Seadrill

What Seadrill does

Seadrill is a deepwater offshore drilling contractor providing offshore drilling services to the global oil and gas industry. The company operates a fleet of 18 high-specification rigs consisting of 15 drillships, 2 semi-submersibles, and 1 jack-up, deployed across the U.S. Gulf, Brazil, Norway, Angola, Malaysia, and other offshore basins for national oil companies, integrated majors, and independent E&P operators. Its primary revenue source is long-term dayrate contracts, with Q1 2026 revenue of $358 million and full-year 2026 guidance of $1.43–$1.48 billion against a $3.1 billion contract backlog.

Seadrill's technology stack centers on its proprietary PLATO data analytics platform, the AI-enabled Asset Lifecycle Management (ALCM) predictive maintenance system (which delivers a 50% reduction in equipment overhaul frequency versus standard API criteria), and Managed Pressure Drilling (MPD) expertise supported by industry-first ABS MPD (2016) and CBM (2021, 2024) notations and over 100 MPD wells drilled globally. The fleet is equipped with Starlink satellite connectivity and is participating in a strategic alliance with Kongsberg Maritime and Hanwha Drilling to develop next-generation remote dynamic positioning technology.

Seadrill goes to market through direct enterprise sales and competitive tenders with major operators, including Petrobras, Equinor, LLOG/Harbour Energy, TotalEnergies, and PTTEP. Contracts are multi-year dayrate agreements, with disclosed rates of $409,200–$454,700 per day on the West Polaris extension. The company operates the Sonadrill 50:50 joint venture with Sonangol E.P. for Angolan operations and holds ISO 9001, 14001, 45001, and 50001 certifications. Headquartered in Hamilton, Bermuda, with corporate operations in Houston, the company is listed on the NYSE under ticker SDRL.

Name

Seadrill

Legal name

Seadrill Limited

Website

https://seadrill.com

Company type

Public

Founded year

1972

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Offshore Drilling Services

NAICS

Drilling Oil and Gas Wells (213111)

SIC

Drilling Oil & Gas Wells (1381)

akta.pro primary industry

Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

Keywords

• Offshore drilling services
• Deepwater drilling contractor
• Ultra-deepwater drillships
• Managed pressure drilling
• Drilling rig leasing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Offshore Drilling Services (Dayrate Contracts): Seadrill earns revenue by providing offshore drilling services under long-term contracts with oil and gas companies. Revenue is primarily driven by day rates charged for drillship, semi-submersible, and jack-up rig operations. Contract backlog provides revenue visibility extending multiple years. Q1 2026 total operating revenues of $358 million. Full-year 2026 guidance: $1.43-$1.48 billion in total operating revenues.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Seadrill is a deepwater offshore drilling contractor that provides offshore drilling services to the oil and gas industry using a fleet of drillships, semi-submersibles, and jack-up rigs. The company contracts high-specification drilling assets and crews to national oil companies, integrated majors, and independent E&P operators under multi-year dayrate agreements, augmented by proprietary digital platforms (ALCM, PLATO) and Managed Pressure Drilling expertise.

Product overview

Seadrill is an offshore drilling contractor operating a high-specification, floater-focused fleet including drillships, semi-submersibles, and jack-up rigs. The fleet includes branded vessels such as West Polaris, West Saturn, West Capella, West Vela, West Neptune, West Tellus, West Carina, West Auriga, Sonangol Quenguela, Sonangol Libongos, Sevan Louisiana, West Aquarius, West Elara, West Eclipse, West Gemini, West Jupiter, and West Phoenix. Beyond vessel operations, Seadrill offers technology-enabled services including PLATO proprietary data analytics platform, AI-enabled Asset Lifecycle Management (ALCM) for predictive maintenance, Managed Pressure Drilling (MPD) services, Starlink satellite connectivity, Advanced Generator Protection, and Safety Technologies. The company operates through its main entity and the Sonadrill joint venture (50:50 with Sonangol E.P.) for Angola operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Ultra-Deepwater Drillship Operations

Quantifiable outcome

• 50% reduction in overhaul frequency using AI-enabled ALCM platform vs standard API criteria
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature7 records

Partnerships

Four partnerships are on record, tiered core and strategic.

• Sonadrill Holding Ltd (Sonangol E.P. joint venture)coreStrategic or Co-development Partner · 16 March 202650:50 joint venture between Seadrill and an affiliate of Sonangol E.P., Angola's national oil company. Seadrill earns a management fee for providing management, operational, and technical support. The JV operates Sonangol Quenguela and Sonangol Libongos drillships. Contract extension for Sonangol Quenguela extended operations through June 2028 with approximately 480 additional days for a seven-well option with TotalEnergies.
• Kongsberg MaritimestrategicTechnology or Integration · 5 March 2026Strategic alliance with Kongsberg Maritime and Hanwha Drilling to develop next-generation remote dynamic positioning (DP) technology for offshore drilling operations. The collaboration combines Kongsberg Maritime's automation and communications technologies with Seadrill's and Hanwha Drilling's operational expertise to establish new industry standards for safety and efficiency.
• Hanwha DrillingstrategicTechnology or Integration · 5 March 2026Strategic alliance with Kongsberg Maritime and Seadrill to develop next-generation remote dynamic positioning (DP) technology for offshore drilling. Combines Hanwha Drilling's operational expertise with Kongsberg's automation technologies to create centralized, repeatable processes that reduce cognitive load on rig crews.
• Oil States IndustriesstrategicStrategic or Co-development PartnerUnique partnership combining Seadrill's operational knowledge with Oil States' engineering expertise to build a Managed Pressure Drilling (MPD) package. The collaboration aims to deliver game-changing improvements in safety, efficiency, and reliability, along with a reduction in non-productive time in offshore drilling.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Others

• Subsea 7: Subsea 7 is a global leader in subsea engineering, construction, and services to the offshore energy industry. While not a drilling contractor, it serves the same IOC/NOC customer base and is led by former CEO Jean Cahuzac who sits on Seadrill's board — making it a strategically adjacent peer.

Direct peers

• Stena Drilling: Stena Drilling is a privately-held offshore drilling contractor operating harsh-environment semi-submersibles and drillships. It competes with Seadrill for Norwegian, UK, and other harsh-environment tenders, particularly with Equinor.
• Transocean: Transocean is the world's largest offshore drilling contractor, operating the largest ultra-deepwater drillship and harsh-environment semi-submersible fleet. It directly competes with Seadrill for tenders from Petrobras, Equinor, and other IOCs/NOCs, and serves as the primary benchmark for deepwater dayrates.
• Noble Corporation: Noble Corporation operates a global fleet of offshore drilling rigs including ultra-deepwater drillships and jack-ups. It is the second-largest offshore drilling contractor by fleet size and directly competes with Seadrill across the U.S. Gulf, Brazil, and Norway. Seadrill's 95.7% institutional ownership is compared explicitly against Noble's 68.1%.
• Diamond Offshore: Diamond Offshore operates a fleet of ultra-deepwater drillships and semi-submersibles and is a direct floater competitor to Seadrill. Seadrill's CEO Samir Ali joined from Diamond Offshore, and the two companies compete for the same deepwater tenders globally.
• Valaris Limited: Valaris is a major offshore drilling contractor formed from the combination of Valaris and Maersk Drilling's floater business. It operates drillships, semi-submersibles, and jack-ups globally and competes directly with Seadrill for ultra-deepwater tenders with major operators.

Emerging players

• Borr Drilling: Borr Drilling is a pure-play jack-up rig contractor with a young fleet focused on shallow-water drilling. While not a direct floater competitor, it operates in the same offshore drilling market and competes with Seadrill's single jack-up rig (West Elara) for shallow-water tenders.
• Shelf Drilling: Shelf Drilling is one of the largest jack-up rig contractors focused on the Middle East, North Africa, and Southeast Asia. It is a regional competitor in the jack-up segment where Seadrill has minimal exposure.

Regional players

• ADES Group: ADES Group Holding is a leading offshore drilling and production services provider in the Middle East and Africa, primarily operating jack-up rigs. It competes with Seadrill in MENA-region tenders where Seadrill has historically less floater exposure.

Broad incumbents

• Saipem: Saipem is a large, integrated oilfield services and engineering contractor with drilling and offshore EPCI capabilities. While its drilling fleet is smaller and more regional, it competes with Seadrill for integrated offshore tenders with NOCs in West Africa and the Mediterranean.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Seadrillcareers
• Facebookfacebook.com/seadrillcareers
• LinkedInlinkedin.com/company/seadrill
• Instagraminstagram.com/seadrillltd

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seadrill