Seadrill Limited ( (SDRL) ) has released its Q4 earnings. Here is a breakdown of the information Seadrill Limited presented to its investors.
Seadrill Limited is a leading company in the deepwater oil and gas drilling sector, known for its modern fleet and advanced technologies that facilitate efficient and responsible extraction of oil and gas resources. In its latest earnings report for the fourth quarter and full year 2024, Seadrill announced a net income of $446 million and an Adjusted EBITDA of $378 million for the year. The company secured long-term contracts for its rigs West Jupiter and West Tellus, adding $1 billion to its backlog, and completed the divestment of West Prospero for $45 million.
The company’s financial performance in the fourth quarter showed a decrease in operating revenues to $289 million, primarily due to lower contract revenues following scheduled contract completions and planned out-of-service time. Despite this, Seadrill maintained a strong cash position with $505 million at the end of the quarter and continued its share repurchase program, buying back $100 million worth of shares.
Seadrill’s strategic moves included securing significant contracts with Petrobras in Brazil for the West Jupiter and West Tellus, ensuring utilization into 2029. The company also reported operational highlights such as the West Vela securing additional work and the recommencement of drilling activities by the West Neptune.
Looking ahead, Seadrill’s management expressed confidence in navigating market volatility with a robust balance sheet and a durable backlog extending into 2029. The company remains focused on maintaining its competitive edge in the offshore drilling market through strategic contracts and operational efficiency.