Seadrill Limited: 1Q26 Quick Look: Beat and raise as SDRL sees 'growing tailwinds into 2027 to drive positive dayrate momentum'

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Seadrill Limited: 1Q26 Quick Look: Beat and raise as SDRL sees 'growing tailwinds into 2027 to drive positive dayrate momentum'

Equity Research

U.S. Energy Services & Technology

11 May 2026

Seadrill Limited

1Q26 Quick Look: Beat and raise as

SDRL sees 'growing tailwinds into

SDRL OVERWEIGHT2027 to drive positive dayrate

U.S. Energy Services & POSITIVE Technologymomentum' Price Target USD 59.00

Price (08-May-26) USD 48.32

SDRL's 1Q EBITDA was 57%/59% above Barclays/consensus Potential Upside/Downside +22.1%

and FY26 EBITDA guidance was raised by 5% at the midpoint. Source: Bloomberg, Barclays Research

SDRL also secured 5 new contracts during the quarter (mostly

all preannounced). Looking ahead, mgmt sees 'increased Eddie Kim

demand across multiple regions' with strong tailwinds into +1 212 526 9920

eddie.kim@barclays.com

2027. BCI, US

J. David Anderson, CFA

SDRL's 1Q EBITDA of $97mm was 57%/59% above Barclays/consensus of $62mm/$61mm. +1 212 526 4016

Total revenue declined 1% q/q to $358mm (12%/10% above Barclays/consensus) while EBITDA jdavid.anderson@barclays.com

margins expanded 279bp q/q to 27.1% (above estimates). However, FCF loss of $35mm was BCI, US

below $7mm FCF loss consensus (though in line with our $40mm FCF loss estimate). The Andre Schlatter

company ended the quarter with a net debt position of $285mm (or 0.8x net debt / LTM EBITDA). +1 212 526 6368

andre.schlatter@barclays.com

FY26 EBITDA guidance raised. SDRL raised FY26 revenue guidance by 2% at the midpoint BCI, US

($1.43-1.48bn or 1.455bn midpoint vs. $1.40-1.45bn or $1.425bn midpoint previously) and FY26

EBITDA guidance by 5% at the midpoint ($370-420mm or $395mm midpoint vs. $350-400mm or

$375mm midpoint previously). Capex and LT Maintenance guidance was maintained/reiterated

at $200-240mm.