Bermudian-based offshore drilling company Seadrill has lost $53 million in the last six months.

Seadrill’s latest financial reports show a loss of $11 million for the three months ending September 30 and $42 million for the period ending June 30.

President and chief executive officer Simon Johnson said Seadrill continued to execute their strategy to build backlog coverage through 2025 and 2026, minimising their exposure to contract gaps.

The commercial team secured over $300 million in new contracts across five rigs, including all three assets in the Sonadrill joint venture in Angola.

“This reaffirmed our position as a leading operator in the region,” Mr Johnson said. “The awards in the United States Gulf demonstrate Seadrill’s continued ability to collaborate with customers, leverage advanced technology and deliver operational excellence.”

He said as industry fundamentals improve and global tendering activity accelerates, Seadrill remained well positioned to create shareholder value and support long-term demand for energy services.

Third quarter 2025 total operating revenues decreased $14 million to $363 million, compared to $377 million in the prior quarter, primarily due to lower economic utilisation, fewer rig operating days and a sequential decrease in reimbursable revenues.

Adjusted earnings before interest, taxes, depreciation, and amortisation was $86 million, compared to $106 million in the prior quarter.

At quarter-end, Seadrill had gross principal debt of $625 million and $428 million in cash and cash equivalents, including $26 million of restricted cash, for a net debt position of $197 million.

Net cash provided by operating activities during Q3 2025 was $28 million, including additions of $69 million for capitalised long-term maintenance. Payments for capital additions captured in net cash used in investing activities were $19 million.

Seadrill completed the sale of its interest in an offshore Qatar jack-up fleet in a cash deal worth $338 million in June 2024.

Four months later the firm sold three jack-up rigs and its 50 per cent equity interest in the joint venture that operates these rigs off Qatar to their joint venture partner, Gulf Drilling International.