We reiterate our Buy recommendation on Seadrill, as we view the current valuation as attractive, trading at a discount to peers on both EV/EBITDA and FCFF yield metrics for 2027 (3.2x and 15% vs. peers’ 4.6x and 14%). We continue to expect shareholder distributions to resume in the second half of 2026, by which time the company is likely to have secured greater fleet visibility through several near-term contracting opportunities. Following the resumption of distributions, we estimate an annualiz ....
