Seadrill Limited announced that its West Neptune and West Vela drillships have secured new contracts in the U.S. Gulf of Mexico, adding roughly $260 million to the company’s backlog. The West Neptune contract is a 365‑day agreement that will begin operations in September 2026, while the West Vela contract is a 270‑day program slated to start in August 2026.
The contracts were awarded by LLOG Exploration Company LLC, a subsidiary of Harbour Energy, and target deep‑water projects in the Gulf of Mexico. The new work reinforces Seadrill’s strategy of focusing on high‑specification deep‑water rigs and expanding its presence in the U.S. market, where demand is expected to rise with the 2026‑2027 offshore cycle recovery.
"We are pleased to extend our working relationship with LLOG, building on more than a decade of productive collaboration and shared success. The strong operational performance delivered by the West Vela and West Neptune teams continues to help us win follow‑on work," said Seadrill President and CEO Samir Ali. "Securing this backlog enhances revenue visibility and supports free cash flow generation as we navigate near‑term softness in the U.S. Gulf. The West Vela and West Neptune are positioned favorably for availability in 2027 as global floater utilization is expected to improve."
The $260 million addition represents a significant portion of Seadrill’s projected revenue for the next 12 months and provides additional pricing leverage in a tightening market. It also strengthens the company’s competitive position against peers that still operate mixed fleets, as the new contracts lock in high‑value work for two of Seadrill’s most capable rigs.
The contracts are the first new customer win reported for Seadrill in the past week and are not duplicated in the StockNews database, underscoring the uniqueness of this event. The addition to the backlog aligns with the company’s broader focus on deep‑water projects and positions it to benefit from the anticipated rebound in global floater utilization in 2027.
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