Seadrill Ltd

Seadrill Limited announced the extension of its share repurchase program through December 31, 2026. The program, initially authorized for $500 million, had approximately $208 million remaining as of June 19, 2026, and was previously scheduled to end on June 25, 2026. This extension reflects the company's ongoing commitment to delivering shareholder returns.

Seadrill Limited has entered into Amendment No. 2 to its Senior Secured Revolving Credit Agreement. This amendment will increase the revolving borrowing commitments from $225 million to $300 million and extend the maturity date from 2028 to 2031. It also involves the removal of certain subsidiaries and vessels as guarantors and collateral, and modifies commitment fees and restrictive covenants to provide greater operational and financial flexibility. The amendment is expected to become effective on June 30, 2026.

Seadrill Limited announced that its wholly-owned subsidiary, Seadrill Finance Limited, intends to offer $600 million in senior unsecured notes due 2034. The net proceeds, combined with cash on hand, will be used to redeem all outstanding 8.375% Senior Secured Second Lien Notes due 2030, which had approximately $575 million outstanding as of March 31, 2026. Additionally, Seadrill Finance is in discussions to amend its Senior Secured Revolving Credit Agreement to increase commitments from $225 million to $300 million and extend the maturity date from 2028 to 2031, enhancing the company's financial flexibility and capital structure.

Seadrill Limited held its 2026 Annual General Meeting of Shareholders on June 3, 2026, where several key proposals were approved. Shareholders ratified Amendment No. 1 to the 2022 Management Incentive Plan and approved setting the number of directors at up to nine. All nine director nominees were re-elected, and PricewaterhouseCoopers LLP was appointed as the independent registered public accounting firm for 2026. Additionally, the remuneration of directors and the advisory compensation of named executive officers for 2025 were approved.

Seadrill reported a reduced net loss of $(7) million for the first quarter of 2026, an improvement from $(14) million in Q1 2025, with total operating revenues increasing to $358 million from $335 million. The company also provided updates on several ongoing legal proceedings, including an appeal against a $37 million judgment for SFL Hercules Ltd. and a $43 million payment made for the first tranche of damages related to the Sonadrill fees claim. Additionally, the letter of credit sub-limit under its Revolving Credit Facility was increased to $100 million.

Seadrill Limited announced its first quarter 2026 results, reporting a net loss of $7 million and Adjusted EBITDA of $97 million. The company secured over $860 million in new contract awards, increasing its Contract Backlog to $3.1 billion. Following these achievements, Seadrill raised its full-year 2026 guidance for Total operating revenues to $1.43 - $1.48 billion and Adjusted EBITDA to $370 - $420 million.