Recognition of Outstanding Service
Two rigs in Seadrill's fleet received special endorsements: The Sonangol Quenguela was awarded 2024 Rig of the Year by TotalEnergies, and the West Vela received a 2024 Supplier Recognition Award from ConocoPhillips.
Strong Financial Position
Seadrill closed the first quarter with $430 million in cash and a backlog of $2.8 billion extending through 2028 and into 2029.
Increased Operating Revenues
Total operating revenues for Q1 were $335 million, an increase of $46 million from the prior quarter, with contract-earning revenues up $44 million due to additional operating days.
Positive Market Outlook
Active dialogue with clients for opportunities commencing in the second half of 2025 and 2026, with expectations of multiple contract awards in the coming months.
Improved Utilization in April
Despite a dip to 84% in economic utilization due to issues in Brazil, a material improvement in utilization was already seen in April.