Seadrill's stock surged 5.24% during pre-market trading on Monday, following the release of its first-quarter 2026 financial results that significantly exceeded analyst expectations.

The company reported a narrowed net loss of $7 million, compared to a $10 million loss in the prior quarter. More importantly, adjusted EBITDA rose to $97 million, soundly beating the consensus estimate of $67.3 million, while operating revenue of $358 million also surpassed expectations. Management highlighted the successful completion of the West Capella and West Jupiter projects ahead of schedule and on budget.

Investors reacted positively to the substantial growth in the company's contract backlog, which increased by over $860 million to approximately $3.1 billion due to multiple new awards. Furthermore, Seadrill raised its full-year 2026 guidance, increasing the total operating revenue range to $1.43-$1.48 billion and the adjusted EBITDA range to $370-$420 million, citing growing demand for deepwater rigs and positive dayrate momentum into 2027.