Frederik Stene's questions to Seadrill Ltd (SDRL) leadership • Q3 2024
Question
Frederik Stene questioned the geographical placement of the West Capella in Southeast Asia and the potential for its relocation. He also asked about the fleet's pecking order for reactivation among stacked rigs and sought clarification on the share repurchase authorization after the Oslo delisting.
Answer
President and CEO Simon Johnson stated the near-term focus for the Capella is on local opportunities, but the medium-term goal is relocation to a core region. On stacked rigs, he and EVP and CCO Samir Ali identified the Phoenix and Aquarius as easier to reactivate than the Eclipse, contingent on finding work that justifies the investment. EVP and CFO Grant Creed clarified that the $500 million buyback authorization is now a blanket approval, and the previous sub-tranches were a Norwegian disclosure requirement that no longer applies.