Seadrill Limited (Bermuda)NYSE: SDRL

The two offshore oil drilling companies have discussed how to structure a potential merger, according to a report.

Shares of Seadrill rallied early Thursday after a report the offshore drilling company is in talks to merge with Transocean.

HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Announces Third Quarter 2024 Earnings Release and Conference Call.

Seadrill reporting mixed earnings results, coupled with a lowered guidance, put pressure on the stock price. Demand has not yet materialized into more contract awards. This is attributed to several reasons, including a supply chain issue. These headwinds are likely to resolve in 2H25. Market fundamentals remain supportive of day rates. Benign floater marketed utilization rate was at 86% despite reactivations. We believe incremental demand will be sufficient to absorb stranded capacity.

Seadrill (SDRL) came out with quarterly earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $1.16 per share a year ago.

Seadrill is an offshore drilling company focusing on the floater market, with its fleet primarily located in the Deepwater Golden Triangle. Demand for offshore rigs will remain robust due to high oil prices thanks to extended OPEC+ cuts, the growing petrochemical sector, and EV hiccups. Offshore projects will be highly demanded given improved economics. The market will remain undersupplied as newbuilding prices and reactivation cost a fortune.

HAMILTON, Bermuda--(BUSINESS WIRE)--SDRL announced that it has continued progress on its share repurchase program, as part of its ongoing commitment to deliver shareholder returns.

HAMILTON, Bermuda--(BUSINESS WIRE)--SDRL completed the previously disclosed sale of three jack-up rigs and its 50% equity interest in the joint venture that operates them.

HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill will delist from Oslo Stock Exchange September 10, now that Oslo Bors has approved the Company's delisting.