The following is a summary of the Seadrill Limited (SDRL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Seadrill reported Q1 revenue of $367 million and an EBITDA of $124 million, resulting in an EBITDA margin of 33.8%.

• Generated contract drilling revenues amounting to $275 million.

• The company repurchased nearly 12.5% of its total share count, equivalent to $442 million, since the initiation of its share repurchase program last year.

Business Progress:

• Seadrill secured a contract with the highest day rate of the current up-cycle, estimated at around $545,000 per day.

• Rigs West Polaris and West Auriga have been reintegrated into the fleet, and similar steps are planned for both West Capella and West Vela later this year.

• Preparation for Petrobras contracts in Brazil for two of their rigs are underway with expectations to generate EBITDA and cash flow before the year ends.

• Plans to sell three Qatar-based jack-up rigs are in process, with an accelerated share repurchase program resulting in returning excess capital to shareholders.

• Seadrill is focused on improving its market position through enhanced cost performance, service delivery, and overall efficiency amidst anticipated market volatility.

• The company is marketing the Louisiana rig globally after finishing its intervention projects in the Gulf of Mexico, showcasing its operational flexibility.

• Seadrill aims to vary contract lengths to ensure a healthier portfolio and remains disciplined, choosing to invest only in projects with promising long-term futures.

• There is a growing demand in several African markets, thus reinforcing Seadrill's focus on expanding operations in Africa and Brazil.

• A CapEx guidance of $400 million to $450 million has been projected by the company, including elements from both operations and investments.

More details: Seadrill IR

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