Seadrill Limited (SDRL) Lifts Revenue Forecast as Contract Backlog Hits $3.1 Billion

Key Highlights Seadrill achieves Q1 adjusted EBITDA of $97M while expanding contract pipeline beyond $3.1B. Shares of SDRL advance 3.05% following upgraded 2026 financial projections. Offshore driller secures fresh rig agreements spanning Brazil, Angola, and Gulf of Mexico operations. First-quarter net loss shrinks as improved dayrates strengthen operational performance. Intraday trading shows early volatility despite positive earnings metrics and enhanced outlook. Seadrill Limited delivered improved first-quarter financial performance while announcing contract wins that pushed its total backlog past the $3.1 billion threshold. Shares of SDRL closed at $49.79, marking a 3.05% increase, though the stock retreated from intraday peaks near $53. The quarterly report highlighted strengthening rig market conditions, upgraded forecasts, and extended revenue certainty through 2026. Seadrill Limited, SDRL Offshore Driller Elevates 2026 Financial Projections Seadrill recorded operating revenue of $358 million during the first quarter, representing a slight decline from the prior quarter’s $362 million. Despite this modest revenue dip, adjusted EBITDA climbed to $97 million compared with $88 million previously. The offshore driller also expanded its adjusted EBITDA margin, excluding reimbursables, reaching 27.9%. The company narrowed its quarterly net loss to $7 million from $10 million in the preceding period. Diluted loss per share decreased to 11 cents versus 16 cents previously. Operating expenditures declined to $334 million as certain project preparation activities transitioned into capitalized investments. Management upgraded its 2026 operating revenue forecast to a range of $1.43 billion to $1.48 billion. Adjusted EBITDA guidance for 2026 was similarly raised to between $370 million and $420 million. The company maintained its capital expenditure and long-term maintenance projection at $200 million to $240 million. Fresh Agreements Expand Backlog Beyond $3.1 Billion...