SDRLSEADRILL Ltd
Drilling Oil & Gas Wells
- Revenue
- $1.1B
- 7.9% YoY
- Operating margin
- 4.3%
- 89% YoY
- EBITDA
- $285M
- 51% YoY
- Market cap
- $5.3B
- Employees
- 3,000
- $363K revenue each
- Net debt / EBITDA
- 1.4×
- $400M net debt
- AI in 10-K
- 1.6
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo89% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$363K · 11th pctBottom quartile of its SIC industry
- Quiet on AINo1.6 per 10K words · 47th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$5.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $663M | $1.2B | $1.0B | $1.1B | 7.9% |
| Operating income | −$156M | $329M | $412M | $47M | 89% |
| Net income | −$587M | $300M | $446M | −$77M | 117% |
| Operating cash flow | −$154M | $287M | $88M | −$28M | 132% |
| Capex | $84M | — | — | — | |
| Stock-based comp | $0 | $8M | $17M | $20M | 18% |
| Buybacks | $0 | $263M | $532M | $0 | 100% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 8, 2026 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 4.9% | Passive |
| Sep 21, 2026 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 5.8% | Passive |
| Dec 18, 2025 | Elliott Investment Management L.P. | SCHEDULE 13D/A | 6.8% | Passive |
| Aug 22, 2024 | Elliott Investment Management L.P. | SC 13D/A | 5.4% | Passive |
| Jun 13, 2024 | Elliott Investment Management L.P. | SC 13D/A | 5.6% | Passive |
| May 10, 2024 | Elliott Investment Management L.P. | SC 13D/A | 6.8% | Passive |
| Jan 26, 2024 | Elliott Investment Management L.P. | SC 13D/A | 8.1% | Passive |
| Dec 4, 2023 | Elliott Investment Management L.P. | SC 13D/A | 8.3% | Passive |
| Jul 12, 2023 | Elliott Investment Management L.P. | SC 13D/A | 8.8% | Active |
| Apr 5, 2023 | Elliott Investment Management L.P. | SC 13D | 9.3% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $5M · 6
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | $2M | 131 | 118 |
| FY2024 | $8M | $3M | 147 | 114 |
| FY2023 | $13M | $15M | 178 | 129 |
| FY2022 | $6M | $5M | 123 | 126 |