fleet and operations span regions including Brazil, the U.S., Norway, Namibia, Angola and Singapore.[2]
Seadrill describes its objective as unlocking energy safely, efficiently and responsibly for clients globally, and its vision as setting the standard in deepwater oil and gas drilling.[3][4] For scale, FY2025 operating revenue was $1.437 billion, and the company reported approximately 3,000 employees at year-end 2025.[5][6] [1][2][3][4][5][6]
Products & services
Seadrill’s principal offering is offshore drilling under contracts that typically bundle a rig, crew and supplies with mobilization, demobilization, and customer-required preparation or modifications. The company operates drillships, semi-submersibles and jackups for drilling in a range of water depths and environments.[7][8]
Its fleet includes ultra-deepwater drillships such as West Carina (12,000-ft design water depth; 37,500-ft drilling depth) and West Gemini (10,000 ft; 37,500 ft), and semi-submersibles such as West Eclipse (10,000 ft; 40,000 ft) and Sevan Louisiana (10,000 ft; 35,000 ft). West Elara is a jackup with listed design water depth of 492 ft and drilling depth of 35,000 ft.[2] West Vela is a seventh-generation dual-activity drillship; its listed equipment includes NOV top drives and mud pumps, a 7-ram 15,000-psi blowout preventer, and managed-pressure drilling equipment.[9]
Seadrill also offers management services to certain affiliates, and some rigs can support intervention and plug-and-abandonment work in addition to drilling; the company described the Trendsetter intervention system aboard Sevan Louisiana as enabling those services.[8][10] In Q2 2026, reported revenue comprised $355 million of contract revenue, $19 million reimbursable, $67 million management-contract and $8 million leasing revenue—approximately 79%, 4%, 15% and 2% of the $449 million total, respectively. These are revenue categories, not a breakdown by rig or individual service.[11] [7][8][2][10][11][9]
Geographic presence
Seadrill’s reported rig footprint spans the Americas, Africa, Asia and Europe. Its fleet-status table dated December 31, 2025 listed six units in Brazil and three in the United States, as well as units in Angola, Singapore, Namibia and Norway; these are reported fleet locations at that date and do not necessarily indicate active drilling.[2] In 2026 Q2 reporting, the company referred to rigs operating in Brazil and the U.S. Gulf, the West Capella starting work in Malaysia in March 2026, and Quenguela operating in Angola.[12][13][14]
Seadrill lists offices in Houston, Liverpool and Rio de Janeiro; its careers information identifies Houston as the corporate office and Liverpool as its Global Shared Service Center.[15][16] [2][2][2][2][2][2][2][2][2][2][2][2][2][2][2][12][13][14][15][16][15][16]
Business segments
Seadrill reports one operating segment, representing 100% of reported revenue. Its focus is worldwide offshore drilling services, including operating drilling units for customers; the company manages the business on a consolidated basis rather than reporting separate segments by rig type.[17][18]
For context, FY2025 revenue by type—not segment—was contract revenue 75.8%, management contract revenue 17.7%, reimbursable revenue 4.0%, leasing revenue 2.3%, and other revenue 0.2% of total operating revenue of $1,437 million.[19][19][19][19][19][19] [17][18][19][19][19][19][19][19]
Company history
Seadrill was incorporated in Bermuda in 2005 and expanded rapidly through acquisitions, including Smedvig in 2006, Eastern Drilling in 2007 and Scorpion Offshore in 2010, building a larger international offshore-drilling fleet.[20][21][22] In 2011, it transferred harsh-environment drilling activities to North Atlantic Drilling, and in 2012 Seadrill Partners completed an IPO as a separate vehicle for selected drilling assets.[23][24]
Seadrill and affiliates filed for Chapter 11 bankruptcy protection in September 2017 and completed a restructuring in July 2018.[25] The company filed for Chapter 11 again in 2021, emerging in February 2022 under a new capital structure; its shares subsequently began trading on the NYSE and Oslo Børs.[26][27][28]
In April 2023, Seadrill completed its acquisition of Aquadrill, formerly Seadrill Partners, through a merger.[29] In 2024, it sold its Qatar jack-up assets and Gulfdrill interest, followed by the sale of the jack-up West Prospero.[30][31]
Sources
- Seadrill Ltd — Full financial report (2025 Y)
- www.seadrill.com[6]
- Seadrill Ltd — Full financial report (2026 Q 2)
- www.seadrill.com[9]
- Seadrill Ltd — Transcript (2026 Q 2)[10]
- Seadrill Ltd — Press release (2026 Q 2)[11]
- www.seadrill.com[15]
- www.seadrill.com[16]
- Seadrill Ltd — Press release (2025 Y)[19]
- www.sec.gov[20]
- www.sec.gov[21]
- www.sec.gov[22]
- www.sec.gov[23]
- www.sec.gov[24]
- www.sec.gov[25]
- Seadrill Ltd — Full financial report (2021 Y)[26][27]
- ir.seadrill.com[28]
- Seadrill Ltd — Full financial report (2023 Y)[29]
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