SDRL Seadrill

Offshore · Drillship / Semisub · 152 documents

Seadrill pays no dividend, in its own words, so our forecast is $0.00 a share.

2026Q3 · our model

$0.00

$229,476/d modelled

STATED

the company's stated decision to pay none

2026Q4 · our model

$0.00

0.0% annualised

$229,476/d modelled

the company's stated decision to pay none

Yields annualise each quarter ×4 at the last close, $47.25 (2026-10-16). Our model is not company guidance.

What will Seadrill pay for 2026Q3?

Company said

Seadrill has published no booked rates for 2026Q3. It pays no dividend, in its own words: “Seadrill Limited was incorporated on October 15, 2021 and has not paid any dividends since its incorporation.” (2026-02-26, source).

—

$0.00

no dividend

Our model

Every day at the company's own last realized rate; dividend by the company's stated decision to pay none.

$229,476/d

modelled

$0.00

modelled · STATED

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q3	Market now	8 weeks
Drillship · 12	$229,4762026Q2 · fleet avg	—none printed	—no open $/day series
Semisub · 5	$229,4762026Q2 · fleet avg	—none printed	—no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

Drillship 1,104 open days

$/d

Semisub 460 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for drillship, semisub: no off-hire or drydock days are deducted there.

1,564

By class

Class	Days	Model $/day	Yours $/day
Drillship	1,104	229,476	229,476
Semisub	460	229,476	229,476

Fleet TCE, $/day assumed

229,476

Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

358.9

Vessel opex, $m assumed

2026Q2: $215.0m over 1,564 vessel-days, held per day. Source (2026Q2)

(215.0)

G&A, $m assumed

2026Q2: $29.0m over 1,564 vessel-days, held per day. Source (2026Q2)

(29.0)

EBITDA, $m assumed

114.9

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

2026Q2: $16.0m over 1,564 vessel-days, held per day. Source (2026Q2)

(16.0)

Scheduled debt amortisation, $m stated

2026Q2: $0.0m over 1,564 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2)

0.0

Drydock cost, $m

No separate drydock cash line on file.

—

Cash break-even, $/day assumed

Σ cash costs above ÷ vessel-days.

166,240

Cushion vs fleet TCE, $/day

63,236

Free cash flow to equity, $m assumed

Revenue − cash costs: the cash available for distribution.

98.9

Capex (memo), $m

As reported for 2026Q2. Not deducted: the model’s cash is opex, G&A, interest and scheduled principal. Source (2026Q2)

(25.0)

Dividend policy stated

No stated payout policy on file.

The company’s own word sets this dividend; it does not move with the rate.

Output	Model	Your scenario	Δ
Estimated DPS, $/share stated	$0.00
Forward yield, run-rate %	0.0%

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $47.25 close on 2026-10-16.

This dividend is set by the company's stated decision to pay none, not by the rate — your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Market context — rates, the dividend, and the price

Rates and dividend — realized rate and declared

Realized fleet TCEDeclared DPS

$0k

$150k

$300k

2026Q3

2026Q4

Declared DPS, USD/share — solid: declared · dashed: model

$0.00

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.

The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

Where SDRL departs from that

The company has said it pays no dividend, so the page publishes $0.00 with its own words rather than a model figure.
No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.

What drives it — fleet TCE, 2026Q3

Expected fleet TCE

$229,476/d

ASSUMED

How we got to the DPS

The company's stated decision to pay none STATED $0.00

Stated payout policy declined — the company publishes no payout policy this model can read

Earnings bridge — 2026Q2 → 2026Q3

Expected DPS (2026Q3) $0.00

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$229,476/d 2026Q2

Declared DPS

—

TTM DPS

—

Coverage

—

Revenue

$449.0M

Opex

$215.0M

Net income

$29.0M

12× drillship · 5× semisub current

Revenue model track record model vs realized

Each quarter priced at the previous quarter's realized rate, held flat — the figure the model holds once that quarter is reported — against the rate the fleet actually realized. Average miss 8.8% over 5 backtested quarters.

Quarter	Record	Model $/day	Realized $/day	Model rev $M	Realized rev $M	Miss
2025Q2	backtest	162,092	186,167	250.8	288.0	-12.9%
2025Q3	backtest	186,167	179,028	291.2	280.0	+4.0%
2025Q4	backtest	179,028	174,552	280.0	273.0	+2.6%
2026Q1	backtest	174,552	181,046	267.1	277.0	-3.6%
2026Q2	backtest	181,046	229,476	280.1	355.0	-21.1%

Backtest rows apply today's rule to past quarters using only the prior quarters' reported rates; live rows are the forecast as frozen on the date shown. Revenue is rate × vessel-days, so a miss here is a rate miss.

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
Drillship	12	—	—	—	—	—	229,476	—	253.3
Semisub	5	—	—	—	—	—	229,476	—	105.6
Total	17						229,476	—	358.9

Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.

Revenue if rates hold

$358.9M

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.

Model gaps & assumptions

drillship: no index and no guidance — priced at the issuer's own last realized fleet rate $229,476/day (2026Q2, derived: revenue per vessel-day — 355m / (17 x 91)), held flat (owner ruling 2026-09-26) · semisub: no index and no guidance — priced at the issuer's own last realized fleet rate $229,476/day (2026Q2, derived: revenue per vessel-day — 355m / (17 x 91)), held flat (owner ruling 2026-09-26) · no dividend, in the company's words: “Seadrill Limited was incorporated on October 15, 2021 and has not paid any dividends since its incorporation.” (2026-02-26)

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
Revenue	$449.0M	$358.0M	+19.1%
Opex	$215.0M	$334.0M	-42.0%
Net income	$29.0M	−$7.0M	n/m

Full P&L grid — 6 quarters

Line item	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1
Revenue $M	449.0	358.0	362.0	363.0	377.0	335.0
Voyage expenses $M	—	—	—	—	—	—
Vessel opex $M	215.0	334.0	344.0	337.0	371.0	317.0
G&A $M	29.0	25.0	27.0	27.0	26.0	23.0
Depreciation $M	—	—	—	—	—	—
Interest expense, gross $M	16.0	15.0	—	15.0	15.0	15.0
Net income $M	29.0	−7.0	−10.0	−11.0	−42.0	−14.0
Declared DPS	—	—	—	—	—	—

Profit statement – highlights SEC EDGAR company facts

Line	H1 2017	FY2017	H1 2018	H1 2019	FY2019	2019Q2	H1 2020	FY2020	2020Q2	H1 2021	FY2021	2021Q2	FY2022	2022Q2	2023Q1	H1 2023	FY2023	2023Q2	2024Q1	H1 2024	2024Q4 (FY − 9M)	FY2024	2024Q2	2024Q3	2025Q1	H1 2025	2025Q4 (FY − 9M)	FY2025	2025Q2	2025Q3	2026Q1	H1 2026	2026Q2	YoY Δ
Revenue	—	2088.0	—	623.0	1254.0	321.0	598.0	961.0	277.0	452.0	907.0	219.0	—	253.0	—	680.0	1502.0	414.0	367.0	742.0	289.0	1385.0	375.0	354.0	335.0	712.0	362.0	1437.0	377.0	363.0	358.0	807.0	449.0	+19.1%
EBITDA / operating income	-17.0	-728.0	-613.0	-144.0	-296.0	-73.0	-1372.0	-4481.0	-88.0	-252.0	-156.0	-228.0	—	25.0	—	160.0	329.0	109.0	80.0	368.0	-3.0	412.0	288.0	47.0	18.0	24.0	-3.0	47.0	6.0	26.0	24.0	96.0	72.0	> +500%
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net result	-101.0	-3102.0	-635.0	-502.0	-1222.0	-206.0	-1748.0	-4663.0	-183.0	-605.0	-587.0	-294.0	3907.0	-36.0	43.0	137.0	300.0	94.0	60.0	313.0	101.0	446.0	253.0	32.0	-14.0	-56.0	-10.0	-77.0	-42.0	-11.0	-7.0	22.0	29.0	n/m
Declared DPS	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Full P&L grid — 4 lines × 33 quarters

Line item	H1 2017	FY2017	H1 2018	H1 2019	FY2019	Q2 2019	H1 2020	FY2020	Q2 2020	H1 2021	FY2021	Q2 2021	FY2022	Q2 2022	Q1 2023	H1 2023	FY2023	Q2 2023	Q1 2024	H1 2024	Q4 2024	FY2024	Q2 2024	Q3 2024	Q1 2025	H1 2025	Q4 2025	FY2025	Q2 2025	Q3 2025	Q1 2026	H1 2026	Q2 2026
Operating revenues	—	2088.0	—	623.0	1254.0	321.0	598.0	961.0	277.0	452.0	907.0	219.0	—	253.0	—	680.0	1502.0	414.0	367.0	742.0	289.0	1385.0	375.0	354.0	335.0	712.0	362.0	1437.0	377.0	363.0	358.0	807.0	449.0
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	-17.0	-728.0	-613.0	-144.0	-296.0	-73.0	-1372.0	-4481.0	-88.0	-252.0	-156.0	-228.0	—	25.0	—	160.0	329.0	109.0	80.0	368.0	-3.0	412.0	288.0	47.0	18.0	24.0	-3.0	47.0	6.0	26.0	24.0	96.0	72.0
Profit for the period	-101.0	-3102.0	-635.0	-502.0	-1222.0	-206.0	-1748.0	-4663.0	-183.0	-605.0	-587.0	-294.0	3907.0	-36.0	43.0	137.0	300.0	94.0	60.0	313.0	101.0	446.0	253.0	32.0	-14.0	-56.0	-10.0	-77.0	-42.0	-11.0	-7.0	22.0	29.0

Realized vs benchmark

Benchmark index — monthly average

Contracted backlog revenue model reconciliation

Forward revenue from issuer's unit-by-unit fleet status contracts. Backlog $2,900M as of 2026Q2 · implied dayrate $440,529/day.

Quarter	Contracted rig-days	Revenue $M
2026Q3	1,166	$513.7M
2026Q4	1,073	$472.7M
2027Q1	959	$422.5M
2027Q2	910	$400.9M
2027Q3	890	$392.1M
2027Q4	675	$297.4M
2028Q1	455	$200.4M
2028Q2	455	$200.4M

13 contracted · 0 stacked (excluded)

Rig fleet status

Backlog $2,900M · economic utilization 95.5%

Rig	Class	Dayrate $/day	Contracted to	Source
Sevan Louisiana	semisub	—	2026-08	print
West Auriga	drillship	—	2027-11	print
West Capella	drillship	—	2027-08	print
West Carina	drillship	—	—	print
West Jupiter	drillship	—	2029-03	print
West Neptune	drillship	—	2027-10	print
West Polaris	drillship	413,400	2031-01	print
West Saturn	drillship	—	2027-10	print
West Tellus	drillship	—	2029-06	print
West Vela	drillship	—	2028-06	print
West Elara	semisub	—	2027-12	print
West Gemini	drillship	—	2026-11	print
Sonangol Libongos	drillship	—	2027-02	print
Sonangol Quenguela	drillship	—	2028-07	print
West Aquarius	semisub	—	—	print
West Phoenix	semisub	—	—	print
West Eclipse	semisub	—	—	print

Quarter	Backlog $M	Utilization
2025Q1	$2,800M	83.9%
2025Q2	$2,500M	93.4%
2025Q3	$2,500M	91.1%
2025Q4	$2,500M	91.0%
2026Q1	$3,100M	94.6%
2026Q2	$2,900M	95.5%

Guidance & sources

Sources — press, filings & documents

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q3	10-Q 2Q26 SEADRILL LIMITED INTERIM REPORT	—	—	8-K SEADRILL LIMITED 2Q 2026 EARNINGS RELEASE
2026Q2	10-Q 1Q26 SEADRILL LIMITED INTERIM REPORT	—	—	8-K, 8-K, 8-K exhibit, 8-K, 8-K, 8-K exhibit, 8-K exhibit, 8-K, 8-K SEADRILL LIMITED 1Q 2026 EARNINGS RELEASE
2026Q1	10-K 2025 SEADRILL LIMITED ANNUAL REPORT	—	—	8-K, 8-K exhibit, 8-K SEADRILL LIMITED 4Q 2025 EARNINGS RELEASE
2025Q4	10-Q 3Q25 SEADRILL LIMITED INTERIM REPORT	—	—	8-K SEADRILL LIMITED 3Q 2025 EARNINGS RELEASE
2025Q3	10-K 2Q25 SEADRILL LIMITED INTERIM REPORT	—	—	8-K, 8-K SEADRILL LIMITED 2Q 2025 EARNINGS RELEASE, 8-K
2025Q2	10-Q 1Q25 SEADRILL LIMITED INTERIM REPORT	—	—	8-K, 8-K SEADRILL LIMITED 1Q 2025 EARNINGS RELEASE
2025Q1	10-K 2024 SEADRILL LIMITED ANNUAL REPORT	—	—	8-K, 8-K, 8-K exhibit
2024Q4	6-K, 6-K, 6-K SEADRILL INTERIM REPORT 3Q24, 6-K SEADRILL EARNINGS PRESS RELEASE 3Q24	—	—	—
2024Q3	6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, SDRL: Seadrill Announces Second Quarter 2024 R…, SDRL: Seadrill Announces Second Quarter 2024 R…, SDRL: Seadrill Announces Second Quarter 2024 R…, 6-K SEADRILL EARNINGS PRESS RELEASE 2Q24, 6-K SEADRILL INTERIM REPORT 2Q24, 6-K, 6-K, 6-K, 6-K, SDRL: Seadrill Announces Second Quarter 2024 E…, 6-K, 6-K, 6-K, 6-K	—	—	SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, Seadrill Limited - Transactions By Primary Ins…, SEADRILL LIMITED - NEW SHARE CAPITAL, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Financial calendar, SDRL: Seadrill Provides Further Shareholder In…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…
2024Q2	6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, Seadrill Limited (SDRL) - First Quarter 2024 R…, 6-K SEADRILL INTERIM REPORT 1Q24, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, Seadrill Limited - Results of the 2024 Annual …, 6-K, 6-K, 6-K, 6-K	—	—	Seadrill Limited - Transaction by Primary Insi…, SDRL: Seadrill Effects Cancellation of Treasur…, SDRL: Seadrill Completes Share Repurchase Prog…, SEADRILL LIMITED - NEW SHARE CAPITAL, SDRL: Seadrill Completes Share Repurchase Prog…, SDRL: Seadrill Completes Divestment of Jack-Up…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Voluntary Delisting f…, Seadrill Limited - Delisting, Seadrill Limited - Strykning, SDRL: Seadrill Announces Transactions Made Und…, SEADRILL LIMITED - NEW SHARE CAPITAL, SEADRILL LIMITED - NEW SHARE CAPITAL, SEADRILL LIMITED - TRANSACTION BY PRIMARY INSI…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, Disclosure of large shareholding - Seadrill Li…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Received application for delisting, SDRL: Mottatt søknad om strykning, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, SDRL: Seadrill Announces Transactions Made Und…, Seadrill Limited - Approval of New Incentive A…, SDRL: Seadrill Announces Transactions Made Und…
2024Q1	6-K, 20-F 2023 SEADRILL LIMITED, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K exhibit, FORM 6-K, 6-K, 6-K, 6-K, 6-K, 6-K exhibit, FORM 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K	—	—	—