Seadrill (SDRL) reported a Q1 loss Monday of $0.11 per share, narrowing from a loss of $0.23 a year earlier.

Two analysts polled by FactSet expected a loss of $0.23.

Operating revenue for the quarter ended March 31 was $358 million, up from $335 million a year earlier.

Analysts surveyed by FactSet expected $327.2 million.

Seadrill said it now expects 2026 operating revenue to be in the range of $1.43 billion to $1.48 billion, up from its prior range of $1.40 billion to $1.45 billion, excluding $50 million of reimbursable revenue.

Analysts polled by FactSet expect $1.45 billion.

Shares of the company were up 8% in premarket trade Monday.