Seadrill Limited (SDRL) 6-K 5 Aug 24 2024 Q2 6-K Seadrill Interim Report 2Q24 Financial data

Cover

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

UNAUDITED CONSOLIDATED STATEMEN

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.

UNAUDITED CONSOLIDATED BALANCE

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

UNAUDITED CONSOLIDATED BALANC_2

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

UNAUDITED CONSOLIDATED STATEM_2

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

UNAUDITED CONSOLIDATED STATEM_3

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

UNAUDITED CONSOLIDATED STATEM_4

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

General information

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

Recent accounting pronouncement

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.

Revenue from Contracts with Cus

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, 2024 As of December 31, Accounts receivable, net 185 222 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 balance 11 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 balance 14 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) 2024 2023 2024 2023 United States 86 133 180 190 Brazil 82 85 171 167 Angola 93 65 170 128 Norway 61 58 115 110 Indonesia 40 — 77 — Other (1) 13 73 29 85 Total operating revenues 375 414 742 680 (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) 2024 2023 2024 2023 Sonadrill 23 % 16 % 20 % 19 % Petrobras 16 % 15 % 17 % 18 % Premiere 12 % — % 11 % — % Vår Energi 10 % 9 % 9 % 10 % LLOG 10 % 8 % 10 % 10 % BP — % 16 % 3 % 10 % Other 29 % 36 % 30 % 33 %

Taxation

Taxation	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Taxation	Taxation

Earnings per share

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) 2024 2023 2024 2023 Net income available stockholders 253 94 313 137 Effect of dilution (interest on convertible bond) 2 2 3 3 Diluted profit available to stockholders 255 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) 2024 2023 2024 2023 Basic earnings per share: Weighted average number of common shares outstanding (1) 70 80 71 65 Diluted earnings per share: Effect of dilution 3 3 3 3 Weighted average number of common shares outstanding adjusted for the effects of dilution 73 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 $) 2024 2023 2024 2023 Basic earnings per share 3.61 1.18 4.41 2.11 Diluted earnings per share 3.49 1.16 4.27 2.07

Restricted cash

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, 2024 As of December 31, 2023 Cash held in escrow 23 23 Other 4 8 Total restricted cash 27 31

Other current and non-current a

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, 2024 As of December 31, 2023 Taxes receivable 54 67 Prepaid expenses 49 54 Deferred contract costs 108 85 Pre-funding of MSA manager arrangements 26 23 Other 61 26 Other assets 298 255 Other assets were presented in our Consolidated Balance Sheet as follows: (In $ millions) As of June 30, 2024 As of December 31, 2023 Other current assets 210 199 Other non-current assets 88 56 Total other assets 298 255

Investment in associated compan

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, 2024 As of December 31, 2023 Sonadrill 66 80 Gulfdrill (1) — 10 Total investment in associated companies 66 90 (1) Refer to Note 16 – "Disposal of Assets"

Debt

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, 2024 As of December 31, 2023 Secured debt: $575 million secured bond in issue 575 575 Total secured debt 575 575 Unsecured bond: Unsecured senior convertible bond 50 50 Total unsecured bond 50 50 Total principal debt 625 625 Debt premium: Premium on bond issuance 1 1 Total debt premium 1 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.

Other liabilities

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, 2024 As of December 31, 2023 Uncertain tax provisions 174 170 Accrued expenses 122 117 Contract liabilities 71 64 Unfavorable drilling contracts 34 52 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 Other liabilities are presented in our Consolidated Balance Sheet as follows: (In $ millions) As of June 30, 2024 As of December 31, 2023 Other current liabilities 324 336 Other non-current liabilities 216 229 Total other liabilities 540 565 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, 2024 52 Amortization (11) As at March 31, 2024 41 Amortization (7) As at June 30, 2024 34 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 2024 2025 2026 Total Amortization of unfavorable contracts 12 19 3 34

Common shares

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 Shares Par value each $ thousands As of December 31, 2023 (1) 74,048,962 0.01 740 Vesting of restricted stock units 11,666 0.01 1 As of March 31, 2024 74,060,628 0.01 741 Vesting of restricted stock units 4,767 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.

Risk management and financial i

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.

Related party transactions

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) 2024 2023 2024 2023 Management fees revenues (a) 62 55 117 112 Add-on Services 3 4 6 8 Reimbursable revenue (b) 3 3 7 6 Leasing revenue (c) 26 7 37 14 Other 2 3 5 6 Total related party operating revenues 96 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, 2024 As of December 31, 2023 Trading and other balances (e) 31 9 Amounts due from related parties, net 31 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.

Commitments and contingencies

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).

Fair value of financial instrum

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, 2024 As of December 31, 2023 (In $ millions) Fair Carrying Fair Carrying 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, 2024 As of' December 31, 2023 (In $ millions) Fair Carrying Fair Carrying 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.

Disposal of assets

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

Business Combinations

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, 2023 Six months ended June 30, 2023 Operating revenue 414 758 Net income 82 121 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, 2023 Six months ended June 30, 2023 Operating revenue 6 12 Loss from continuing operations (2) (3)

Subsequent events

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.

Recent accounting pronounceme_2

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.
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.

Revenue from Contracts with C_2

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, 2024 As of December 31, Accounts receivable, net 185 222 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 balance 11 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 balance 14 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) 2024 2023 2024 2023 United States 86 133 180 190 Brazil 82 85 171 167 Angola 93 65 170 128 Norway 61 58 115 110 Indonesia 40 — 77 — Other (1) 13 73 29 85 Total operating revenues 375 414 742 680 (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) 2024 2023 2024 2023 Sonadrill 23 % 16 % 20 % 19 % Petrobras 16 % 15 % 17 % 18 % Premiere 12 % — % 11 % — % Vår Energi 10 % 9 % 9 % 10 % LLOG 10 % 8 % 10 % 10 % BP — % 16 % 3 % 10 % Other 29 % 36 % 30 % 33 %

Earnings per share (Tables)

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) 2024 2023 2024 2023 Net income available stockholders 253 94 313 137 Effect of dilution (interest on convertible bond) 2 2 3 3 Diluted profit available to stockholders 255 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) 2024 2023 2024 2023 Basic earnings per share: Weighted average number of common shares outstanding (1) 70 80 71 65 Diluted earnings per share: Effect of dilution 3 3 3 3 Weighted average number of common shares outstanding adjusted for the effects of dilution 73 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 $) 2024 2023 2024 2023 Basic earnings per share 3.61 1.18 4.41 2.11 Diluted earnings per share 3.49 1.16 4.27 2.07

Restricted cash (Tables)

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, 2024 As of December 31, 2023 Cash held in escrow 23 23 Other 4 8 Total restricted cash 27 31

Other current and non-current_2

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, 2024 As of December 31, 2023 Taxes receivable 54 67 Prepaid expenses 49 54 Deferred contract costs 108 85 Pre-funding of MSA manager arrangements 26 23 Other 61 26 Other assets 298 255 Other assets were presented in our Consolidated Balance Sheet as follows: (In $ millions) As of June 30, 2024 As of December 31, 2023 Other current assets 210 199 Other non-current assets 88 56 Total other assets 298 255

Investment in associated comp_2

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, 2024 As of December 31, 2023 Sonadrill 66 80 Gulfdrill (1) — 10 Total investment in associated companies 66 90 (1) Refer to Note 16 – "Disposal of Assets"

Debt (Tables)

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, 2024 As of December 31, 2023 Secured debt: $575 million secured bond in issue 575 575 Total secured debt 575 575 Unsecured bond: Unsecured senior convertible bond 50 50 Total unsecured bond 50 50 Total principal debt 625 625 Debt premium: Premium on bond issuance 1 1 Total debt premium 1 1 Less: bond issuance costs (17) (18) Total debt 609 608

Other liabilities (Tables)

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, 2024 As of December 31, 2023 Uncertain tax provisions 174 170 Accrued expenses 122 117 Contract liabilities 71 64 Unfavorable drilling contracts 34 52 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 Other liabilities are presented in our Consolidated Balance Sheet as follows: (In $ millions) As of June 30, 2024 As of December 31, 2023 Other current liabilities 324 336 Other non-current liabilities 216 229 Total other liabilities 540 565
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, 2024 52 Amortization (11) As at March 31, 2024 41 Amortization (7) As at June 30, 2024 34
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 2024 2025 2026 Total Amortization of unfavorable contracts 12 19 3 34

Common shares (Tables)

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 Shares Par value each $ thousands As of December 31, 2023 (1) 74,048,962 0.01 740 Vesting of restricted stock units 11,666 0.01 1 As of March 31, 2024 74,060,628 0.01 741 Vesting of restricted stock units 4,767 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.

Related party transactions (Tab

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) 2024 2023 2024 2023 Management fees revenues (a) 62 55 117 112 Add-on Services 3 4 6 8 Reimbursable revenue (b) 3 3 7 6 Leasing revenue (c) 26 7 37 14 Other 2 3 5 6 Total related party operating revenues 96 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, 2024 As of December 31, 2023 Trading and other balances (e) 31 9 Amounts due from related parties, net 31 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.

Fair value of financial instr_2

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, 2024 As of December 31, 2023 (In $ millions) Fair Carrying Fair Carrying 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, 2024 As of' December 31, 2023 (In $ millions) Fair Carrying Fair Carrying Assets Cash and cash equivalents ( Level 1) 835 835 697 697 Restricted cash (Level 1) 27 27 31 31

Business Combinations (Tables)

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, 2023 Six months ended June 30, 2023 Operating revenue 414 758 Net income 82 121 Basic EPS ($) 1.03 1.52 Diluted EPS ($) 1.02 1.50 (in $ millions) Three months ended June 30, 2023 Six months ended June 30, 2023 Operating revenue 6 12 Loss from continuing operations (2) (3)

General information (Details)

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.

Revenue from Contracts with C_3

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

Revenue from Contracts with C_4

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)

Revenue from Contracts with C_5

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

Revenue from Contracts with C_6

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%	16%	3%	10%
Sonadrill
Revenue, Major Customer [Line Items]
Concentration risk percentage	23%	16%	20%	19%
Petrobras
Revenue, Major Customer [Line Items]
Concentration risk percentage	16%	15%	17%	18%
Premiere
Revenue, Major Customer [Line Items]
Concentration risk percentage	12%	0%	11%	0%
Vår Energi
Revenue, Major Customer [Line Items]
Concentration risk percentage	10%	9%	9%	10%
LLOG
Revenue, Major Customer [Line Items]
Concentration risk percentage	10%	8%	10%	10%
Other
Revenue, Major Customer [Line Items]
Concentration risk percentage	29%	36%	30%	33%

Taxation (Details)

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%	9.30%

Earnings per share (Details)

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

Restricted cash (Details)

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

Other current and non-current_3

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

Other current and non-current_4

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

Investment in associated comp_3

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

Debt - Schedule of Debt (Detail

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

Debt - Narrative (Details)

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%
Hermen convertible bond | Convertible debt
Debt Instrument [Line Items]
Debt conversion, converted instrument, shares issued (in shares)			52.6316
Derivative notional amount			$ 1,000

Other liabilities - Liability B

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

Other liabilities - Balance She

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

Other liabilities - Movement In

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

Other liabilities - Narrative (

Other liabilities - Narrative (Details)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Finite lived intangible liabilities remaining amortization period	16 months

Other liabilities - Future amor

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

Common shares - Schedule of Sha

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

Common shares - Narrative (Deta

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

Related party transactions - Re

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%
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

Related party transactions - _2

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

Commitments and contingencies (

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%	2%
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

Fair value of financial instr_3

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

Fair value of financial instr_4

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

Fair value of financial instr_5

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

Disposal of assets - Narrative

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%

Business Combinations - Narrati

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%
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

Business Combinations - Post me

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)

Business Combinations - Results

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)

Subsequent events (Details)

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