Seadrill
An offshore drilling contractor that owns and operates mobile drilling rigs for oil and gas companies worldwide.
Last updated August 26, 2026
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Overview
Seadrill is an offshore drilling contractor incorporated in Bermuda in 2005 by John Fredriksen. The company provides contract drilling services to oil and gas producers rather than selling fuel or operating a conventional retail energy business. Its customers have included international oil majors, integrated energy companies, state-owned national oil companies, and independent exploration and production businesses. The company’s principal assets are mobile offshore drilling units, including drillships, semi-submersible rigs, jack-up rigs, and tender-assist units. These vessels and platforms are hired under drilling contracts to work in environments ranging from relatively shallow water to ultra-deepwater, and from benign operating conditions to the harsher conditions of the North Atlantic. Seadrill’s commercial performance is therefore closely connected to offshore exploration and development spending, oil and gas prices, rig utilization, day rates, shipyard delivery schedules, and the capital structure of the drilling industry. Seadrill expanded rapidly during the mid-2000s. It acquired jack-up rigs from Odfjell Drilling in 2005, obtained a controlling interest in Smedvig in 2006 after competing with Noble Corporation, and acquired Eastern Drilling in 2007. In 2010 it outbid Ensco for Scorpion Offshore in a transaction valued at approximately $567 million. The company also reorganized and reshaped its portfolio through disposals, joint ventures, and affiliated companies. These included the sale of most of its tender-rig and semi-tender operations to SapuraKencana, the transfer of several tender rigs to Seadrill Partners, and the acquisition of a majority interest in Sevan Drilling. Seadrill was heavily exposed to the offshore drilling downturn that developed after the industry’s earlier expansion. It suspended dividend payments in 2014, entered bankruptcy proceedings in December 2017, and completed its first restructuring in July 2018. It later established or acquired interests in joint ventures designed to operate particular fleets and geographic businesses, including Gulfdrill in Qatar and Sonadrill in Angola. The company subsequently entered a second Chapter 11 restructuring in February 2021 and emerged in February 2022 with a new board. A related subsidiary, Seadrill New Finance, also used bankruptcy proceedings in January 2022. After restructuring, Seadrill returned to public trading. Its shares resumed trading on the New York Stock Exchange under the symbol SDRL in October 2022, while its Oslo listing moved from the Euronext Expand market to the main list of the Oslo Stock Exchange in November 2022. The company also sold seven jack-up rigs to ADES Arabia Holding Company in October 2022 and completed the acquisition of Aquadrill in April 2023 through an all-stock transaction announced at an indicated value of approximately $958 million. In June 2023, Seadrill announced the sale of its three tender-assist units. Seadrill’s current business identity is therefore that of a focused offshore drilling service provider. Its competitive proposition is based on access to specialized rigs, operational capability in demanding offshore environments, contract execution, and relationships with large energy customers. The company has also reported greenhouse-gas emissions through CDP since 2010 and published its first sustainability report in 2021. Its reported 2021 sustainability results included a CDP rating of B, no fines or significant environmental incidents, and no Tier 1 well-control events.
History
Seadrill was incorporated in Bermuda on May 10, 2005, by shipping and energy investor John Fredriksen. Its early growth was driven by acquiring and consolidating offshore drilling assets. In July 2005, it purchased jack-up rigs from Odfjell Drilling. In September 2006, it acquired a controlling interest in Smedvig after outbidding Noble Corporation. The following year it acquired Eastern Drilling, adding further drilling capacity and strengthening its position in the offshore services market. The company continued to expand through acquisitions and fleet transactions. In May 2010, Seadrill outbid Ensco for Scorpion Offshore in a transaction valued at approximately $567 million. At the same time, it began reshaping parts of its operating portfolio through asset sales and affiliated entities. In April 2013, Seadrill sold most of its tender-rig and semi-tender operation to SapuraKencana. In May of that year, it sold tender rigs T-15 and T-16 and the West Vencedor to Seadrill Partners LLC. In June 2013, it acquired a majority interest in Sevan Drilling, adding another drilling platform to the wider corporate structure. Seadrill also used subsidiaries and joint ventures to hold and operate specialized fleets. In 2014, its North Atlantic Drilling subsidiary, which owned harsh-environment rigs, completed an initial public offering while Seadrill retained a 70% interest. However, the offshore drilling industry subsequently entered a prolonged downturn. Lower activity, reduced utilization, falling day rates, and excess rig capacity placed pressure on contractors across the sector. Seadrill suspended dividend payments in November 2014. The company filed for bankruptcy in December 2017 and emerged from that restructuring in July 2018. It later sought to establish a more geographically and operationally differentiated portfolio. In 2019, Seadrill acquired a 50% interest in Gulfdrill, a joint venture operating five premium jack-up rigs in Qatar with Gulf Drilling International and Qatargas-related activity. It also acquired a 50% interest in Sonadrill, a joint venture with Sonangol operating three drillships focused on opportunities in Angolan waters. Financial pressure continued. Seadrill delisted its shares from the New York Stock Exchange in June 2020. In October of that year, Stuart Jackson replaced Anton Dibowitz as chief executive officer. The company filed for Chapter 11 bankruptcy protection for a second time on February 10, 2021. Seadrill New Finance, a subsidiary, separately filed for Chapter 11 in January 2022 and emerged later that month. The parent company completed its own restructuring in February 2022, when a new board of directors was appointed. Simon Johnson became chief executive officer in March 2022, replacing Jackson. Following the restructuring, Seadrill rebuilt its public-market presence and adjusted its fleet. In October 2022, it received approval to relist its shares on the NYSE under the symbol SDRL, and trading resumed on October 14. Its Oslo listing subsequently moved from the Euronext Expand market to the main list of the Oslo Stock Exchange in November. Seadrill also completed the sale of seven jack-up rigs to ADES Arabia Holding Company in October 2022. In December 2022, Seadrill announced an all-stock acquisition of Aquadrill LLC, a London-headquartered owner of offshore drilling units. The transaction, described at an indicated value of approximately $958 million, closed in April 2023. In June 2023, the company announced the sale of its three tender-assist units. These transactions reflected a post-bankruptcy effort to concentrate capital and operations around selected offshore drilling opportunities. Seadrill’s history also includes environmental and compliance controversies. In November 2009, its West Atlas jack-up rig was involved in the Montara field incident offshore Australia. The rig was operated by PTTEP, and oil and gas flowed into the Timor Sea for 74 days after a leak had persisted for approximately ten weeks. PTTEP accepted responsibility and pleaded guilty in 2011 to four charges concerning workplace safety and oilfield practices. Separately, Petrobras raised bribery allegations in 2015 concerning negotiations for Sevan Drilling rig contracts signed during 2005–2008. Norway’s Økokrim completed its investigation in 2018 and dismissed the original charges. Seadrill has reported greenhouse-gas emissions through the Carbon Disclosure Project since 2010 and issued its first sustainability report in 2021. The company reported a CDP rating of B for 2021, no fines or significant environmental incidents, and no Tier 1 well-control events.
- 2023
Aquadrill acquisition completed
[1]Seadrill completed its all-stock acquisition of Aquadrill in April 2023.
- 2022
Emergence from second restructuring
[1]Seadrill emerged from Chapter 11 in February 2022 with a newly appointed board.
- 2022
NYSE relisting
[1]Shares resumed trading on the NYSE under SDRL in October 2022.
- 2021
Second Chapter 11 filing
[1]Seadrill filed for Chapter 11 bankruptcy protection on February 10, 2021.
- 2019
Gulfdrill and Sonadrill interests acquired
[1]Seadrill acquired 50% stakes in Gulfdrill in Qatar and Sonadrill in Angola.
- 2018
Emergence from first restructuring
[1]The company emerged from bankruptcy proceedings in July 2018.
- 2017
First bankruptcy filing
[1]Seadrill filed for bankruptcy protection in December 2017.
- 2014
North Atlantic Drilling IPO
[1]North Atlantic Drilling completed an initial public offering, while Seadrill retained a 70% interest.
- 2013
Tender-rig portfolio restructuring
[1]Seadrill sold most of its tender-rig and semi-tender operation to SapuraKencana and transferred three tender rigs to Seadrill Partners.
- 2010
Scorpion Offshore acquisition
[1]Seadrill outbid Ensco for Scorpion Offshore in a transaction valued at approximately $567 million.
Products and positioning
A fleet-based offshore drilling contractor serving major, integrated, national, and independent oil and gas companies across deepwater, ultra-deepwater, shallow-water, and harsh-environment projects.
Deepwater and ultra-deepwater drilling
Drillships
Seadrill owns and operates dynamically positioned drillships used for offshore exploration and development in deepwater and ultra-deepwater environments. These vessels combine marine mobility with drilling equipment and are contracted to oil and gas companies for multi-well or field-development programs. Drillships are especially relevant to frontier and mature offshore basins where fixed platforms are unsuitable during the exploration and appraisal stages.
Deepwater and harsh-environment drilling
Semi-submersible rigs
Semi-submersible rigs are floating drilling units supported by submerged pontoons and columns. Seadrill uses this class of asset for operations requiring stability in deeper water or more demanding weather and metocean conditions. The units are marketed to customers developing offshore fields where a mobile floating rig can provide drilling capability before permanent production infrastructure is installed.
Shallow-water drilling
Jack-up rigs
Jack-up rigs are mobile offshore platforms that tow to a location and raise their hull above the water on extendable legs. Seadrill has historically operated jack-ups across shallow-water markets, including premium units used for development and production drilling. The company has also adjusted its jack-up portfolio through acquisitions, joint ventures, and the 2022 sale of seven units to ADES Arabia Holding Company.
Tender-assisted drilling
Tender-assist units
Tender-assist units support offshore drilling by carrying equipment, supplies, and other functions associated with a drilling installation or fixed offshore facility. Seadrill has owned and operated tender and semi-tender assets, but it has progressively reduced this part of the portfolio. In 2023, the company announced the sale of its three tender-assist units.
Controversies
2015
Sevan Drilling bribery allegations
Petrobras alleged bribery in negotiations for Sevan Drilling rig contracts signed from 2005 to 2008. Sevan Drilling was a Seadrill subsidiary. Økokrim completed its investigation in 2018 and dismissed the original charges.
2009
West Atlas rig fire and Montara oil spill
Seadrill’s West Atlas jack-up rig caught fire at the Montara field offshore Australia after a leak had continued for approximately ten weeks. Oil and gas entered the Timor Sea for 74 days. The rig was operated by PTTEP, which accepted responsibility and pleaded guilty in 2011 to four charges involving workplace safety and oilfield practices.
Marketing campaigns
- 2021First sustainability report
Global
Seadrill published its first sustainability report, presenting environmental and operational-safety information alongside its broader offshore drilling activities.
Outcome. The company reported a B rating from CDP, no fines or significant environmental incidents, and no Tier 1 well-control events for 2021.
Brand decisions
2023
Sale of tender-assist unitsM&ABackground
Seadrill continued to focus its fleet following its second financial restructuring.
Action taken
The company announced the sale of its three tender-assist units in June 2023.
Aftermath
The announcement indicated a further reduction in Seadrill’s tender-assist exposure.
2022
Sale of seven jack-up rigs to ADESM&ABackground
After its second restructuring, Seadrill continued to adjust the composition of its offshore fleet.
Action taken
Seadrill completed the sale of seven jack-up rigs to ADES Arabia Holding Company.
Aftermath
The sale reduced Seadrill’s jack-up exposure and formed part of its post-restructuring portfolio strategy.
2022
Aquadrill acquisition announcedM&ABackground
Seadrill sought to expand and consolidate its offshore drilling platform after emerging from Chapter 11.
Action taken
The company announced an all-stock acquisition of Aquadrill LLC in December 2022.
Aftermath
The transaction closed in April 2023. The announced transaction value was approximately $958 million.
Indicated transaction value. $958 million (Announced December 2022; completed April 2023)
2021
Second Chapter 11 restructuringOtherBackground
Seadrill continued to face financial pressure in the offshore drilling market after its earlier restructuring.
Action taken
The company filed for Chapter 11 on February 10, 2021, while Seadrill New Finance filed separately in January 2022.
Aftermath
Seadrill emerged from Chapter 11 in February 2022, and its subsidiary emerged on January 20, 2022. A new board was appointed for the parent company.
2017
First bankruptcy restructuringOtherBackground
A prolonged offshore drilling downturn placed pressure on Seadrill’s revenues, asset values, and debt obligations.
Action taken
Seadrill filed for bankruptcy protection in December 2017.
Aftermath
The company emerged from bankruptcy in July 2018.
2014
Dividend suspensionStrategyBackground
The offshore drilling industry entered a downturn characterized by weaker demand and pressure on rig economics.
Action taken
Seadrill suspended dividend payments in November 2014.
Aftermath
The decision preceded a period of financial stress that culminated in the company’s first bankruptcy filing in 2017.
Recent events
Seadrill announces a new board for its reorganized parent company[2]
Reported:
Seadrill announced that a new independent seven-member board would assume leadership of the Seadrill group's new parent company upon its emergence from Chapter 11. The company was targeting emergence early in 2022.
Court confirms Seadrill reorganization plan[3]
Reported:
Seadrill announced that the U.S. Bankruptcy Court for the Southern District of Texas confirmed its Plan of Reorganization. The plan provides for $350 million in new financing and a $4.9 billion reduction in existing liabilities.
Seadrill Asia units file for bankruptcy protection[4]
Reported:
Seadrill filed for bankruptcy protection for its Asian units in the US Bankruptcy Court for the Southern District of Texas.
Seadrill appoints Stuart Jackson as CEO[5]
Reported:
Seadrill Limited's board announced Stuart Jackson's appointment as chief executive officer, succeeding Anton Dibowitz with immediate effect. Grant Creed will become chief restructuring officer and Neil Gilliver chief accounting officer as the CFO role is divided into two roles.
Seadrill announces acquisition of Asia Offshore Drilling shares[6]
Reported:
Seadrill announced that it had acquired Asia Offshore Drilling’s 33.76% minority holding for USD 31 million. Completion of the share transfer and payment was expected by the end of September 2020.
Sources6 sources
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