Seadrill Ltd emerged from its 2022 bankruptcy reorganization with a modern offshore drilling fleet and global operational scale. While revenue grew modestly by 3.8% in 2025, profitability sharply declined due to lower rig utilization and dayrates, resulting in an operating income fall of 88.6%. The company’s contract backlog shrank about 21% over the first nine months of 2025, signaling near-term revenue pressures. Despite these headwinds, Seadrill maintains a strong liquidity position though free cash flow turned negative as capital expenditures increased. Future growth hinges on a recovering offshore market balanced against persistent macroeconomic uncertainties and continued customer concentration risks.