Seadrill (NYSE:SDRL) shares climbed Wednesday after the offshore driller announced a series of new contracts and extensions worth approximately $235 million, highlighted by the strategic reactivation of a key drillship in Southeast Asia.
The Hamilton, Bermuda-based company secured a major 440-day contract for its ultra-deepwater drillship, West Capella, to operate in Malaysia.
The deal, which includes a $5 million mobilization fee, carries a total firm value of $157 million and is expected to commence in the second quarter of 2026.
The contract also features priced options for three additional wells, potentially extending the rig's presence in a region seeing a significant resurgence in offshore exploration.
In the North Sea, Seadrill’s jack-up rig West Elara secured an accommodation contract with Equinor AS on the Norwegian Continental Shelf.
The program is slated to run from Q3 2026 through late 2027 and is valued at $78 million.
By negotiating a mutual release from its current contract holder to accommodate Equinor, Seadrill achieved a $23 million net increase in the rig's total contract value.
Additionally, the company confirmed that the West Carina’s current campaign in Brazil has been extended through April 2026, further stabilizing its South American revenue stream.