This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Seadrill Limited is an offshore drilling contractor whose entire business model is providing drilling services to the oil and gas industry. The company owns and operates a fleet of high-specification drillships and semi-submersible rigs designed for deepwater exploration and production. Its corporate materials explicitly state its purpose is to “enable the safe and efficient delivery” of offshore oil and gas resources for clients globally.
The company’s financial results and public disclosures are framed entirely around its role in fossil fuel extraction. Its 2025 annual report detailed a $2.4 billion backlog of contracted work, and quarterly reports throughout 2025-2026 highlight revenue secured from drilling contracts. Seadrill’s operations are a direct, specialized service to upstream fossil fuel operators, with no announced transition away from this core activity.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.