Seadrill Limited secured a 1,095‑day extension of its West Polaris contract with Petrobras for the Búzios field in the Santos Basin. The extension, which adds approximately $480 million to Seadrill’s backlog, will begin in January 2028 and run through the end of 2028.
West Polaris is a 6th‑generation ultra‑deepwater dual‑activity drillship built in 2008, capable of operating in water depths up to 10,000 feet and drilling to 37,500 feet. The Búzios field is one of Petrobras’ most important pre‑salt deep‑water assets, and the extension reinforces Petrobras’ production strategy in the Santos Basin.
The new contract expands Seadrill’s long‑term revenue stream and enhances earnings visibility for a mature asset. With the extension, Seadrill’s total contract backlog rises to roughly $2.5 billion, of which the $480 million addition represents a significant portion. The company reported a net loss of $77 million and Adjusted EBITDA of $353 million for the full year 2025, and a net loss of $10 million with Adjusted EBITDA of $88 million for the fourth quarter of 2025.
Samir Ali, Seadrill’s President and Chief Executive Officer, said, “This award enhances Seadrill's earnings visibility for a mature asset into the next decade. It provides significant value to both Seadrill and Petrobras, while strengthening our relationship with a valued, long‑term partner.” The extension underscores Seadrill’s position as a leading deep‑water contractor in Brazil.
The contract extension aligns with broader industry trends toward multi‑year agreements that provide stable revenue streams for operators. Seadrill’s continued success in securing long‑term contracts, such as the West Polaris extension, positions the company to capitalize on growing demand for deep‑water drilling services in Brazil’s pre‑salt sector.
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