Seadrill Ltd (SDRL) is the issuer whose common shares Elliott Investment Management L.P. reports beneficially owning 3,108,641 shares, or 4.9% of the class. The percentage is based on 62,541,443 common shares outstanding as of August 6, 2026. Elliott Investment Management reports an aggregate cost of approximately $69,208,895 for the common shares reported and says all its transactions since Amendment No. 8 were in the open market.
Separately, the Elliott Funds have cash-settled swaps referencing 4,228,545 common shares, with economic results comparable to 6.8% of the class. The swaps provide no voting or disposition power over those referenced shares, and the reporting person disclaims beneficial ownership of them. Elliott Investment Management states its combined economic exposure is approximately 11.7% of Seadrill's common shares outstanding.
Seadrill Ltd (SDRL) is the subject of an amended Schedule 13D filing in which Elliott Investment Management L.P. reports beneficial ownership of 3,643,112 common shares, representing 5.8% of Seadrill’s outstanding common shares based on 62,541,443 shares outstanding as of August 6, 2026.
Elliott reports an aggregate purchase cost of about $80.7 million for these shares and may hold positions in margin accounts with prime brokers, where the shares can be pledged as collateral. Elliott-affiliated funds also hold cash-settled swap positions referencing an additional 4,042,300 shares, described as providing economic exposure comparable to 6.5% of Seadrill’s common shares. Including both shares and swaps, Elliott Investment Management states combined economic exposure of approximately 12.3% of Seadrill’s common shares, while disclaiming beneficial ownership of the swap-referenced shares.
Seadrill Limited reported a strong turnaround for the quarter ended June 30, 2026. Operating revenues rose to $449 million from $377 million, driven by higher contract dayrates, better economic utilization and more integrated services. Operating profit increased to $72 million from $6 million, and the company generated net income of $29 million versus a $42 million loss a year earlier; diluted EPS was $0.47.
For the first half of 2026, revenues were $807 million and net income $22 million, compared with a $56 million loss in 2025. Contract backlog grew to $2.93 billion (from $2.38 billion at year-end 2025), with meaningful visibility through 2028. Liquidity remained solid with $585 million of available resources, including $337 million of cash and $248 million of undrawn revolver capacity. Seadrill refinanced its secured 2030 notes by issuing $700 million of 6.750% senior notes due 2034, incurring a $35 million extinguishment loss, and upsized and extended its revolving credit facility to $300 million maturing 2031. The company continued its capital return strategy, repurchasing 511,078 shares for about $20 million in the quarter.
Seadrill Limited reported stronger second quarter 2026 results, with Total operating revenues of $449 million versus $358 million in the prior quarter, driven by more operating days for the West Jupiter and West Capella and higher average dayrates. Net income was $29 million, compared with a loss in the prior quarter, and Adjusted EBITDA rose to $144 million from $97 million, yielding an Adjusted EBITDA margin of 32.1% and 33.5% excluding reimbursables.
The company highlighted contract awards and extensions in the U.S. Gulf and Malaysia, adding about $200 million to Contract Backlog after the May fleet report and bringing total Contract Backlog to approximately $2.9 billion as of August 10, 2026. Full-year 2026 guidance was increased, with Total operating revenues now expected at $1.50–$1.55 billion (excluding $50 million reimbursables) and Adjusted EBITDA at $420–$450 million, while capex and long-term maintenance remain guided at $200–$240 million.
Seadrill refinanced senior notes due 2030, extending maturity to 2034, and upsized its revolving credit facility to $300 million from $225 million, maturing in 2031. At quarter-end, it held $360 million in cash, cash equivalents and restricted cash and $750 million of gross principal debt, for net debt of $390 million$20 million of shares repurchased in the quarter, while Free Cash Flow remained negative at $(43) million for the quarter.
Seadrill Finance Limited, a wholly owned subsidiary of Seadrill Limited, issued $700 million of 6.750% Senior Notes due 2034 in a Rule 144A/Reg S offering, fully and unconditionally guaranteed by Seadrill and certain subsidiaries.
The notes mature on July 15, 2034, pay interest semi-annually starting January 15, 2027, and are callable from July 15, 2029 at step-down premiums, or earlier at a make-whole price, with an equity claw of up to 40% at 106.750%. Proceeds were used to fund the redemption of the company’s 8.375% Senior Secured Second Lien Notes due 2030, of which approximately $575 million was outstanding as of March 31, 2026, resulting in satisfaction and discharge of that indenture. Seadrill also amended its Senior Secured Revolving Credit Agreement, increasing revolving commitments from $225 million to $300 million, which remain undrawn.
Seadrill Limited has extended its existing share repurchase program, which authorizes up to $500 million of common share buybacks. As of June 19, 2026, about $208 million of this amount remained available. On June 22, 2026, the Board approved an extension of the program’s expiration date from June 25, 2026 to December 31, 2026. The company notes that repurchases are discretionary and may be modified, suspended or discontinued, and can be executed through various methods including open market purchases, privately negotiated transactions, block trades, tender offers and derivative transactions.
Seadrill Limited amended its senior secured revolving credit facility, increasing commitments for revolving borrowings from $225 million to $300 million and extending the stated maturity from 2028 to 2031, subject to conditions in the amendment. The agreement, entered into on June 16, 2026, also removes certain immaterial subsidiaries as guarantors and certain stacked vessels as collateral, adjusts commitment fees, and relaxes some restrictive covenants to provide more operational and financial flexibility for the company and its subsidiaries. The amendment is expected to become effective on June 30, 2026 once the specified conditions are satisfied or waived.
Seadrill Limited announced a planned private offering of $600 million in senior unsecured notes due 2034 through its subsidiary Seadrill Finance, sold under Rule 144A and Regulation S. Net proceeds, together with cash on hand, are intended to redeem approximately $575 million of outstanding 8.375% Senior Secured Second Lien Notes due 2030 and discharge that indenture. Seadrill is also discussing an amendment to its Senior Secured Revolving Credit Agreement to increase commitments from $225 million to up to $300 million and extend the maturity from 2028 to 2031. As of March 31, 2026, contract backlog totaled $2,481 million, Adjusted EBITDA for the prior twelve months was $377 million, Net loss was $70 million, and Net Debt was $321 million.
SEADRILL Ltd officer Torsten Sauer-Petersen reported an open-market sale of common shares. On June 10, 2026, he sold 42,625 common shares at a weighted average price of $44.68 per share. After this transaction, he no longer holds any common shares directly.
The sale was executed in multiple trades at prices ranging from $44.505 to $44.895, and the weighted average price reflects this range.
SEADRILL Ltd Executive Vice President & CFO Creed Grant R sold common shares in two open-market transactions. On June 11, 2026, he sold a total of 34,147 common shares of SEADRILL Ltd in open-market sales.
The first sale covered 27,952 shares at a weighted average price of $44.92, with individual trades executed between $43.87 and $44.435. The second sale covered 6,195 shares at a weighted average price of $44.20, with trades between $44.44 and $45.425, as disclosed in the footnotes.