Seadrill Q2 revenue rises 19% to $449 million

• Seadrill reported Q2 2026 revenue of $449 million, up 19.1% year over year, with net income of $29 million.
• Adjusted EBITDA increased to $144 million from $97 million sequentially, while diluted EPS reached $0.47.
• Seadrill raised 2026 revenue guidance to $1.50–$1.55 billion and adjusted EBITDA guidance to $420–$450 million.

Seadrill (NYSE:SDRL) reported Q2 2026 operating revenue of $449 million, up 19.1% year over year, with net income of $29 million and adjusted EBITDA of $144 million.

Revenue also increased from $358 million in Q1 as West Jupiter and West Capella recorded more operating days and the fleet achieved higher average contractual dayrates.

Seadrill ended June with $750 million of gross principal debt and $360 million of cash and restricted cash, while quarterly free cash flow was negative $43 million.

Looking ahead, Seadrill raised 2026 revenue guidance to $1.50–$1.55 billion and adjusted EBITDA guidance to $420–$450 million.

Meanwhile, contract backlog stood at about $2.9 billion on August 10 after West Vela secured a one-year U.S. Gulf contract worth about $161 million and West Capella added a roughly $26 million Malaysian extension.

Seadrill also extended its share repurchase programme through December 2026, repurchased about $20 million of stock in Q2 and refinanced senior notes while increasing its revolving credit facility to $300 million.