Packer & Co Ltd disclosed a significant purchase of 366,000 shares of Seadrill (NYSE:SDRL), valued at $14.94 million based on the quarterly average price, according to its May 13, 2026, SEC filing.
Seadrill delivers offshore drilling services worldwide, serving major oil producers with a fleet of advanced rigs and global reach
What happened According to a May 13, 2026, SEC filing, Packer & Co Ltd increased its stake in Seadrill, acquiring 366,000 additional shares. The estimated value of this purchase is $14.94 million, calculated using the average closing price during the first quarter of 2026. The total value of the position at quarter-end rose by $19.35 million, reflecting both new share purchases and market price movements.
What else to know Packer & Co Ltd’s buy lifted Seadrill to 10.43% of its 13F-reportable AUM after the quarter, which places it fourth among the fund’s top five holdings. Top five holdings after the filing: – NYSE:PBR.A: $74.04 million (27.7% of AUM) – NYSE:CNC: $46.33 million (17.3% of AUM) – NYSE:NXE: $28.13 million (10.5% of AUM) – NYSE:SDRL: $27.90 million (10.4% of AUM) – NYSE:NE: $25.27 million (9.5% of AUM) As of May 12, 2026, Seadrill shares were priced at $49.96, up 103.8% over the past year, outperforming the S&P 500 by 77.11 percentage points. Company overview Company snapshot – Provides offshore contract drilling services, operating a fleet of drillships, semi-submersible rigs, and jack-up rigs for oil and gas exploration and production. – Generates revenue through contracts with oil super-majors, state-owned national oil companies, and independent oil and gas companies. – Targets global oil and gas companies seeking deepwater and harsh-environment drilling capabilities.