SEADRILL LTD, 6-K filed on 8/5/2024
Report of Foreign Issuer
v3.24.2.u1
Cover
 6 Months Ended
Jun. 30, 2024
Cover [Abstract]  
Document Type 6-K
Document Period End Date Jun. 30, 2024
Entity Registrant Name SEADRILL LIMITED
Entity Central Index Key 0001737706
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Current Fiscal Year End Date --12-31
Amendment Flag false
v3.24.2.u1
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating revenues        
Contract revenues $ 267 $ 329 $ 542 $ 515
Management contract revenues [1] 65 61 123 122
Leasing revenues (1) [1] 26 7 37 14
Total operating revenues 375 414 742 680
Operating expenses        
Depreciation and amortization (43) (37) (81) (73)
Management contract expenses (41) (42) (79) (84)
Selling, general and administrative expenses (24) (14) (49) (28)
Merger and integration related expenses (3) (16) (5) (19)
Total operating expenses (290) (308) (593) (527)
Other operating items        
Gain on disposals 203 3 203 7
Other operating income 0 0 16 0
Total other operating items 203 3 219 7
Operating profit 288 109 368 160
Financial and other non-operating items        
Interest income 7 5 14 12
Interest expense (16) (13) (31) (29)
Share in results from associated companies (net of tax) (15) 11 (11) 14
Other financial items (8) (5) (14) (6)
Total financial and other non-operating items, net (32) (2) (42) (9)
Profit before income taxes 256 107 326 151
Income tax expense (3) (13) (13) (14)
Net income $ 253 $ 94 $ 313 $ 137
Basic EPS (in usd per share) $ 3.61 $ 1.18 $ 4.41 $ 2.11
Diluted EPS (in usd per share) $ 3.49 $ 1.16 $ 4.27 $ 2.07
Reimbursable revenues and expenses        
Operating revenues        
Revenue [1] $ 15 $ 14 $ 35 $ 23
Operating expenses        
Cost of goods and services sold (14) (13) (34) (22)
Other revenues        
Operating revenues        
Revenue [1] 2 3 5 6
Vessel and rig operating expenses        
Operating expenses        
Cost of goods and services sold $ (165) $ (186) $ (345) $ (301)
[1] Includes revenue received from related parties of $96 million and $172 million, for the three and six months ended June 30, 2024, respectively, and $72 million and $146 million for the three and six, months ended June 30, 2023, respectively. Refer to Note 13 - "Related party transactions" for further details.
v3.24.2.u1
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 835 $ 697
Restricted cash 27 31
Other current assets 210 199
Total current assets 1,288 1,158
Non-current assets    
Investments in associated companies 66 90
Drilling units 2,792 2,858
Deferred tax assets 55 46
Equipment 8 10
Other non-current assets 88 56
Total non-current assets 3,009 3,060
Total assets 4,297 4,218
Current liabilities    
Trade accounts payable 80 53
Other current liabilities 324 336
Total current liabilities 404 389
Non-current liabilities    
Long-term debt 609 608
Deferred tax liabilities 9 9
Other non-current liabilities 216 229
Total non-current liabilities 834 846
Commitments and contingencies (see Note 14)
SHAREHOLDERS' EQUITY    
Common shares of par value $0.01 per share: 375,000,000 shares authorized (December 31, 2023: 375,000,000) and 68,813,132 issued at June 30, 2024 ( December 31, 2023: 74,048,962) 1 1
Additional paid-in capital 2,243 2,480
Accumulated other comprehensive income 1 1
Retained earnings 814 501
Total shareholders' equity 3,059 2,983
Total liabilities and shareholders' equity 4,297 4,218
Nonrelated Party    
Current assets    
Accounts receivable, net 185 222
Related Party    
Current assets    
Accounts receivable, net $ 31 $ 9
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UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common shares, par value (in dollars per share) $ 0.01 $ 0.01
Common shares, authorized (in shares) 375,000,000 375,000,000
Common shares, issued (in shares) 68,813,132 74,048,962
v3.24.2.u1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities    
Net income $ 313 $ 137
 Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 81 73
Gain on disposal of assets (203) (7)
Share in results from associated companies (net of tax) 11 (14)
Deferred tax (benefit)/expense (7) 4
Unrealized loss/(gain) on foreign exchange 5 (5)
Amortization of discount on debt 2 0
Share based incentive compensation 7 0
Other cash movements in operating activities    
Payments for long-term maintenance (89) (33)
Changes in operating assets and liabilities, net of effect of acquisitions and disposals    
Trade accounts receivable 37 (20)
Trade accounts payable 27 (38)
Prepaid expenses/accrued revenue (12) (3)
Deferred revenue 21 7
Deferred mobilization costs (23) 5
Related party receivables (22) 20
Other assets (3) (10)
Other liabilities (37) (81)
Net cash flows provided by operating activities 108 35
Cash Flows from Investing Activities    
Additions to drilling units and equipment (66) (25)
Proceeds from disposal of assets 338 7
Sale of investment in PES 0 43
Acquisition of subsidiary 0 24
Deposit received on Tender-Assist Units sale 0 17
Net cash flows provided by investing activities 272 66
Cash Flows from Financing Activities    
Share repurchases (241) 0
Repayments of secured credit facilities 0 (163)
Share issuance costs 0 (4)
Net cash used in financing activities (241) (167)
Effect of exchange rate changes on cash (5) 7
Net increase/(decrease) in cash and cash equivalents, including restricted cash 134 (59)
Cash and cash equivalents, including restricted cash, at beginning of the period 728 598
Cash and cash equivalents, including restricted cash, at the end of period $ 862 $ 539
v3.24.2.u1
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Common shares
Additional paid-in capital
Accumulated other comprehensive loss
Retained earnings
Beginning balance (in shares) at Dec. 31, 2022   0      
Beginning balance at Dec. 31, 2022 $ 1,702   $ 1,499 $ 2 $ 201
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income 43       43
Ending balance (in shares) at Mar. 31, 2023   0      
Ending balance at Mar. 31, 2023 1,745   1,499 2 244
Beginning balance (in shares) at Dec. 31, 2022   0      
Beginning balance at Dec. 31, 2022 1,702   1,499 2 201
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income 137        
Ending balance (in shares) at Jun. 30, 2023   1,000,000      
Ending balance at Jun. 30, 2023 3,079   2,738 2 338
Beginning balance (in shares) at Mar. 31, 2023   0      
Beginning balance at Mar. 31, 2023 1,745   1,499 2 244
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Shares issued on closing of Aquadrill acquisition (in shares)   1,000,000      
Share issued on closing of Aquadrill acquisition 1,244   1,243    
Share repurchase (4)   (4)    
Net Income 94       94
Ending balance (in shares) at Jun. 30, 2023   1,000,000      
Ending balance at Jun. 30, 2023 $ 3,079   2,738 2 338
Beginning balance (in shares) at Dec. 31, 2023 74,048,962 1,000,000      
Beginning balance at Dec. 31, 2023 $ 2,983   2,480 1 501
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share based compensation plan 3   3    
Share repurchase (119)   (119)    
Net Income 60       60
Ending balance (in shares) at Mar. 31, 2024   1,000,000      
Ending balance at Mar. 31, 2024 $ 2,927   2,364 1 561
Beginning balance (in shares) at Dec. 31, 2023 74,048,962 1,000,000      
Beginning balance at Dec. 31, 2023 $ 2,983   2,480 1 501
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share repurchase (244)        
Net Income $ 313        
Ending balance (in shares) at Jun. 30, 2024 68,813,132 1,000,000      
Ending balance at Jun. 30, 2024 $ 3,059   2,243 1 814
Beginning balance (in shares) at Mar. 31, 2024   1,000,000      
Beginning balance at Mar. 31, 2024 2,927   2,364 1 561
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share based compensation plan 4   4    
Share repurchase (125)        
Share repurchase (125)   (125)    
Net Income $ 253       253
Ending balance (in shares) at Jun. 30, 2024 68,813,132 1,000,000      
Ending balance at Jun. 30, 2024 $ 3,059   $ 2,243 $ 1 $ 814
v3.24.2.u1
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues $ 375 $ 414 $ 742 $ 680
Related Party        
Revenues $ 96 $ 72 $ 172 $ 146
v3.24.2.u1
General information
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General information General information
We are an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Our primary business is the ownership and operation of drillships, semi-submersible rigs and jackup rigs for operations in shallow to ultra-deepwater areas in both benign and harsh environments. We contract our drilling units to drill wells for our customers on a dayrate basis. Our customers include oil super-majors, state-owned national oil companies and independent oil and gas companies. In addition, we provide management services to certain affiliated entities.
Basis of presentation
The Consolidated Financial Statements are presented in accordance with generally accepted accounting principles in the United States of America ("US GAAP"). The amounts are presented in United States dollar ("US dollar", "$" or "US$") rounded to the nearest million, unless otherwise stated. They include the financial statements of Seadrill Limited and its consolidated subsidiaries.
The accompanying unaudited interim financial statements, in the opinion of management, include all material adjustments that are considered necessary for a fair statement of the Company’s financial statements in accordance with generally accepted accounting principles in the United States of America. The accompanying unaudited interim condensed Consolidated Financial Statements do not include all of the disclosures required in complete annual financial statements. These financial statements should be read in conjunction with our 2023 20-F.
The financial information in this report has been prepared on the basis that we will continue as a going concern, which presumes that we will be able to realize our assets and discharge our liabilities in the normal course of business as they come due.
Reclassifications
Effective in the first quarter of 2024, we have classified reimbursable revenues and expenses associated with joint ventures as "Reimbursable revenues" and "Reimbursable expenses", respectively, in order to enhance the presentation of the arrangements and to reflect the underlying nature of these transactions. To conform to current period presentation, $5 million of "Management contract revenues" and "Management contract expenses" for the three months ended June 30, 2023, and $8 million of "Management contract revenues" and "Management contract expenses" for the six months ended June 30, 2023, have been reclassified to "Reimbursable revenues" and "Reimbursable expenses", respectively.
Effective in the second quarter of 2024, we have classified revenues from our bareboat charter agreements as "Leasing revenues", in order to enhance the presentation of the arrangements. To conform to the current period presentation, $7 million and $14 million of "Other revenues" for the three and six months ended June 30, 2023, respectively, have been reclassified to "Leasing revenues".
Acquisition of Aquadrill LLC
On April 3, 2023 (the "Closing Date"), Seadrill completed the acquisition of Aquadrill LLC ("Aquadrill"), an offshore drilling rig owner. Pursuant to the Agreement and Plan of Merger (the "Merger Agreement") dated December 22, 2022, by and among Seadrill, Aquadrill (formerly Seadrill Partners LLC) and Seadrill Merger Sub, LLC, a Marshall Islands limited liability company (“Merger Sub”), Merger Sub merged with and into Aquadrill, with Aquadrill surviving the merger as a wholly owned subsidiary of Seadrill (the “Merger”). In connection with the Merger, and pursuant to the Merger Agreement, Seadrill exchanged consideration consisting of (i) 29.9 million Seadrill common shares, (ii) $30 million settled by tax withholding in lieu of common shares, and (iii) cash consideration of $1 million.
Through the acquisition of Aquadrill in April 2023, we added four drillships, one semi-submersible, and three tender-assist units to our fleet. The three tender-assist units were subsequently sold in July 2023.
Significant accounting policies
The accounting policies adopted in the preparation of the unaudited interim financial statements as of and for the three and six months ended June 30, 2024 are consistent with those followed in the preparation of our annual audited Consolidated Financial Statements for the year ended December 31, 2023.
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Recent accounting pronouncements
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Recent accounting pronouncements Recent accounting pronouncements
Recently issued accounting standards
There are currently no accounting standard updates issued since the reporting date of our 2023 20-F that are expected to materially affect our Consolidated Financial Statements and related disclosures in future periods.
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Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from contracts with customers
The following table provides information about receivables and contract liabilities from our contracts with customers:
(In $ millions)As of June 30, 2024As of December 31,
2023
Accounts receivable, net185 222 
Current contract liabilities (classified within other current liabilities)(47)(31)
Non-current contract liabilities (classified within other non-current liabilities)(24)(33)
Significant changes in the contract liabilities balances during the three and six months ended June 30, 2024 are as follows:
(In $ millions)Contract Liabilities
Net contract liability as of January 1, 2024(64)
Amortization of revenue that was included in the beginning contract liability balance11 
Cash received, excluding amounts recognized as revenue(9)
Net contract liability as of March 31, 2024(62)
Amortization of revenue that was included in the beginning contract liability balance14 
Cash received, excluding amounts recognized as revenue(23)
Net contract liability at June 30, 2024(71)
Revenues are attributed to geographical locations based on the country of operations for drilling activities, i.e. the country where the revenues are generated. The following table presents our revenues by geographic area:
Three months ended June 30,Six months ended June 30,
(In $ millions)2024202320242023
United States86 133 180 190 
Brazil82 85 171 167 
Angola93 65 170 128 
Norway61 58 115 110 
Indonesia40 — 77 — 
Other (1)
13 73 29 85 
Total operating revenues375 414 742 680 
(1) Other represents countries in which we operate that individually had revenues representing less than 10% of total revenues earned for any of the periods presented.
We had the following customers with total revenues greater than 10% in any of the periods presented:
Three months ended June 30,Six months ended June 30,
(In $ millions)2024202320242023
Sonadrill23 %16 %20 %19 %
Petrobras16 %15 %17 %18 %
Premiere12 %— %11 %— %
Vår Energi10 %9 %9 %10 %
LLOG10 %8 %10 %10 %
BP— %16 %3 %10 %
Other29 %36 %30 %33 %
v3.24.2.u1
Taxation
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Taxation Taxation
v3.24.2.u1
Earnings per share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
The computation of basic earnings per share (“EPS”) is based on the weighted average number of shares outstanding during the period. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments, related to the effect of the convertible note and share based compensation. Refer to Note 9 – "Debt" for further details on the convertible note.

The components of the numerator for the calculation of basic and diluted EPS were as follows:
Three months ended June 30,Six months ended June 30,
(In $ millions)2024202320242023
Net income available stockholders253 94 313 137 
Effect of dilution (interest on convertible bond)2 2 3 3 
Diluted profit available to stockholders255 96 316 140 
The components of the denominator for the calculation of basic and diluted EPS were as follows:
Three months ended June 30,Six months ended June 30,
 (In millions)2024202320242023
Basic earnings per share: 
Weighted average number of common shares outstanding (1)70 80 71 65 
Diluted earnings per share: 
Effect of dilution3 3 3 3 
Weighted average number of common shares outstanding adjusted for the effects of dilution73 83 74 68 


(1) Weighted average number of common shares outstanding in the three and six months ended June 30, 2024 excludes shares repurchased during the period. Please refer to Note 18 – "Subsequent events" for details on additional shares repurchased after June 30, 2024.
The basic and diluted earnings per share were as follows:

Three months ended June 30,Six months ended June 30,
(In $)2024202320242023
Basic earnings per share3.611.184.412.11
Diluted earnings per share3.491.164.272.07
v3.24.2.u1
Restricted cash
 6 Months Ended
Jun. 30, 2024
Restricted Cash and Investments [Abstract]  
Restricted cash Restricted cash
Restricted cash as at June 30, 2024 and December 31, 2023 was as follows:
(In $ millions)As of June 30, 2024As of December 31, 2023
Cash held in escrow23 23 
Other4 8 
Total restricted cash27 31 
v3.24.2.u1
Other current and non-current assets
 6 Months Ended
Jun. 30, 2024
Other Assets [Abstract]  
Other current and non-current assets Other current and non-current assets
As at June 30, 2024 and December 31, 2023, other assets included the following:

(In $ millions)As of June 30, 2024As of December 31, 2023
Taxes receivable54 67
Prepaid expenses49 54
Deferred contract costs108 85 
Pre-funding of MSA manager arrangements26 23 
Other61 26 
Other assets298 255 
Other assets were presented in our Consolidated Balance Sheet as follows:
(In $ millions)As of June 30, 2024As of December 31, 2023
Other current assets210 199 
Other non-current assets88 56 
Total other assets298 255 
v3.24.2.u1
Investment in associated companies
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investment in associated companies Investment in associated companies
As of June 30, 2024 and December 31, 2023, the carrying values of our investments in associated companies were as follows:
(In $ millions)As of June 30, 2024As of December 31, 2023
Sonadrill66 80 
Gulfdrill (1)
— 10 
Total investment in associated companies66 90 
(1) Refer to Note 16 – "Disposal of Assets" for additional details related to the sale of equity interest in the Gulfdrill investment during the second quarter of 2024.
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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
The table below sets our external debt agreements as at June 30, 2024 and December 31, 2023:
(In $ millions)As of June 30, 2024As of December 31, 2023
Secured debt:
$575 million secured bond in issue
575575 
Total secured debt 575 575 
Unsecured bond:
Unsecured senior convertible bond50 50 
Total unsecured bond50 50 
Total principal debt 625 625 
Debt premium:
Premium on bond issuance1 1 
Total debt premium1 1 
Less: bond issuance costs
(17)(18)
Total debt 609 608 
$575 million secured bond in issue
In July 2023, Seadrill issued $500 million in aggregate principal amount of 8.375% Senior Secured Second Lien Notes due 2030 (the
“Initial Notes”) in an offering conducted pursuant to Rule 144A and Regulation S under the Securities Act. Subsequently, in August 2023, Seadrill issued an additional $75 million in aggregate principal amount of 8.375% Senior Secured Second Lien Notes due 2030 (the “Incremental Notes”), maturing on August 1, 2030, together (the "Notes"). The Incremental Notes were issued at 110.75% of par.
The net proceeds from the issuance of the Notes were used to: (i) prepay in full the outstanding amounts under our then existing secured debt facilities and (ii) pay fees associated with exiting such secured debt facilities. A total of $187 million was paid to satisfy the first lien facility, including principal, interest, and exit fees, along with an additional make-whole payment of $10 million. The second lien facility was completely repaid with a total payment of $123 million, which covered principal, interest, and exit fees.
Revolving credit facility
On July 27, 2023, Seadrill Limited, along with its subsidiary, Seadrill Finance Limited (“Seadrill Finance”), established a Senior Secured Revolving Credit Facility (the "Revolving Credit Facility"). The commitments under the Revolving Credit Facility, which carries a five-year term, became available for drawdown on July 27, 2023. The Revolving Credit Facility permits borrowings of up to $225 million in revolving credit for working capital and other corporate purposes and includes an ‘“accordion feature” allowing Seadrill to increase this limit by up to an additional $100 million, subject to agreement from the lenders. It also includes a provision for issuing letters of credit up to $50 million. The Revolving Credit Facility incurs interest at a rate equal to a specified margin plus the secured overnight financial rate. This facility has not been drawn to date. In addition, Seadrill is required to pay a quarterly commitment fee on any unused portion of the revolving credit.
Unsecured senior convertible bond
The $50 million unsecured senior convertible bond, issued on emergence from Chapter 11, has a maturity of August 2028 and bears interest, payable quarterly in cash, at the Term SOFR (as defined in the Note Purchase Agreement dated as of February 22, 2022, as amended (the "Note Purchase Agreement")), plus 6% on the aggregate principal amount of $50 million. The bond is convertible (in full and not in part) into Shares at a conversion rate of 52.6316 Shares per $1,000 principal amount of the bond, subject to certain adjustments set forth in the Note Purchase Agreement relating to the convertible bond. If not converted, a bullet repayment will become due on the maturity date.
v3.24.2.u1
Other liabilities
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Other liabilities Other liabilities
As at June 30, 2024 and December 31, 2023, other liabilities included the following:

(In $ millions)As of June 30, 2024As of December 31, 2023
Uncertain tax provisions174 170 
Accrued expenses
122 117
Contract liabilities71 64
Unfavorable drilling contracts34 52
Employee withheld taxes, social security and vacation payments40 54
Taxes payable26 33
Accrued interest expense21 21
Other liabilities52 54 
Total other liabilities540 565 
Other liabilities are presented in our Consolidated Balance Sheet as follows:
(In $ millions)As of June 30, 2024As of December 31, 2023
Other current liabilities324 336 
Other non-current liabilities216 229 
Total other liabilities540 565 
Unfavorable drilling contracts and management services contracts
The following table summarizes the movement in unfavorable drilling contracts and management services contracts for the six months ended June 30, 2024:
 (In $ millions)
Carrying amount
As at January 1, 202452 
Amortization(11)
As at March 31, 202441 
Amortization(7)
As at June 30, 202434 

The amortization is recognized in the Consolidated Statements of Operations as "Depreciation and amortization". As of June 30, 2024, the weighted average remaining amortization period for the unfavorable contracts is 16 months. The table below shows the amounts relating to unfavorable contracts that is expected to be amortized over the following periods:
Period ended December 31
(In $ millions)Remainder of 202420252026Total
Amortization of unfavorable contracts12 19 3 34 
v3.24.2.u1
Common shares
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Common shares Common shares
Share capital as of June 30, 2024 and December 31, 2023 was as follows:
Issued and fully paid share capital
SharesPar value each$ thousands
As of December 31, 2023 (1)
74,048,962 0.01 740 
Vesting of restricted stock units11,666 0.01 1 
As of March 31, 202474,060,628 0.01 741 
Vesting of restricted stock units4,767 0.01 — 
Cancelled Shares(5,252,263)0.01 (53)
As at June 30, 2024 (1)
68,813,132 0.01 688 
(1) As of June 30, 2024 and December 31, 2023, total common shares issued of 68,813,132 and 74,048,962, respectively, include 186,216 and 343,619 of common shares repurchased, pending cancellation as of the respective dates. These shares are considered retired for accounting purposes.

During the three months ended June 30, 2024, the Company repurchased approximately 2.5 million common shares on the NYSE and the OSE amounting to $125 million, with a weighted average share price of $50.68. During the six months ended June 30, 2024, the Company repurchased approximately 5.1 million common shares on the NYSE and the OSE amounting to $244 million, with a weighted average share price of $47.87.

On June 28, 2024, the Company cancelled 5,250,707 treasury shares acquired under the share repurchase program. The Company also cancelled an additional 1,556 treasury shares, which, in aggregate, constituted fractional shares not permitted to be distributed in connection with past share issuances.
v3.24.2.u1
Risk management and financial instruments
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Risk management and financial instruments Risk management and financial instruments
We are exposed to several market risks, including credit risk, foreign currency risk and interest rate risk. Our policy is to reduce our exposure to these risks, where possible, within boundaries deemed appropriate by our management team. This may include the use of derivative instruments.
Credit risk
We have financial assets, including cash and cash equivalents, accounts receivable, related party receivables, and other receivables. These assets expose us to credit risk arising from possible default by the counterparty. Most of the counterparties are creditworthy financial institutions or large oil and gas companies. We do not expect any significant loss to result from non-performance by such counterparties. We do not typically demand collateral in the normal course of business.
Concentration of risk 
There is a concentration of credit risk with respect to cash and cash equivalents to the extent that most of the amounts are carried with Citibank, DNB, and JP Morgan. We consider these risks to be remote, but, from time to time, we utilize instruments such as money market deposits to manage concentration of risk with respect to cash and cash equivalents. We also have a concentration of risk with respect to customers, including affiliated companies. For details on the customers with greater than 10% of contract revenues, refer to Note 3 – "Revenue from contracts with customers". For details on amounts due from affiliated companies, refer to Note 13 - "Related party transactions".
Foreign exchange risk
It is customary in the oil and gas industry that a majority of our revenues and expenses are denominated in U.S. dollars, which is the functional currency of our subsidiaries and equity method investees. However, a portion of the revenues and expenses of certain of our subsidiaries and equity method investees are denominated in other currencies. We are therefore exposed to foreign exchange gains and losses that may arise on the revaluation or settlement of monetary balances denominated in foreign currencies.
Our foreign exchange exposures primarily relate to cash and working capital balances denominated in foreign currencies. We do not expect these exposures to cause a significant amount of fluctuation in net income and do not currently hedge them. The effect of fluctuations in currency exchange rates arising from our international operations has not had a material impact on our overall operating results.
Interest rate risk
The majority of our debt portfolio is on a fixed interest rate. Please refer to Note 9 – "Debt" for further details.
v3.24.2.u1
Related party transactions
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
As of June 30, 2024, our major related party is the Sonadrill joint venture, over which we hold significant influence.
Related party revenue
The below table provides an analysis of related party revenues for periods presented in this report.

Three months ended June 30,Six months ended June 30,
 (In $ millions)
2024202320242023
Management fees revenues (a)
62 55 117 112 
Add-on Services3 4 6 8 
Reimbursable revenue (b)
3 3 7 6 
Leasing revenue (c)
26 7 37 14 
Other2 3 5 6 
Total related party operating revenues96 72 172 146 
(a) Seadrill has provided management and administrative services to Sonadrill, SeaMex, and PES, and operational and technical support services to SeaMex and Sonadrill. These services were charged to our affiliates on a cost-plus mark-up or dayrate basis. Following the disposal of our remaining 35% equity interest in PES on February 24, 2023, PES and SeaMex are no longer related parties of Seadrill and any revenue earned subsequent to that date has been excluded from the above results.
(b) We recognized reimbursable revenues from Sonadrill for project work related to the Libongos, Quenguela, and West Gemini rigs.
(c) Leasing revenue earned on the charter of the West Castor, West Telesto and West Tucana to Gulfdrill prior to disposal in June 2024, as well as leasing revenue earned on the West Gemini with Sonadrill.
Related party receivable balances
The below table provides an analysis of related party receivable balances for periods presented in this report.
(In $ millions)As of June 30, 2024As of December 31, 2023
Trading and other balances (e)
31 9
Amounts due from related parties, net31 9
(e) Trading and other balances comprise receivables from Sonadrill as of June 30, 2024. Per our contractual terms, these balances are either settled monthly or quarterly in arrears, or in certain cases, in advance.
Other related party transactions
We have made guarantees over performance to end customers on behalf of Sonadrill. We have not recognized a liability for any of these guarantees as we do not consider it to be probable that the guarantees will be called.
v3.24.2.u1
Commitments and contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
We recognize loss contingencies in the Consolidated Financial Statements where it is probable that an outflow of economic benefits will
be required to settle an obligation, and the amount is reasonably estimable.
Legal Proceedings
SFL Hercules Ltd
On March 5, 2023, Seadrill was served with a claim from SFL Hercules Ltd., filed in the Oslo District Court in Norway, relating to our redelivery of the rig West Hercules to SFL in December 2022. In its petition, SFL claims that the rig was not redelivered in the condition required under our contract with SFL. SFL, in its initial and supplemental pleadings, seeks damages in the amount of approximately NOK588 million (approximately $55 million as of June 30, 2024). The court hearing is scheduled to begin in August 2024 and is expected to last for eight weeks. We continue to assess the claim and intend to vigorously defend our position.
Sonadrill fees claim
In March 2023, Seadrill was served with a claim from an individual (the “Claimant”) filed in the High Court of Justice, Business and Property Courts of England and Wales, King’s Bench Division, Commercial Court. The Claimant alleges breach of contract and unjust enrichment damages of approximately $72 million related to an alleged failure by the Company to pay the Claimant a fee for services in arranging the Sonadrill joint venture. We do not believe that the Claimant is entitled to the fee claimed and intend to vigorously defend our position.
Nigerian Cabotage Act litigation
In November 2015, the Nigerian Maritime Administration and Safety Agency ("NMASA") issued a detention in respect of the rig West Capella for failure to comply with requirements of the Coastal and Inland Shipping (Cabotage) Act 2003 (the "Cabotage Act"), specifically, failure to pay a Cabotage fee of 2% on contract revenue. While the named party is Seadrill Mobile Units Nigeria Ltd (previously an Aquadrill entity, acquired by Seadrill upon the merger of Seadrill and Aquadrill) ("SMUNL"), the matter relates to three rigs: the West Capella, West Saturn and West Jupiter. SMUNL commenced proceedings in May 2016 against the Honourable Minister for Transportation, the Attorney General of the Federation and NMASA with respect to interpretation of the Cabotage Act. On June 14, 2019, the Federal High Court of Nigeria delivered a judgement finding that: (1) Drilling operations fall within the definition of "Coastal Trade" or "Cabotage" under the Cabotage Act and (2) Drilling Rigs fall within the definition of "Vessels" under the Cabotage Act. On the basis of this decision, SMUNL and Seadrill were required to deduct 2%, or approximately $69 million, of their contract value and remit the same to NMASA. On June 24, 2019, the Court of Appeals sitting in Lagos ("COA") issued a conflicting judgment in Transocean Support Services Nigeria & Ors v NIMASA & Anor, finding drilling rigs cannot be deemed vessels under the Cabotage Act pending appeal. Due to the volume of cases currently being handled by the COA, the Registry of the COA is yet to schedule the hearing date for the appeal. We anticipate a decision in 2024. Although we intend to strongly pursue this appeal, we cannot predict the outcome of this case.
Brazil tax audit
Seadrill Serviços de Petróleo Ltda ("Seadrill Brazil") has a long-standing tax audit relating to years 2009 and 2010, which is being litigated through the Brazilian courts. The initial court ruled in favor of Seadrill Brazil, but the appellate court reversed the lower court decision in September 2023 and ruled in favor of the tax authorities, assessing a tax and interest thereon of approximately $59 million and $9 million, respectively. We will vigorously defend our position and, in the first quarter of 2024, our appeal was admitted by the higher courts, but the ultimate timing and outcome of this litigation cannot be determined. There are additional open cases relating to 2012, 2016, and 2017, where a similar principle is being contested, which are at various stages through the courts, for an aggregate assessed amount, including tax and interest, of approximately $77 million.
In order to litigate the tax audit relating to years 2009 and 2010, Seadrill Brazil has entered into an agreement for an insurance bond of BRL396 million ($71 million as of June 30, 2024), which is supported by a parent company guarantee.
Other matters
In addition to the foregoing, from time to time we are a named defendant or party in certain other lawsuits, claims or proceedings arising in the ordinary course of business or in connection with our acquisition and disposal activities. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty, and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results and cash flows.
Guarantees
We have issued performance guarantees for potential liabilities that may result from drilling activities under current or previously managed rig arrangements with Sonadrill and Northern Ocean. As of June 30, 2024, we had not recognized any liabilities for these guarantees as we do not consider it probable that the guarantees will be called. The guarantees provided on behalf of Sonadrill have been capped at $1.1 billion (December 31, 2023: $1.1 billion), in the aggregate, across the three rigs operating in the joint venture on three active, and one future, contract. The guarantees provided on behalf of Northern Ocean have been capped at $100 million (December 31, 2023: $100 million).
v3.24.2.u1
Fair value of financial instruments
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair value of financial instruments Fair value of financial instruments
Fair value of financial instruments measured at amortized cost
The carrying value and estimated fair value of our financial instruments that are measured at amortized cost as at June 30, 2024 and December 31, 2023 are as follows:

As of June 30, 2024As of December 31, 2023
(In $ millions)Fair
value		Carrying
value		Fair
value		Carrying
value
Liabilities
$575 million secured bond in issue (Level 1)
600 559 597 558 
Unsecured Convertible note - debt component (Level 3)
59 50 49 50 
Fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within level 3 of the hierarchy).
Financial instruments categorized as level 1
The fair value of the $575 million secured bond is based on market traded value. We have categorized this at level 1 on the fair value measurement hierarchy.
Financial instruments categorized as level 3
The fair value attributed to the unsecured convertible bond is bifurcated into two elements: the straight debt component is derived through a discounted cash flow approach, and the conversion option, which is derived through an option pricing model which forecasts equity volatility and compares the potential conversion redemption against historical and implied equity movements in comparable companies in our industry. The conversion option was recorded in equity at the point the bond was issued and, therefore, has not been included in the table above.
Our accounts receivable, amounts due from related parties and accounts payable are by their nature short-term. As a result, the carrying values included in our Consolidated Balance Sheets approximate fair value.
Financial instruments measured at fair value on a recurring basis
The carrying value and estimated fair value of our financial instruments that are measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023 are as follows: 
As of June 30, 2024As of' December 31, 2023
(In $ millions)Fair
value		Carrying
value		Fair
value		Carrying
value
Assets
Cash and cash equivalents (Level 1)
835 835 697 697 
Restricted cash (Level 1)
27 27 31 31 
Level 1 fair value measurements
The carrying value of cash and cash equivalents and restricted cash, which are highly liquid, is a reasonable estimate of fair value and are categorized at level 1 of the fair value hierarchy.
v3.24.2.u1
Disposal of assets
 6 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Disposal of assets Disposal of Assets On May 16, 2024, Seadrill entered into a definitive agreement to sell three jackup rigs, the West Castor, West Telesto, and West Tucana, and its 50% equity interest in the joint venture that operated these rigs offshore Qatar, to Seadrill's joint venture partner, Gulf Drilling International for cash proceeds of $338 million. The closing of the sale occurred in June 2024, and a gain of $203 million, net of transaction costs, has been recognized in the second quarter of 2024 associated with the disposal of these assets.
v3.24.2.u1
Business Combinations
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combination Business Combinations
Aquadrill acquisition
On the Closing Date, Seadrill completed the acquisition of Aquadrill, an offshore drilling rig owner. Pursuant to the Merger Agreement, Merger Sub merged with and into Aquadrill, with Aquadrill surviving the Merger as a wholly owned subsidiary of Seadrill. In connection with the Merger, and pursuant to the Merger Agreement, Seadrill exchanged consideration consisting of (i) 29.9 million Seadrill common shares, (ii) $30 million settled by tax withholding in lieu of common shares, and (iii) cash consideration of $1 million. At the Closing Date, Aquadrill unitholders represented approximately 37% of Seadrill's post-Merger issued and outstanding Shares.

As a result of the Merger, Seadrill acquired Aquadrill’s four drillships, one semi-submersible and three tender-assist units. On May 19, 2023, Seadrill entered into definitive sale and purchase agreements to sell the three tender-assist units (T-15, T-16, and West Vencedor), acquired in the Merger, with an agreed aggregate sale price of approximately $84 million. The sale completed on July 28, 2023.
In connection with this acquisition, the Company incurred $3 million and $16 million of acquisition and integration related expenses during the three months ended June 30, 2024 and 2023, respectively, and $5 million and $19 million of acquisition and integration related expenses during the six months ended June 30, 2024 and 2023, respectively. These expenses are included in "Merger and integration related expenses" on the Consolidated Statements of Operations. In addition, the Company incurred $4 million of issuance costs at acquisition, which have been reflected against the fair value of the Shares as a reduction to "Additional paid-in capital" in the Consolidated Statements of Changes in Shareholders' Equity.

We used a convenience date of April 1, 2023 (the "Convenience Date") to account for this acquisition and have recorded activity from the Convenience Date in Seadrill's results.

Pro forma financial information
The following unaudited pro forma summary presents the results of operations as if the Merger had occurred on February 23, 2022, the date the Company emerged from Chapter 11. The pro forma summary uses estimates and assumptions based on information available at the time. We believe the estimates and assumptions are reasonable, however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not purport to be indicative of results of operations that would have occurred had the Merger occurred on the basis assumed above, nor is such information indicative of our expected future results. The pro forma results of operations do not reflect any cost savings or other synergies that might have been achieved from combining the operations or any estimated costs that have not yet been incurred to integrate Aquadrill assets.
(In $ millions, except per share data)Three months ended June 30, 2023Six months ended June 30, 2023
Operating revenue414 758 
Net income82 121 
Basic EPS ($)1.03 1.52 
Diluted EPS ($)1.02 1.50 
These pro forma amounts have been calculated after adjusting the results to reflect (i) the additional depreciation and amortization that would have been charged assuming the fair value adjustments to drilling units and off-market contract liabilities had been applied from February 23, 2022, and (ii) removal of any pre-acquisition revenues and expenses between Seadrill and Aquadrill.
On July 28, 2023, the Company completed the sale of the tender-assist units. The table below summarizes the results of operations related to the tender-assist units included in the pro forma results of operations:
(in $ millions)Three months ended June 30, 2023Six months ended June 30, 2023
Operating revenue612
Loss from continuing operations(2)(3)
v3.24.2.u1
Subsequent events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent events Subsequent events
Share repurchase program
For the period from July 1, 2024 through August 2, 2024, pursuant to its share repurchase program, Seadrill repurchased approximately 1.1 million common shares on the NYSE and the OSE, with a weighted average share price of $52.62.
v3.24.2.u1
Recent accounting pronouncements (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation
The Consolidated Financial Statements are presented in accordance with generally accepted accounting principles in the United States of America ("US GAAP"). The amounts are presented in United States dollar ("US dollar", "$" or "US$") rounded to the nearest million, unless otherwise stated. They include the financial statements of Seadrill Limited and its consolidated subsidiaries.
The accompanying unaudited interim financial statements, in the opinion of management, include all material adjustments that are considered necessary for a fair statement of the Company’s financial statements in accordance with generally accepted accounting principles in the United States of America. The accompanying unaudited interim condensed Consolidated Financial Statements do not include all of the disclosures required in complete annual financial statements. These financial statements should be read in conjunction with our 2023 20-F.
The financial information in this report has been prepared on the basis that we will continue as a going concern, which presumes that we will be able to realize our assets and discharge our liabilities in the normal course of business as they come due.
Reclassifications
Reclassifications
Effective in the first quarter of 2024, we have classified reimbursable revenues and expenses associated with joint ventures as "Reimbursable revenues" and "Reimbursable expenses", respectively, in order to enhance the presentation of the arrangements and to reflect the underlying nature of these transactions. To conform to current period presentation, $5 million of "Management contract revenues" and "Management contract expenses" for the three months ended June 30, 2023, and $8 million of "Management contract revenues" and "Management contract expenses" for the six months ended June 30, 2023, have been reclassified to "Reimbursable revenues" and "Reimbursable expenses", respectively.
Effective in the second quarter of 2024, we have classified revenues from our bareboat charter agreements as "Leasing revenues", in order to enhance the presentation of the arrangements. To conform to the current period presentation, $7 million and $14 million of "Other revenues" for the three and six months ended June 30, 2023, respectively, have been reclassified to "Leasing revenues".
Significant accounting policies and recently issued accounting standards
Significant accounting policies
The accounting policies adopted in the preparation of the unaudited interim financial statements as of and for the three and six months ended June 30, 2024 are consistent with those followed in the preparation of our annual audited Consolidated Financial Statements for the year ended December 31, 2023.
Recently issued accounting standards
There are currently no accounting standard updates issued since the reporting date of our 2023 20-F that are expected to materially affect our Consolidated Financial Statements and related disclosures in future periods.
Credit risk and Concentration of risk
Credit risk
We have financial assets, including cash and cash equivalents, accounts receivable, related party receivables, and other receivables. These assets expose us to credit risk arising from possible default by the counterparty. Most of the counterparties are creditworthy financial institutions or large oil and gas companies. We do not expect any significant loss to result from non-performance by such counterparties. We do not typically demand collateral in the normal course of business.
Concentration of risk 
There is a concentration of credit risk with respect to cash and cash equivalents to the extent that most of the amounts are carried with Citibank, DNB, and JP Morgan. We consider these risks to be remote, but, from time to time, we utilize instruments such as money market deposits to manage concentration of risk with respect to cash and cash equivalents. We also have a concentration of risk with respect to customers, including affiliated companies. For details on the customers with greater than 10% of contract revenues, refer to Note 3 – "Revenue from contracts with customers". For details on amounts due from affiliated companies, refer to Note 13 - "Related party transactions".
Foreign exchange risk
Foreign exchange risk
It is customary in the oil and gas industry that a majority of our revenues and expenses are denominated in U.S. dollars, which is the functional currency of our subsidiaries and equity method investees. However, a portion of the revenues and expenses of certain of our subsidiaries and equity method investees are denominated in other currencies. We are therefore exposed to foreign exchange gains and losses that may arise on the revaluation or settlement of monetary balances denominated in foreign currencies.
Our foreign exchange exposures primarily relate to cash and working capital balances denominated in foreign currencies. We do not expect these exposures to cause a significant amount of fluctuation in net income and do not currently hedge them. The effect of fluctuations in currency exchange rates arising from our international operations has not had a material impact on our overall operating results.
Interest rate risk
Interest rate risk
The majority of our debt portfolio is on a fixed interest rate. Please refer to Note 9 – "Debt" for further details.
v3.24.2.u1
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of contract assets and contract liabilities from contracts with customers
The following table provides information about receivables and contract liabilities from our contracts with customers:
(In $ millions)As of June 30, 2024As of December 31,
2023
Accounts receivable, net185 222 
Current contract liabilities (classified within other current liabilities)(47)(31)
Non-current contract liabilities (classified within other non-current liabilities)(24)(33)
Significant changes in the contract liabilities balances during the three and six months ended June 30, 2024 are as follows:
(In $ millions)Contract Liabilities
Net contract liability as of January 1, 2024(64)
Amortization of revenue that was included in the beginning contract liability balance11 
Cash received, excluding amounts recognized as revenue(9)
Net contract liability as of March 31, 2024(62)
Amortization of revenue that was included in the beginning contract liability balance14 
Cash received, excluding amounts recognized as revenue(23)
Net contract liability at June 30, 2024(71)
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas The following table presents our revenues by geographic area:
Three months ended June 30,Six months ended June 30,
(In $ millions)2024202320242023
United States86 133 180 190 
Brazil82 85 171 167 
Angola93 65 170 128 
Norway61 58 115 110 
Indonesia40 — 77 — 
Other (1)
13 73 29 85 
Total operating revenues375 414 742 680 
(1) Other represents countries in which we operate that individually had revenues representing less than 10% of total revenues earned for any of the periods presented.
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
We had the following customers with total revenues greater than 10% in any of the periods presented:
Three months ended June 30,Six months ended June 30,
(In $ millions)2024202320242023
Sonadrill23 %16 %20 %19 %
Petrobras16 %15 %17 %18 %
Premiere12 %— %11 %— %
Vår Energi10 %9 %9 %10 %
LLOG10 %8 %10 %10 %
BP— %16 %3 %10 %
Other29 %36 %30 %33 %
v3.24.2.u1
Earnings per share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of calculation of basic and diluted EPS
The components of the numerator for the calculation of basic and diluted EPS were as follows:
Three months ended June 30,Six months ended June 30,
(In $ millions)2024202320242023
Net income available stockholders253 94 313 137 
Effect of dilution (interest on convertible bond)2 2 3 3 
Diluted profit available to stockholders255 96 316 140 
The components of the denominator for the calculation of basic and diluted EPS were as follows:
Three months ended June 30,Six months ended June 30,
 (In millions)2024202320242023
Basic earnings per share: 
Weighted average number of common shares outstanding (1)70 80 71 65 
Diluted earnings per share: 
Effect of dilution3 3 3 3 
Weighted average number of common shares outstanding adjusted for the effects of dilution73 83 74 68 


(1) Weighted average number of common shares outstanding in the three and six months ended June 30, 2024 excludes shares repurchased during the period. Please refer to Note 18 – "Subsequent events" for details on additional shares repurchased after June 30, 2024.
The basic and diluted earnings per share were as follows:

Three months ended June 30,Six months ended June 30,
(In $)2024202320242023
Basic earnings per share3.611.184.412.11
Diluted earnings per share3.491.164.272.07
v3.24.2.u1
Restricted cash (Tables)
 6 Months Ended
Jun. 30, 2024
Restricted Cash and Investments [Abstract]  
Schedule of restricted cash
Restricted cash as at June 30, 2024 and December 31, 2023 was as follows:
(In $ millions)As of June 30, 2024As of December 31, 2023
Cash held in escrow23 23 
Other4 8 
Total restricted cash27 31 
v3.24.2.u1
Other current and non-current assets (Tables)
 6 Months Ended
Jun. 30, 2024
Other Assets [Abstract]  
Schedule of other assets
As at June 30, 2024 and December 31, 2023, other assets included the following:

(In $ millions)As of June 30, 2024As of December 31, 2023
Taxes receivable54 67
Prepaid expenses49 54
Deferred contract costs108 85 
Pre-funding of MSA manager arrangements26 23 
Other61 26 
Other assets298 255 
Other assets were presented in our Consolidated Balance Sheet as follows:
(In $ millions)As of June 30, 2024As of December 31, 2023
Other current assets210 199 
Other non-current assets88 56 
Total other assets298 255 
v3.24.2.u1
Investment in associated companies (Tables)
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of investment in associated companies
As of June 30, 2024 and December 31, 2023, the carrying values of our investments in associated companies were as follows:
(In $ millions)As of June 30, 2024As of December 31, 2023
Sonadrill66 80 
Gulfdrill (1)
— 10 
Total investment in associated companies66 90 
(1) Refer to Note 16 – "Disposal of Assets" for additional details related to the sale of equity interest in the Gulfdrill investment during the second quarter of 2024.
v3.24.2.u1
Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of debt
The table below sets our external debt agreements as at June 30, 2024 and December 31, 2023:
(In $ millions)As of June 30, 2024As of December 31, 2023
Secured debt:
$575 million secured bond in issue
575575 
Total secured debt 575 575 
Unsecured bond:
Unsecured senior convertible bond50 50 
Total unsecured bond50 50 
Total principal debt 625 625 
Debt premium:
Premium on bond issuance1 1 
Total debt premium1 1 
Less: bond issuance costs
(17)(18)
Total debt 609 608 
v3.24.2.u1
Other liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
As at June 30, 2024 and December 31, 2023, other liabilities included the following:

(In $ millions)As of June 30, 2024As of December 31, 2023
Uncertain tax provisions174 170 
Accrued expenses
122 117
Contract liabilities71 64
Unfavorable drilling contracts34 52
Employee withheld taxes, social security and vacation payments40 54
Taxes payable26 33
Accrued interest expense21 21
Other liabilities52 54 
Total other liabilities540 565 
Other liabilities are presented in our Consolidated Balance Sheet as follows:
(In $ millions)As of June 30, 2024As of December 31, 2023
Other current liabilities324 336 
Other non-current liabilities216 229 
Total other liabilities540 565 
Movement in Unfavorable Drilling Contracts
The following table summarizes the movement in unfavorable drilling contracts and management services contracts for the six months ended June 30, 2024:
 (In $ millions)
Carrying amount
As at January 1, 202452 
Amortization(11)
As at March 31, 202441 
Amortization(7)
As at June 30, 202434 
Amounts Relating To Unfavorable Contracts That Is Expected To Be Amortized The table below shows the amounts relating to unfavorable contracts that is expected to be amortized over the following periods:
Period ended December 31
(In $ millions)Remainder of 202420252026Total
Amortization of unfavorable contracts12 19 3 34 
v3.24.2.u1
Common shares (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of share capital
Share capital as of June 30, 2024 and December 31, 2023 was as follows:
Issued and fully paid share capital
SharesPar value each$ thousands
As of December 31, 2023 (1)
74,048,962 0.01 740 
Vesting of restricted stock units11,666 0.01 1 
As of March 31, 202474,060,628 0.01 741 
Vesting of restricted stock units4,767 0.01 — 
Cancelled Shares(5,252,263)0.01 (53)
As at June 30, 2024 (1)
68,813,132 0.01 688 
(1) As of June 30, 2024 and December 31, 2023, total common shares issued of 68,813,132 and 74,048,962, respectively, include 186,216 and 343,619 of common shares repurchased, pending cancellation as of the respective dates. These shares are considered retired for accounting purposes.
v3.24.2.u1
Related party transactions (Tables)
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Schedule of related party transactions
The below table provides an analysis of related party revenues for periods presented in this report.

Three months ended June 30,Six months ended June 30,
 (In $ millions)
2024202320242023
Management fees revenues (a)
62 55 117 112 
Add-on Services3 4 6 8 
Reimbursable revenue (b)
3 3 7 6 
Leasing revenue (c)
26 7 37 14 
Other2 3 5 6 
Total related party operating revenues96 72 172 146 
(a) Seadrill has provided management and administrative services to Sonadrill, SeaMex, and PES, and operational and technical support services to SeaMex and Sonadrill. These services were charged to our affiliates on a cost-plus mark-up or dayrate basis. Following the disposal of our remaining 35% equity interest in PES on February 24, 2023, PES and SeaMex are no longer related parties of Seadrill and any revenue earned subsequent to that date has been excluded from the above results.
(b) We recognized reimbursable revenues from Sonadrill for project work related to the Libongos, Quenguela, and West Gemini rigs.
(c) Leasing revenue earned on the charter of the West Castor, West Telesto and West Tucana to Gulfdrill prior to disposal in June 2024, as well as leasing revenue earned on the West Gemini with Sonadrill.
Related party receivable balances
The below table provides an analysis of related party receivable balances for periods presented in this report.
(In $ millions)As of June 30, 2024As of December 31, 2023
Trading and other balances (e)
31 9
Amounts due from related parties, net31 9
(e) Trading and other balances comprise receivables from Sonadrill as of June 30, 2024. Per our contractual terms, these balances are either settled monthly or quarterly in arrears, or in certain cases, in advance.
v3.24.2.u1
Fair value of financial instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of fair value of financial instruments measured at amortized cost
The carrying value and estimated fair value of our financial instruments that are measured at amortized cost as at June 30, 2024 and December 31, 2023 are as follows:

As of June 30, 2024As of December 31, 2023
(In $ millions)Fair
value		Carrying
value		Fair
value		Carrying
value
Liabilities
$575 million secured bond in issue (Level 1)
600 559 597 558 
Unsecured Convertible note - debt component (Level 3)
59 50 49 50 
Schedule of fair value of financial instruments measured at fair value
The carrying value and estimated fair value of our financial instruments that are measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023 are as follows: 
As of June 30, 2024As of' December 31, 2023
(In $ millions)Fair
value		Carrying
value		Fair
value		Carrying
value
Assets
Cash and cash equivalents (Level 1)
835 835 697 697 
Restricted cash (Level 1)
27 27 31 31 
v3.24.2.u1
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Acquisition, Pro Forma Information The pro forma results of operations do not reflect any cost savings or other synergies that might have been achieved from combining the operations or any estimated costs that have not yet been incurred to integrate Aquadrill assets.
(In $ millions, except per share data)Three months ended June 30, 2023Six months ended June 30, 2023
Operating revenue414 758 
Net income82 121 
Basic EPS ($)1.03 1.52 
Diluted EPS ($)1.02 1.50 
The table below summarizes the results of operations related to the tender-assist units included in the pro forma results of operations:
(in $ millions)Three months ended June 30, 2023Six months ended June 30, 2023
Operating revenue612
Loss from continuing operations(2)(3)
v3.24.2.u1
General information (Details)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Apr. 03, 2023
USD ($)
rig
shares
Apr. 01, 2023
USD ($)
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Related Party Transaction [Line Items]            
Management contract revenues [1]     $ 65 $ 61 $ 123 $ 122
Management contract expenses     41 42 79 84
Leasing revenues (1) [1]     26 7 37 14
Aquadrill LLC            
Related Party Transaction [Line Items]            
Stock issued during period, shares, acquisitions (in shares) | shares 29.9 29.9        
Consideration settled by tax withholding $ 30 $ 30        
Consideration settled in cash $ 1 $ 1        
Number of drillships | rig 4          
Number of semi-submersible units | rig 1          
Number of tender-assisted rigs | rig 3          
Reimbursable revenues and expenses            
Related Party Transaction [Line Items]            
Revenue [1]     15 14 35 23
Cost of goods and services sold     14 13 34 22
Other revenues            
Related Party Transaction [Line Items]            
Revenue [1]     $ 2 3 $ 5 6
Previously Reported            
Related Party Transaction [Line Items]            
Management contract revenues       5   8
Previously Reported | Other revenues            
Related Party Transaction [Line Items]            
Revenue       7   14
Revision of Prior Period, Reclassification, Adjustment            
Related Party Transaction [Line Items]            
Leasing revenues (1)       7   14
Revision of Prior Period, Reclassification, Adjustment | Reimbursable revenues and expenses            
Related Party Transaction [Line Items]            
Revenue       $ 5   $ 8
[1] Includes revenue received from related parties of $96 million and $172 million, for the three and six months ended June 30, 2024, respectively, and $72 million and $146 million for the three and six, months ended June 30, 2023, respectively. Refer to Note 13 - "Related party transactions" for further details.
v3.24.2.u1
Revenue from Contracts with Customers - Receivables, Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Revenue, Major Customer [Line Items]    
Current contract liabilities (classified within other current liabilities) $ (47) $ (31)
Non-current contract liabilities (classified within other non-current liabilities) (24) (33)
Nonrelated Party    
Revenue, Major Customer [Line Items]    
Accounts receivable, net $ 185 $ 222
v3.24.2.u1
Revenue from Contracts with Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract liabilities, beginning balance $ (62) $ (64)
Amortization of revenue that was included in the beginning contract liability balance 14 11
Cash received, excluding amounts recognized as revenue (23) (9)
Contract liabilities, ending balance $ (71) $ (62)
v3.24.2.u1
Revenue from Contracts with Customers - Geographic (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total operating revenues $ 375 $ 414 $ 742 $ 680
United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total operating revenues 86 133 180 190
Brazil        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total operating revenues 82 85 171 167
Angola        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total operating revenues 93 65 170 128
Norway        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total operating revenues 61 58 115 110
Indonesia        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total operating revenues 40 0 77 0
Other        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total operating revenues $ 13 $ 73 $ 29 $ 85
v3.24.2.u1
Revenue from Contracts with Customers - Major Customers (Details) - Contract revenues - Customer concentration risk
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
BP        
Revenue, Major Customer [Line Items]        
Concentration risk percentage 0.00% 16.00% 3.00% 10.00%
Sonadrill        
Revenue, Major Customer [Line Items]        
Concentration risk percentage 23.00% 16.00% 20.00% 19.00%
Petrobras        
Revenue, Major Customer [Line Items]        
Concentration risk percentage 16.00% 15.00% 17.00% 18.00%
Premiere        
Revenue, Major Customer [Line Items]        
Concentration risk percentage 12.00% 0.00% 11.00% 0.00%
Vår Energi        
Revenue, Major Customer [Line Items]        
Concentration risk percentage 10.00% 9.00% 9.00% 10.00%
LLOG        
Revenue, Major Customer [Line Items]        
Concentration risk percentage 10.00% 8.00% 10.00% 10.00%
Other        
Revenue, Major Customer [Line Items]        
Concentration risk percentage 29.00% 36.00% 30.00% 33.00%
v3.24.2.u1
Taxation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax expense $ 3 $ 13 $ 13 $ 14
Effective tax rate 1.20% 12.10% 4.00% 9.30%
v3.24.2.u1
Earnings per share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]            
Net income $ 253 $ 60 $ 94 $ 43 $ 313 $ 137
Effect of dilution (interest on convertible bond) 2   2   3 3
Diluted profit available to stockholders $ 255   $ 96   $ 316 $ 140
Basic earnings per share:            
Weighted average number of common shares outstanding (in shares) 70   80   71 65
Diluted earnings per share:            
Effect on dilution (in shares) 3   3   3 3
Weighted average number of common shares outstanding adjusted for the effects of dilution (in shares) 73   83   74 68
Basic EPS (in usd per share) $ 3.61   $ 1.18   $ 4.41 $ 2.11
Diluted EPS (in usd per share) $ 3.49   $ 1.16   $ 4.27 $ 2.07
v3.24.2.u1
Restricted cash (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]    
Total restricted cash $ 27 $ 31
Cash held in escrow    
Restricted Cash and Cash Equivalents Items [Line Items]    
Total restricted cash 23 23
Other    
Restricted Cash and Cash Equivalents Items [Line Items]    
Total restricted cash $ 4 $ 8
v3.24.2.u1
Other current and non-current assets - Other Asset Balances (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Other Assets [Abstract]    
Taxes receivable $ 54 $ 67
Prepaid expenses 49 54
Deferred contract costs 108 85
Pre-funding of MSA manager arrangements 26 23
Other 61 26
Total other assets $ 298 $ 255
v3.24.2.u1
Other current and non-current assets - Balance Sheet Presentation (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Other Assets [Abstract]    
Other current assets $ 210 $ 199
Other non-current assets 88 56
Total other assets $ 298 $ 255
v3.24.2.u1
Investment in associated companies (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]    
Investments in associated companies $ 66 $ 90
Sonadrill    
Schedule of Equity Method Investments [Line Items]    
Investments in associated companies 66 80
Gulfdrill    
Schedule of Equity Method Investments [Line Items]    
Investments in associated companies $ 0 $ 10
v3.24.2.u1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total principal debt $ 625 $ 625
Premium on bond issuance 1 1
Total debt premium 1 1
Less: bond issuance costs (17) (18)
Total debt 609 608
Secured Debt    
Debt Instrument [Line Items]    
Total principal debt 575 575
Unsecured Debt    
Debt Instrument [Line Items]    
Total principal debt 50 50
Second Lien Facility | Secured Debt    
Debt Instrument [Line Items]    
Total principal debt 575 575
Unsecured senior convertible bond | Unsecured Debt    
Debt Instrument [Line Items]    
Total principal debt $ 50 $ 50
v3.24.2.u1
Debt - Narrative (Details) - USD ($)
 1 Months Ended 6 Months Ended
Jul. 27, 2023
Aug. 31, 2023
Jun. 30, 2024
Dec. 31, 2023
Jul. 31, 2023
Debt Instrument [Line Items]          
Total principal debt     $ 625,000,000 $ 625,000,000  
Long-term debt     609,000,000 608,000,000  
Secured Debt          
Debt Instrument [Line Items]          
Total principal debt     575,000,000 575,000,000  
Second Lien Facility          
Debt Instrument [Line Items]          
Payment for debt extinguishment or debt prepayment cost   $ 123,000,000      
Second Lien Facility | Secured Debt          
Debt Instrument [Line Items]          
Total principal debt     575,000,000 $ 575,000,000  
Second Lien Facility | Secured Debt | Seadrill Finance          
Debt Instrument [Line Items]          
Debt instrument, face amount   $ 75,000,000     $ 500,000,000
Debt instrument, interest rate, stated percentage   8.375%     8.375%
Debt instrument, issuance, percentage   1.1075      
First lien facility          
Debt Instrument [Line Items]          
Payment for debt extinguishment or debt prepayment cost   $ 187,000,000      
Payment for debt extinguishment, make-whole payment   $ 10,000,000      
Five Year First Lien Revolving Credit Facility | Line of Credit | Revolving Credit Facility          
Debt Instrument [Line Items]          
Debt instrument, term 5 years        
Maximum borrowing capacity $ 225,000,000        
Line of credit facility, accordion feature, increase limit 100,000,000        
Five Year First Lien Revolving Credit Facility | Line of Credit | Letter of Credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 50,000,000        
Unsecured senior convertible bond | Unsecured Notes          
Debt Instrument [Line Items]          
Long-term debt     $ 50,000,000    
Basis spread on variable rate (as a percent)     6.00%    
Hermen convertible bond | Convertible debt          
Debt Instrument [Line Items]          
Debt conversion, converted instrument, shares issued (in shares)     52.6316    
Derivative notional amount     $ 1,000    
v3.24.2.u1
Other liabilities - Liability Balances (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Other Liabilities [Abstract]      
Uncertain tax provisions $ 174   $ 170
Accrued expenses 122   117
Unfavorable drilling contracts 34   52
Contract liabilities 71 $ 62 64
Employee withheld taxes, social security and vacation payments 40   54
Taxes payable 26   33
Accrued interest expense 21   21
Other liabilities 52   54
Total other liabilities $ 540   $ 565
v3.24.2.u1
Other liabilities - Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Other Liabilities [Abstract]    
Other current liabilities $ 324 $ 336
Other non-current liabilities 216 229
Total other liabilities $ 540 $ 565
v3.24.2.u1
Other liabilities - Movement In Unfavorable Drilling Contracts (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Movement in Unfavorable Drilling Contracts [Roll Forward]    
Net carrying amount, beginning balance $ 41 $ 52
Amortization (7) (11)
Net carrying amount, ending balance $ 34 $ 41
v3.24.2.u1
Other liabilities - Narrative (Details)
 6 Months Ended
Jun. 30, 2024
Other Liabilities Disclosure [Abstract]  
Finite lived intangible liabilities remaining amortization period 16 months
v3.24.2.u1
Other liabilities - Future amortization of unfavorable contracts (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Payables and Accruals [Abstract]  
Remainder of 2024 $ 12
2025 19
2026 3
Total $ 34
v3.24.2.u1
Common shares - Schedule of Share Capital (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Shares        
Beginning balance (in shares) 74,060,628 74,048,962 74,048,962  
Vesting of restricted stock units (in shares) 4,767 11,666    
Cancelled Shares (in shares) (5,252,263)      
Ending balance (in shares) 68,813,132 74,060,628 68,813,132 74,048,962
Par value each        
Beginning balance (in usd per share) $ 0.01 $ 0.01 $ 0.01  
Vesting of restricted stock units (in usd per share) 0.01 0.01    
Cancelled Shares (in usd per share) 0.01      
Ending balance (in usd per share) $ 0.01 $ 0.01 $ 0.01 $ 0.01
$ thousands        
Beginning balance $ 741 $ 740 $ 740  
Vesting of restricted stock units 0 1    
Cancelled Shares (53)      
Ending balance $ 688 $ 741 $ 688 $ 740
Stock repurchased and retired (in shares)     186,216 343,619
v3.24.2.u1
Common shares - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2024
Equity [Abstract]        
Shares repurchased (in shares)   2,500,000   5,100,000
Weighted average share price (in usd per share)   $ 50.68   $ 47.87
Share repurchase   $ 125 $ 119 $ 244
Treasury stock, shares, cancelled (in shares) 5,250,707      
Treasury stock, additional shares, cancelled (in shares) 1,556      
v3.24.2.u1
Related party transactions - Related Party Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Feb. 24, 2023
Related Party Transaction [Line Items]          
Revenues $ 375 $ 414 $ 742 $ 680  
Related Party          
Related Party Transaction [Line Items]          
Revenues 96 72 172 146  
NSNCo, PES          
Related Party Transaction [Line Items]          
Ownership interest (as percent)         35.00%
Management fee revenues | Related Party          
Related Party Transaction [Line Items]          
Revenues 62 55 117 112  
Add-on Services | Related Party          
Related Party Transaction [Line Items]          
Revenues 3 4 6 8  
Reimbursable revenues | Related Party          
Related Party Transaction [Line Items]          
Revenues 3 3 7 6  
Lease revenue | Related Party          
Related Party Transaction [Line Items]          
Revenues 26 7 37 14  
Other | Related Party          
Related Party Transaction [Line Items]          
Revenues $ 2 $ 3 $ 5 $ 6  
v3.24.2.u1
Related party transactions - Related Party Receivable Balances (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Amounts due from related parties, net $ 61 $ 26
Related Party    
Related Party Transaction [Line Items]    
Amounts due from related parties, net 31 9
Related Party | Trading And Other Balances    
Related Party Transaction [Line Items]    
Amounts due from related parties, net $ 31 $ 9
v3.24.2.u1
Commitments and contingencies (Details)
kr in Millions, R$ in Millions, $ in Millions
 1 Months Ended 6 Months Ended
Mar. 05, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2024
NOK (kr)
Jun. 30, 2024
USD ($)
contract
rig
Jun. 30, 2024
BRL (R$)
contract
rig
Dec. 31, 2023
USD ($)
Nov. 30, 2015
USD ($)
rig
Other Commitments [Line Items]              
Contract value deduction percentage       2.00% 2.00%    
Number of rigs | rig             3
Contract value deduction, value             $ 69
Sonadrill              
Other Commitments [Line Items]              
Number of rigs operating in joint venture | rig       3 3    
Number of active contracts | contract       3 3    
Number of future contracts | contract       1 1    
Sonadrill | Performance guarantee              
Other Commitments [Line Items]              
Guarantor obligations, maximum exposure, undiscounted       $ 1,100   $ 1,100  
Northern Ocean | Performance guarantee              
Other Commitments [Line Items]              
Guarantor obligations, maximum exposure, undiscounted           $ 100  
Tax Year 2009 | Seadrill Servicos De Petroleo Ltda Seadrill Brazil              
Other Commitments [Line Items]              
Loss contingency, damages sought, value   $ 59          
Tax Year 2010 | Seadrill Servicos De Petroleo Ltda Seadrill Brazil              
Other Commitments [Line Items]              
Loss contingency, damages sought, value   9          
Tax Year 2012, 2016 And 2017 | Seadrill Servicos De Petroleo Ltda Seadrill Brazil              
Other Commitments [Line Items]              
Loss contingency, damages sought, value   $ 77          
Tax Year 2009 And 2010 | Seadrill Servicos De Petroleo Ltda Seadrill Brazil              
Other Commitments [Line Items]              
Insurance bond       71 R$ 396    
SFL Hercules Ltd              
Other Commitments [Line Items]              
Loss contingency, damages sought, value     kr 588 $ 55      
Sonadrill fees claimant              
Other Commitments [Line Items]              
Loss contingency, damages sought, value $ 72            
v3.24.2.u1
Fair value of financial instruments - Carrying Value and Estimated Fair Value of Financial Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total principal debt $ 625 $ 625
Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total principal debt 575 575
Second Lien Facility | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total principal debt 575 575
Level 1 | Second Lien Facility | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total principal debt 575  
Level 1 | Fair value | Second Lien Facility | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 600 597
Level 1 | Carrying value | Second Lien Facility | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 559 558
Level 3 | Fair value | Unsecured senior convertible bond | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt 59 49
Level 3 | Carrying value | Unsecured senior convertible bond | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt $ 50 $ 50
v3.24.2.u1
Fair value of financial instruments - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total principal debt $ 625 $ 625
Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total principal debt 575 575
Second Lien Facility | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total principal debt 575 $ 575
Level 1 | Second Lien Facility | Secured Debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total principal debt $ 575  
v3.24.2.u1
Fair value of financial instruments - Carrying Value and Estimated Fair Value of Financial Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents $ 835 $ 697
Level 1 | Fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 835 697
Restricted cash (Level 1) 27 31
Level 1 | Carrying value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 835 697
Restricted cash (Level 1) $ 27 $ 31
v3.24.2.u1
Disposal of assets - Narrative (Details) - Disposed of by sale - West Castor, West Telesto, And West Tucana
$ in Millions
May 16, 2024
USD ($)
rig
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Number of jack-up rigs | rig 3
Proceeds from divestiture of businesses $ 338
Gain (loss) on disposal $ 203
West Castor, West Telesto, And West Tucana  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Ownership interest (as percent) 50.00%
v3.24.2.u1
Business Combinations - Narrative (Details)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
May 19, 2023
USD ($)
tender_assist_unit
Apr. 03, 2023
USD ($)
shares
Apr. 01, 2023
USD ($)
drillship
semi-submersible
tender_assist_unit
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Business Combination Segment Allocation [Line Items]              
Number of tender-assist drilling units sold | tender_assist_unit 3            
Deposit received on Tender-Assist Units sale $ 84            
Share repurchase       $ 125 $ 4    
Additional paid-in capital              
Business Combination Segment Allocation [Line Items]              
Share repurchase       125 4    
Aquadrill LLC              
Business Combination Segment Allocation [Line Items]              
Stock issued during period, shares, acquisitions (in shares) | shares   29.9 29.9        
Consideration settled by tax withholding   $ 30 $ 30        
Consideration settled in cash   $ 1 $ 1        
Acquisition cost expensed       $ 3 $ 16 $ 5 $ 19
Aquadrill LLC | Additional paid-in capital              
Business Combination Segment Allocation [Line Items]              
Share repurchase           $ 4  
Aquadrill LLC | Seadrill Limited              
Business Combination Segment Allocation [Line Items]              
Noncontrolling interest, ownership percentage by noncontrolling owners     37.00%        
Drillships | Aquadrill LLC              
Business Combination Segment Allocation [Line Items]              
Number of offshore drilling units owned | drillship     4        
Benign environment semi-submersible | Aquadrill LLC              
Business Combination Segment Allocation [Line Items]              
Number of offshore drilling units owned | semi-submersible     1        
Tender-assist units | Aquadrill LLC              
Business Combination Segment Allocation [Line Items]              
Number of offshore drilling units owned | tender_assist_unit     3        
v3.24.2.u1
Business Combinations - Post merger operating results for the full period (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Business Combination Segment Allocation [Line Items]        
Basic loss per share (in USD per share) $ 3.61 $ 1.18 $ 4.41 $ 2.11
Diluted loss per share (in dollars per share) $ 3.49 $ 1.16 $ 4.27 $ 2.07
Aquadrill LLC        
Business Combination Segment Allocation [Line Items]        
Operating revenue   $ 414   $ 758
Net income   $ 82   $ 121
Basic loss per share (in USD per share)   $ 1.03   $ 1.52
Diluted loss per share (in dollars per share)   $ 1.02   $ 1.50
Aquadrill LLC | Tender Rigs        
Business Combination Segment Allocation [Line Items]        
Operating revenue   $ 6   $ 12
Net income   $ (2)   $ (3)
v3.24.2.u1
Business Combinations - Results of operations related to the rigs (Details) - Aquadrill LLC - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Business Combination Segment Allocation [Line Items]    
Operating revenue $ 414 $ 758
Net income 82 121
Tender Rigs    
Business Combination Segment Allocation [Line Items]    
Operating revenue 6 12
Net income $ (2) $ (3)
v3.24.2.u1
Subsequent events (Details) - $ / shares
shares in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 02, 2024
Jun. 30, 2024
Jun. 30, 2024
Subsequent Event [Line Items]      
Shares repurchased (in shares)   2.5 5.1
Weighted average share price (in usd per share)   $ 50.68 $ 47.87
Subsequent event      
Subsequent Event [Line Items]      
Shares repurchased (in shares) 1.1    
Weighted average share price (in usd per share) $ 52.62