# Seadrill Ltd

Summary updated: 2026-10-02T11:55:25.536239Z
Canonical: https://finbar.com/research/companies/seadrill-ltd

## 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](https://app.finbar.com/go?id=P118203331) Its fleet and operations span regions including Brazil, the U.S., Norway, Namibia, Angola and Singapore. [2](https://app.finbar.com/go?id=T8772315)

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](https://app.finbar.com/go?id=P53222093)[4](https://app.finbar.com/go?id=P102139721) For scale, FY2025 operating revenue was $1.437 billion, and the company reported approximately 3,000 employees at year-end 2025. [5](https://app.finbar.com/go?id=T3925677)[6](https://www.seadrill.com/wp-content/uploads/2026/06/2026-05-20-Seadrill-2025-Sustainability-Report.pdf)
[1](https://app.finbar.com/go?id=P118203331)[2](https://app.finbar.com/go?id=T8772315)[3](https://app.finbar.com/go?id=P53222093)[4](https://app.finbar.com/go?id=P102139721)[5](https://app.finbar.com/go?id=T3925677)[6](https://www.seadrill.com/wp-content/uploads/2026/06/2026-05-20-Seadrill-2025-Sustainability-Report.pdf)

## 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](https://app.finbar.com/go?id=P79431746)[8](https://app.finbar.com/go?id=P155387873)

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](https://app.finbar.com/go?id=T8772315) 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](https://www.seadrill.com/wp-content/uploads/2024/11/2024-10-West_Vela.pdf)

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](https://app.finbar.com/go?id=P155387873)[10](https://app.finbar.com/go?id=P155778609) 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](https://app.finbar.com/go?id=T17919707)
[7](https://app.finbar.com/go?id=P79431746)[8](https://app.finbar.com/go?id=P155387873)[2](https://app.finbar.com/go?id=T8772315)[10](https://app.finbar.com/go?id=P155778609)[11](https://app.finbar.com/go?id=T17919707)[9](https://www.seadrill.com/wp-content/uploads/2024/11/2024-10-West_Vela.pdf)

## 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](https://app.finbar.com/go?id=T8772315) 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](https://app.finbar.com/go?id=P155388075)[13](https://app.finbar.com/go?id=P155388149)[14](https://app.finbar.com/go?id=P155388169)

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](https://www.seadrill.com/contact/)[16](https://www.seadrill.com/careers/onshore/)
[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[2](https://app.finbar.com/go?id=T8772315)[12](https://app.finbar.com/go?id=P155388075)[13](https://app.finbar.com/go?id=P155388149)[14](https://app.finbar.com/go?id=P155388169)[15](https://www.seadrill.com/contact/)[16](https://www.seadrill.com/careers/onshore/)[15](https://www.seadrill.com/contact/)[16](https://www.seadrill.com/careers/onshore/)

## 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](https://app.finbar.com/go?id=P116724571)[18](https://app.finbar.com/go?id=P100595399)

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](https://app.finbar.com/go?id=T12727594)[19](https://app.finbar.com/go?id=T12727594)[19](https://app.finbar.com/go?id=T12727594)[19](https://app.finbar.com/go?id=T12727594)[19](https://app.finbar.com/go?id=T12727594)[19](https://app.finbar.com/go?id=T12727594)
[17](https://app.finbar.com/go?id=P116724571)[18](https://app.finbar.com/go?id=P100595399)[19](https://app.finbar.com/go?id=T12727594)[19](https://app.finbar.com/go?id=T12727594)[19](https://app.finbar.com/go?id=T12727594)[19](https://app.finbar.com/go?id=T12727594)[19](https://app.finbar.com/go?id=T12727594)[19](https://app.finbar.com/go?id=T12727594)

## 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](https://www.sec.gov/Archives/edgar/data/1386990/000091957418004722/d7948627_13-d.htm) [21](https://www.sec.gov/Archives/edgar/data/1021232/000119312506057819/dex99aii.htm) [22](https://www.sec.gov/Archives/edgar/data/1351413/000091957410005287/d1129311_6-k.htm) 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](https://www.sec.gov/Archives/edgar/data/1351413/000091957411002671/d1187349_6-k.htm) [24](https://www.sec.gov/Archives/edgar/data/1351413/000135141315000005/R35.htm)

Seadrill and affiliates filed for Chapter 11 bankruptcy protection in September 2017 and completed a restructuring in July 2018. [25](https://www.sec.gov/Archives/edgar/data/1351413/000119312517283179/d451092d6k.htm) 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](https://app.finbar.com/go?id=P153053517) [27](https://app.finbar.com/go?id=P153053533) [28](https://ir.seadrill.com/news/news-details/2023/Seadrill-Limited-SDRL-Fourth-Quarter-2022-04-05-2023/default.aspx)

In April 2023, Seadrill completed its acquisition of Aquadrill, formerly Seadrill Partners, through a merger. [29](https://app.finbar.com/go?id=P153047448) In 2024, it sold its Qatar jack-up assets and Gulfdrill interest, followed by the sale of the jack-up West Prospero. [30](https://app.finbar.com/go?id=P55175867) [31](https://app.finbar.com/go?id=P106132177)

## Sources

1. [Seadrill Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P118203331)
2. [Seadrill Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=T8772315)
3. [Seadrill Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P53222093)
4. [Seadrill Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P102139721)
5. [Seadrill Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=T3925677)
6. [www.seadrill.com](https://www.seadrill.com/wp-content/uploads/2026/06/2026-05-20-Seadrill-2025-Sustainability-Report.pdf)
7. [Seadrill Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P79431746)
8. [Seadrill Ltd — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P155387873)
9. [www.seadrill.com](https://www.seadrill.com/wp-content/uploads/2024/11/2024-10-West_Vela.pdf)
10. [Seadrill Ltd — Transcript (2026 Q 2)](https://app.finbar.com/go?id=P155778609)
11. [Seadrill Ltd — Press release (2026 Q 2)](https://app.finbar.com/go?id=T17919707)
12. [Seadrill Ltd — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P155388075)
13. [Seadrill Ltd — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P155388149)
14. [Seadrill Ltd — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P155388169)
15. [www.seadrill.com](https://www.seadrill.com/contact/)
16. [www.seadrill.com](https://www.seadrill.com/careers/onshore/)
17. [Seadrill Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P116724571)
18. [Seadrill Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P100595399)
19. [Seadrill Ltd — Press release (2025 Y)](https://app.finbar.com/go?id=T12727594)
20. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1386990/000091957418004722/d7948627_13-d.htm)
21. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1021232/000119312506057819/dex99aii.htm)
22. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1351413/000091957410005287/d1129311_6-k.htm)
23. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1351413/000091957411002671/d1187349_6-k.htm)
24. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1351413/000135141315000005/R35.htm)
25. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1351413/000119312517283179/d451092d6k.htm)
26. [Seadrill Ltd — Full financial report (2021 Y)](https://app.finbar.com/go?id=P153053517)
27. [Seadrill Ltd — Full financial report (2021 Y)](https://app.finbar.com/go?id=P153053533)
28. [ir.seadrill.com](https://ir.seadrill.com/news/news-details/2023/Seadrill-Limited-SDRL-Fourth-Quarter-2022-04-05-2023/default.aspx)
29. [Seadrill Ltd — Full financial report (2023 Y)](https://app.finbar.com/go?id=P153047448)
30. [Seadrill Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P55175867)
31. [Seadrill Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P106132177)

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