Seadrill Unit Sues IRS Over Denied Net Operating Loss Refund

An offshore oil drilling contractor accuses the IRS of wrongly denying the company a $2.65 million tax refund from its pandemic-era net operating loss in a new lawsuit.

Aquadrill US Gulf LLC—formerly Seadrill US Gulf LLC—sued the tax agency seeking the refund plus interest, according to the complaint filed Friday in the US District Court for the Southern District of Texas.

The unit of Houston-based deep water oil and gas drilling contractor Seadrill Ltd. says the IRS disallowed the refund for most of its $10.68 million net operating loss claimed on its 2020 corporate return, which it carried back for ...