This paper presents a first venture into quantifying stiffness and damping coefficients for turbomachinery seals in multiphase flow using Computational Fluid Dynamics (CFD). The study focusses on the simplest seal type: the smooth annular seal. The investigation is conducted for both wet-gas and bubbly flow regimes in which the primary phase is gas (air) and liquid (water), respectively. For the wet gas regime three different Liquid Volume Fraction (LVF) conditions are included in the study; 5%, 3% and 0%. Similarly for the bubbly flow regime three Gas Volume Fractions (GVF) conditions are included; 5%, 3% and 0%. An Eulerian-Eulerian modelling approach is taken, applying an inhomogeneous model, where the primary phase is treated as continuous and the secondary phase is included as dispersed. The Instationary Perturbation Method (IPM) is applied to identify the rotordynamic coefficients, in which the rotor is harmonically perturbed, and forces acting on the rotor are quantified through integration of the pressure and shear stresses. The perturbation is repeated for different frequencies to uncover any frequency dependence. The results presented in this paper are intended as an initial comparison basis for the experimental results to be obtained by applying the multiphase seal test facility currently in development, as part of a collaboration between Lloyd’s Register Consulting, the Technical University of Denmark, OneSubsea, TOTAL and Statoil.