Seadrill Secures Two Drillship Contracts Worth $570M
Ticker: SDRL · Form: 6-K · Filed: May 7, 2024 · CIK: 1737706
Sentiment: bullish
Topics: contract-award, offshore-drilling, backlog-growth
Related Tickers: SDRL
TL;DR
Seadrill just locked in two new drillship deals, adding $570M to the backlog. Bullish.
AI Summary
Seadrill Limited announced on May 7, 2024, that it has secured two new drillship commitments. These contracts are expected to generate approximately $570 million in contract backlog for the company.
Why It Matters
These new contract awards indicate continued demand for Seadrill's offshore drilling services, bolstering its revenue and backlog.
Risk Assessment
Risk Level: low — The filing is a routine announcement of contract awards, which is generally positive news with low inherent risk.
Key Numbers
- $570M — Contract Backlog (Represents the total value of the two new drillship commitments.)
Key Players & Entities
- Seadrill Limited (company) — Announcer of contract awards
- SDRL (company) — Ticker symbol for Seadrill Limited
- $570 million (dollar_amount) — Total contract backlog from new awards
- May 7, 2024 (date) — Date of announcement
FAQ
What are the names of the two drillships that received new commitments?
The filing does not specify the names of the individual drillships, only that two new drillship commitments were awarded.
Who are the clients that awarded these new drillship contracts?
The filing does not disclose the names of the clients who awarded the contracts.
What is the expected duration of these new drillship contracts?
The filing does not specify the duration of the contracts, only the total contract backlog value.
When are these new contracts expected to commence?
The filing does not provide information on the commencement dates of these new contracts.
What is the total contract backlog for Seadrill after these new awards?
The filing states these new commitments are expected to generate approximately $570 million in contract backlog, but does not provide the total backlog figure.
Filing Stats: 851 words · 3 min read · ~3 pages · Grade level 16.2 · Accepted 2024-05-07 17:10:53
Key Financial Figures
- $32 m — ion of 40 days, valued at approximately $32 million, including a mobilization fee of
- $10 million — ing a mobilization fee of approximately $10 million and excluding fees for additional servi
- $86 million — timated contract value of approximately $86 million excludes fees for additional services,
Filing Documents
- sdrl6-kxannouncementoftwon.htm (6-K) — 19KB
- image_0.jpg (GRAPHIC) — 1KB
- image_6.jpg (GRAPHIC) — 1KB
- 0001628280-24-021179.txt ( ) — 21KB
Forward-Looking Statements
Forward-Looking Statements This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company's plans, strategies, business prospects and rig activity, including with respect to backlog and contract commencement dates and durations, and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms "assumes", "projects", "forecasts", "estimates", "expects", "anticipates", "believes", "plans", "intends", "may", "might", "will", "would", "can", "could", "should" or, in each case, their negative, or other variations or comparable terminology. These statements are based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date they are made. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, offshore drilling market conditions, including supply and demand, dayrates, fluctuations in the price of oil, international financial market conditions, changes in governmental regulations that affect the Company or the operations of the Company's fleet, the review of competition authorities and other factors described from time to time in the reports filed or furnished by the Company with the U.S. Securities and Exchange Commission ("SEC"). The Company
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SEADRILL LIMITED Date May 7, 2024 By s Grant Creed Name Grant Creed Title Chief Financial Officer THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO (I) THE REGISTRATION STATEMENT ON FORM F-3 (NO. 333-271916) ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 15, 2023 AND (II) THE REGISTRATION STATEMENT ON FORM S-8 (NO. 333-276710) ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 26, 2024.