Seadrill Beats Q2 Earnings Estimates, Raises 2026 Guidance

Seadrill reported Q2 2026 revenue of $449M, with EPS beating estimates. The company raised its 2026 guidance to $1.5B-$1.55B and improved earnings. Operating days increased, contributing to the revenue growth.

SDRL reported second-quarter net income of $29 million on revenue of $449 million, reversing a $7 million net loss in the first quarter, with adjusted EBITDA rising to $144 million from $97 million. Revenue climbed from $358 million in the prior quarter on more operating days for the West Jupiter and West Capella and a higher average fleet dayrate, partly offset by fewer operating days for the West Tellus.

Management raised full-year 2026 revenue guidance to $1.50 billion to $1.55 billion excluding reimbursables, with adjusted EBITDA guided to $420 million to $450 million, citing firmer rig demand and improved contract coverage. Contract backlog stood at roughly $2.9 billion as of August 10, supported by recent awards and extensions including a Malaysia extension for the West Capella that adds about $26 million and commits the rig into August 2027.

Offshore drilling is a utilization-and-dayrate business, so the quarter's improvement is largely a function of how many rigs were working rather than cost discipline. That cuts both ways: the same operating-day leverage that produced the swing to profit reverses quickly on an idle quarter or an unplanned yard stay. Backlog coverage into 2027 is the buffer. Watch fleet utilization and any new fixtures at the current dayrate level, which is what would confirm the guidance raise is demand-driven rather than a timing effect.

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