Seadrill: Buy On Major Contract Awards And Material Share Repurchase Activity (NYSE:SDRL)

Note:

Seadrill Limited (NYSE:SDRL) has been covered by me previously, so investors should view this as an update to my earlier articles on the company.

Leading offshore driller Seadrill Limited or “Seadrill” finished 2023 on a high note as the company secured two major contract awards which resulted in backlog increasing by a whopping 40% to $3.1 billion (emphasis added by author):

Seadrill Limited today announced that Petrobras has awarded 1,064-day fixed-term contracts to each of the West Auriga and the West Polaris following a competitive bidding process. The contracts are expected to commence in the fourth quarter of 2024 and represent total contract value of approximately $1.1 billion, inclusive of additional services and mobilization fees. The West Auriga and the West Polaris will transition to Seadrill from the existing third-party managers before undertaking the campaigns with Petrobras.

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