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Seadrill helps oil and gas companies drill offshore wells using its drillships and other drilling rigs, including equipment for ultra-deep water. Customers hire it under fixed-term contracts, usually paying an agreed rate for each operating day, though some contracts pay by completed well. Customers bear most supporting well-construction costs and most of the economic risk that a well will not succeed.
Drilling contracts provide most revenue. Seadrill also earns a substantial smaller share from managing rigs, including services for Sonadrill, which also charters its West Gemini rig. Petrobras is its largest customer, and Petrobras and Sonadrill together account for most revenue.
Revenue depends on keeping rigs contracted and operating: breakdowns and other interruptions can reduce or eliminate daily payments. Replacement work depends on customers’ offshore spending, which reflects their longer-term expectations for oil and gas prices. Rigs must retain required certifications, pass surveys and comply with local laws to operate; government approvals and local hiring or sourcing requirements also limit where and how Seadrill can work.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Seadrill also relies materially on Sonadrill, which contributed 22% of its 2025 revenue through relationships including rig management and leasing.
Transocean competes directly with Seadrill to drill oil and gas wells for producers using drillships and semisubmersible rigs in ultra-deepwater and harsh environments. Watch its technology developments in these demanding markets, where it seeks to distinguish its drilling services.
Noble competes with Seadrill for offshore drilling contracts from major oil and gas producers, using technically advanced drillships and semisubmersible rigs. Its contract drilling revenue offers a view of demand from the large integrated, independent and state-owned producers both companies serve.
Valaris competes with Seadrill for contracts under which customers pay a daily fee for offshore rigs and drilling crews, including high-specification ultra-deepwater rigs. Watch the daily rates on those ultra-deepwater contracts as a comparison for Seadrill's pricing.
Seadrill depends heavily on Petrobras's purchases of offshore drilling services: the oil and gas producer supplied 36% of Seadrill's total operating revenue in 2025. Watch Petrobras's exploration and development activity in Brazil's offshore Santos and Campos basins for clues to its drilling needs.
Talos Energy, Inc. pays Seadrill for offshore drilling services and accounted for 11% of Seadrill's total operating revenue in 2025. Its exploration and development activity in the central U.S. Gulf of America deepwater region is worth watching for clues to future drilling demand.
Tidewater, Inc. and Seadrill both depend on offshore energy projects: customers pay Tidewater for marine transportation, while drilling activity creates demand for Seadrill's rigs. Tidewater's marine-services business offers another view of global offshore exploration and development activity, rather than direct drilling competition.
Borr Drilling Limited shares Seadrill's exposure to offshore drilling investment, but customers pay it daily to operate shallow-water jackup rigs, while Seadrill mainly uses deepwater floating rigs. Borr's contracts reflect demand chiefly for new production wells in already-producing areas, so they are not a direct measure of Seadrill's deepwater market.
Noble Corporation plc earningsNE
Noble and Seadrill both drill offshore for large oil and gas producers, so Noble's contract-drilling business offers a read on demand for the work they compete to win.
Read Noble's contract-drilling revenue alongside any reported rig activity. Revenue and activity holding up or strengthening suggest the producers both companies serve are still putting offshore work out to bid, supporting demand for Seadrill; weakness in both points to fewer opportunities. If Noble's growth comes from winning more work, it also signals tougher competition for Seadrill. The takeaway is whether customer demand is holding up and how hard the companies are competing for it.
Valaris Limited earningsVAL
Valaris also rents high-specification ultra-deepwater rigs to customers, so its contract dayrates show what customers pay for this work and offer a pricing comparison for Seadrill.
Look at Valaris's disclosed dayrates for ultra-deepwater rigs alongside its rig activity. Firm rates with rigs working suggest customers still pay for this capability, supporting Seadrill's ability to hold prices on comparable work; falling rates even while rigs remain active point to tougher price competition, making it harder for Seadrill to grow contract revenue through higher rates. The takeaway is whether deepwater pricing is improving or under pressure.
Seadrill Limited earningsThis company
Seadrill earns fees for each day its rigs work, and this report will show whether more contracted rigs and higher daily rates are translating into more contract revenue.
Read contract revenue alongside the number of rigs working under contract, their daily rates, and economic utilization—the share of the contracted dayrate the rigs actually earn. Revenue rising with more contracted rigs or higher rates, while utilization holds steady, means more work or better prices are reaching the books; falling utilization or faster-rising operating expenses can absorb that gain. The question is whether Seadrill can keep rigs earning and turn contract prices into operating profit.
Talos Energy, Inc. earningsTALO
Talos Energy was a significant Seadrill customer, contributing 11% of its revenue in 2025, and its central U.S. Gulf exploration and development activity offers a read on its need for drilling services.
Read what Talos Energy says about exploration and development in the central U.S. Gulf. Stronger activity suggests this customer may continue to need offshore drilling services, supporting an important source of Seadrill revenue; weaker activity raises the possibility of less future work from Talos. The takeaway is whether this customer's projects continue to support Seadrill's work.
PETROLEO BRASILEIRO S.A.-PETROBRAS earningsPBR
Petrobras was Seadrill's largest customer, contributing 36% of its revenue in 2025, so its Brazilian offshore activity offers a read on whether this major source of drilling demand continues.
Read what Petrobras says about offshore exploration and development in Brazil. Sustained or stronger activity suggests Seadrill's largest customer still has reason to pursue offshore projects, supporting a major revenue source; weaker activity would put Seadrill's dependence on one large customer and the Brazilian market more clearly in focus. The takeaway is whether Petrobras's offshore projects continue to support demand for Seadrill's rigs.
