# EDGAR Filing Document

**Accession Number:** 0001791786
**File Stem:** 0000902664-25-005353
**Filing Date:** 2025-12
**Character Count:** 8959
**Document Hash:** f8ae0c0927b993ee260ae8bf9e9964ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000902664-25-005353.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0000902664-25-005353

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Seadrill Ltd
- **CENTRAL INDEX KEY:** 0001737706
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981834031
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90563
- **FILM NUMBER:** 251584634

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** PARK PLACE
- **STREET 2:** 55 PAR-LA-VILLE ROAD
- **CITY:** HAMILTON
- **PROVINCE COUNTRY:** D0
- **ZIP:** HM 11
- **BUSINESS PHONE:** 441 295 9500

**MAIL ADDRESS:**
- **STREET 1:** 11025 EQUITY DRIVE
- **STREET 2:** SUITE 150
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77041

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW SDRL LTD.
- **DATE OF NAME CHANGE:** 20180417
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elliott Investment Management L.P.
- **CENTRAL INDEX KEY:** 0001791786

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE, 18TH FLOOR
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 212-974-6000

**MAIL ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE, 18TH FLOOR
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

## Ex-99

**<u>SCHEDULE 1</u>**

**Transactions in the Common Shares of the Issuer by the Reporting Person During the Past Sixty (60) Days**

The following table sets forth all transactions in the Common Shares reported herein effected during the past sixty (60) days by the Reporting Person. Except as noted below, all such transactions were effected by the Reporting Person in the open market through brokers and the price per share excludes commissions. Where a price range is provided in the column titled "Price Range ($)", the price reported in the column titled "Price Per Share ($)" is a weighted average price. These Common Shares were sold or purchased in multiple transactions at prices between the price ranges indicated in the column titled "Price Range ($)". The Reporting Person will undertake to provide to the staff of the SEC, upon request, full information regarding the Common Shares sold or purchased at each separate price.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Trade Date** | &nbsp;&nbsp;**Shares Purchased (Sold)** | &nbsp;&nbsp;**Price Per Share ($)** | &nbsp;&nbsp;**Price Range ($)** |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;120000 | &nbsp;&nbsp;32.02 | &nbsp;&nbsp;31.50 - 32.27 |
| &nbsp;&nbsp;12/16/2025 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;30.51 | &nbsp;&nbsp;29.67 - 31.39 |
| &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;89400 | &nbsp;&nbsp;29.95 | &nbsp;&nbsp;29.47 - 30.57 |
| &nbsp;&nbsp;12/18/2025 | &nbsp;&nbsp;100000 | &nbsp;&nbsp;30.27 | &nbsp;&nbsp;29.74 - 30.50 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 7)**

**Seadrill Ltd**

*(Name of Issuer)*

**Common Shares, par value $0.01 per share**

*(Title of Class of Securities)*

**G7997W102**

*(CUSIP Number)*

**Legal Department**<br>Elliott Investment Management L.P.<br>360 S. Rosemary Ave, 18th Floor<br>West Palm Beach FL 33401<br>212-974-6000

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/16/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **G7997W102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Elliott Investment Management L.P.** | Name of reporting person<br>**Elliott Investment Management L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4213146.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**4213146.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4213146.00** | Aggregate amount beneficially owned by each reporting person<br>**4213146.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.8%** | Percent of class represented by amount in Row (11)<br>**6.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, par value $0.01 per share

**(b) Name of Issuer:**
Seadrill Ltd

**(c) Address of Issuer's Principal Executive Offices:**
PARK PLACE, 55 PAR-LA-VILLE ROAD, HAMILTON, D0, 11

The following constitutes Amendment No. 7 ("Amendment No. 7") to the Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on April 5, 2023 (as amended, the "Schedule 13D"). This Amendment No. 7 amends and restates Items 3, 5(a)-(c) and the fifth paragraph of Item 6 as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 7 have the meanings set forth in the Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
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.

**(b)**
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.

**(c)**
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.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

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.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Elliott Investment Management L.P.

**Signature:** /s/ Elliot Greenberg

**Name/Title:** Elliot Greenberg, Vice President

**Date:** 12/18/2025