SDRL Q1 2026: revenue $358.0M, net income -$7.0M. Revenue up 7% on higher dayrates and 95% utilization; Iran conflict drives oil to /bbl

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

Key Changes

• high

  Iran conflict began Feb 28, 2026 and unprecedented Strait of Hormuz closure drove Brent oil from $71/bbl to average $103/bbl in March 2026; company monitoring impacts but cannot predict long-term effects on business.

  MD&A: Iran conflict and oil prices verify on EDGAR →
• high

  Q1 2026 operating revenues rose 7% to $358M on higher dayrates ($343k vs $323k) and improved economic utilization (95% vs 84%), reversing prior-year 9% revenue decline.

  MD&A: Operating revenues and utilization verify on EDGAR →
• high

  Available liquidity fell $147M year-over-year to $482M (from $629M), driven by lower unrestricted cash ($304M vs $404M) and reduced revolving credit capacity due to letters of credit and guarantees issued.

  MD&A: Liquidity verify on EDGAR →