Seadrill Limited (NYSE:SDRL) shares rose in premarket trading on Wednesday after the company announced new rig contracts spanning three continents.
The updates include work in Malaysia, Norway and Brazil, supporting Seadrill’s contracted revenue outlook into 2026 and 2027.
Contract Wins Across Markets
Seadrill said the ultra-deepwater drillship West Capella won a contract in Malaysia that is expected to start in the second quarter of 2026.
The well-based program is expected to run about 440 days, with priced options for three additional wells.
The firm-term contract value totals about $157 million, including a $5 million mobilization fee, excluding additional services.
Details In Norway
Seadrill said West Elara secured an accommodation contract with Equinor AS on the Norwegian Continental Shelf.
The work is expected to begin in the third quarter of 2026 and run into the fourth quarter of 2027.
Seadrill said the contract is worth $78 million, with three priced options of three months each. The company also said it reached a mutual agreement with the prior contract holder to free up the rig, resulting in a net $23 million increase in total contract value.
Brazil Contract Extension
Seadrill said it extended West Carina’s current contract in Brazil through April 2026, keeping the rig working in a key offshore market.
“We are excited to confirm these important contracts with several of our long-standing customers,” said President and Chief Executive Officer Simon Johnson.
The CEO said the restart of West Capella significantly improves Seadrill’s earnings outlook as offshore drilling demand strengthens, while the West Elara agreement with Equinor helps avoid an operational gap in Norway and reflects the company’s collaborative approach with customers.
SDRL Price Action: Seadrill shares were up 0.63% at $35.25 during premarket trading on Wednesday, according to Benzinga Pro data.
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