Offshore drilling contractor Seadrill has strengthened its forward workload after securing a series of contract awards and extensions across Malaysia, Norway, and Brazil, underscoring renewed momentum in the global offshore drilling market.
In Malaysia, Seadrill’s ultra-deepwater drillship West Capella has secured a well-based contract with an undisclosed operator. The program is scheduled to begin in the second quarter of 2026 and is expected to run for approximately 440 days. The firm portion of the contract is valued at around $157 million, including a $5 million mobilization fee, with additional upside from priced options for three further wells. The award also marks the reactivation of the West Capella, which Seadrill said materially improves earnings visibility in a region seeing a revival in deepwater activity.
In Norway, Seadrill’s West Elara jack-up rig has been awarded an accommodation contract with Equinor on the Norwegian Continental Shelf. The program is expected to commence in the third quarter of 2026 and extend into the fourth quarter of 2027. The firm contract carries a value of $78 million, with three additional three-month priced options. Ahead of the award, Seadrill reached a mutual agreement with the current contract holder to release the rig early, resulting in a net increase of $23 million in total contract value.
Meanwhile, in Brazil, Seadrill confirmed that the West Carina drillship’s existing contract has been extended through April 2026, further reinforcing the company’s backlog in one of the world’s most active deepwater markets.
“These important contracts reflect our strong customer relationships and the growing demand for high-specification offshore assets,” said Seadrill President and CEO Simon Johnson. He added that the Equinor agreement provided a “harmonious solution” to a potential operational gap, highlighting Seadrill’s collaborative approach with clients.
The awards come as offshore drilling markets continue to tighten globally, driven by sustained upstream investment, limited availability of modern rigs, and renewed interest in long-cycle offshore projects amid energy security concerns.
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