Seadrill Limited (Bermuda)NYSE: SDRL

Seadrill (SDRL) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $1.10 per share a year ago.

HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill (NYSE: SDRL) today announced its third quarter 2024 results and revised 2024 guidance.

Seadrill (SDRL) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

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.