13D Filings
Seadrill Ltd
SDRL
Amendment
Ownership

6.80%

Total Shares

4,213,146

Issuer CIK

1737706

CUSIP

G7997W102

Event Date

Dec 15, 2025

Accepted

Dec 18, 2025, 07:19 PM

Reporting Persons (1)
NameType% of ClassAggregateSole VotingShared Voting
Elliott Investment Management L.P.
Investment Adviser
6.80%4,213,1464,213,1460
Disclosure Items (4)

Security Title

Common Shares, par value $0.01 per share

Issuer Name

Seadrill Ltd

Issuer Address

PARK PLACE, HAMILTON, D0, 11

Item 4 of the Schedule 13D is incorporated herein by reference. The aggregate cost of the Common Shares reported herein is approximately $87,793,816. The Reporting Person may effect purchases of the Common Shares through margin accounts maintained for the Elliott Funds with prime brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms' credit policies. Positions in the Common Shares may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Since other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase the Common Shares.

Percentage of Class

See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of Common Shares and percentage of Common Shares beneficially owned by the Reporting Person. The aggregate percentage of Common Shares reported beneficially owned by the Reporting Person is based upon 62,374,171 Common Shares outstanding as of November 3, 2025, as disclosed in the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed by the Issuer with the SEC on November 6, 2025.

Number of Shares

See rows (7) through (10) of the cover page to this Schedule 13D for the Common Shares as to which the Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.

Transactions

The transactions in the Common Shares effected by the Reporting Person during the past sixty (60) days, which were all in the open market, are set forth on Schedule 1 attached hereto and incorporated by reference herein.

The Elliott Funds have entered into notional principal amount derivative agreements (the "Derivative Agreements") in the form of cash settled swaps with respect to an aggregate of 4,345,581 Common Shares of the Issuer (collectively representing economic exposure comparable to 7.0% of the Common Shares of the Issuer). The Reporting Person has combined economic exposure in the Issuer of approximately 13.7% of the Common Shares outstanding. The Derivative Agreements provide the Elliott Funds with economic results that are comparable to the economic results of ownership but do not provide them or the Reporting Person with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the Derivative Agreements (such shares, the "Subject Shares"). The Reporting Person disclaims beneficial ownership in the Subject Shares.

Seadrill Ltd — Schedule 13D | 13D Filings