Seadrill is an offshore drilling contractor that owns and operates a fleet of drillships and semi-submersible rigs, renting them to oil and gas companies to drill wells in deepwater and harsh environments. The core of Seadrill's business is its ten drillships, most deployed in Brazil, the U.S. Gulf of Mexico, and Angola — collectively known as the Golden Triangle. Customers include supermajors like TotalEnergies, BP, and ExxonMobil, national oil companies like Petrobras and Sonangol, and independent operators. Petrobras is the largest single customer. Seadrill earns revenue primarily on a dayrate basis — a fixed daily fee paid for each day a rig operates under contract. Revenue is driven by utilization, dayrate, and operating days. Seadrill also manages two Sonangol-owned drillships through its Sonadrill joint venture, earning management fees that contribute a meaningful share of total revenue. Key costs are vessel operating expenses — mainly crew wages, maintenance, and consumables — plus lumpy capital spending on required five-year maintenance surveys. Seadrill argues that its managed pressure drilling capability, deployed across most of its drillships, is a technical differentiator that allows drilling of wells previously unachievable with conventional equipment. Following the Aquadrill fleet integration and the sale of its jackup assets, Seadrill has repositioned as a pure-play floater contractor. The company has been an active share repurchaser but paused buybacks in 2025 to preserve liquidity amid a softer market environment.