Seadrill Q1 results improve on higher dayrates; Iran conflict drives oil to $103/bbl

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

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  New Iran conflict and Strait of Hormuz closure drove Brent oil from $71/bbl on Feb 27 to $103/bbl average in March 2026; spot price remains elevated at $101/bbl as of filing date vs $61/bbl year-ago.

  MD&A: Oil Price Volatility verify on EDGAR →
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  Q1 2026 contract revenues rose 12% to $277M driven by higher dayrates ($343k vs $323k) and sharply improved utilization (95% vs 84%), narrowing net loss from $14M to $7M.

  MD&A: Operating Results verify on EDGAR →
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  Contract backlog declined 15% to $2.5B from $2.9B year-ago as contracts rolled off faster than new awards, consistent with deferred capital expenditures cited in prior periods.

  MD&A: Contract Backlog verify on EDGAR →