Seadrill Limited reported a first quarter 2025 net loss of $14 million and adjusted earnings before interest, taxes, depreciation, and amortisation of $73 million.

The offshore drilling contractor is focused on deepwater oil and gas extraction.

President and chief executive Simon Johnson commented: “Our strategy to operate a floater-focused fleet at the heart of the deepwater market positions Seadrill well to navigate near-term volatility.

“We remain focused on adding to our durable backlog, which extends meaningfully through 2028, and we are actively engaged with customers for opportunities starting in the next 12 months.

“This proactive approach and our robust financial position provide a platform for long-term value creation.”

Seadrill said that for the first quarter 2025, total operating revenues increased $46 million to $335 million, compared with $289 million in the prior quarter. Contract revenues, up $44 million to $248 million, drove almost all the sequential improvement.

An increase in operating days attributable to the West Auriga and West Polaris, which commenced their respective contracts in December 2024 and February 2025, was partially offset by lower economic utilisation principally related to rigs operating in Brazil.

The statement said: “First quarter 2025 total operating expenses decreased by $6 million to $317 million, compared with $323 million in the previous quarter.

“The decrease reflects a reduction in merger and integration costs following the handover of the final two Aquadrill rigs in 2024, and lower selling, general and administrative expenses.

“These decreases were partially offset by increases in vessel and rig operating expenses and depreciation and amortisation following recent contract commencements for the West Auriga and West Polaris.”

The company said that for the full year 2025, Seadrill maintained the previously issued guidance for total operating revenues in the range of $1.3 billion to $1.36 billion, which excludes reimbursable revenues of $35 million, adjusted ebitda in the range of $320 million to $380 million, and capital expenditures in the range of $250 million to $300 million.