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Seadrill (NYSE: SDRL) extends $500M share repurchase program to end-2026

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

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.

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Insights

Seadrill extends its $500M buyback window, keeping flexibility through year-end 2026.

Seadrill maintains a sizeable authorized share repurchase capacity of $500 million, with about $208 million still available as of June 19, 2026. Extending the program to December 31, 2026 preserves the option to retire shares over a longer period.

The company emphasizes that purchases are voluntary and conditioned on factors such as market conditions, financial position, capital needs, solvency requirements and debt agreement restrictions. This language underscores that actual repurchase activity will depend on future circumstances, not just the authorization size.

Repurchases can be executed through multiple channels, including open market trades, tender offers and derivative structures like call and put options. This flexibility allows Seadrill to tailor execution, but the eventual impact on share count and capital structure will only be clear from future transaction disclosures.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Share repurchase authorization $500 million Total size of Seadrill’s share repurchase program
Remaining authorization $208 million Available under repurchase program as of June 19, 2026
Extended program end date December 31, 2026 New expiration date for repurchase program
Prior scheduled termination date June 25, 2026 Original end date before extension
share repurchase program financial
"announced that it has extended its share repurchase program, as part of its ongoing commitment"
A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.
accelerated share repurchase transactions financial
"block trades, tender offers, accelerated share repurchase transactions or other derivative transactions"
A way for a company to buy back a large number of its own shares immediately by contracting with a bank that delivers the stock up front and then fills the trade over time. It matters to investors because it quickly reduces the number of shares outstanding—similar to a store buying back its own coupons to raise the value of each remaining coupon—which can raise profit per share, signal management’s confidence, and change the company’s cash and debt picture.
forward-looking statements regulatory
"This news release includes forward-looking statements within the meaning of Section 27A"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
statutory solvency requirements financial
"competing uses for cash, statutory solvency requirements, the restrictions in the Company’s debt agreements"
risk factors regulatory
"those described under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report"
Risk factors are elements or conditions that could cause an investment's value to decrease or lead to potential losses. They are like warning signs or obstacles that can affect the success of an investment, making it uncertain or more unpredictable. Recognizing risk factors helps investors understand the possible challenges and make more informed decisions.
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Understanding 8-K Material Events →
SEADRILL Ltd false 0001737706 0001737706 2026-06-22 2026-06-22
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 22, 2026

 

 

SEADRILL LIMITED

(Exact name of registrant as specified in its charter)

 

 

 

Bermuda   001-39327   98-1834031

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

4425 Westway Park Blvd., Suite 170,

Houston, Texas, United States of America 77041

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: +1 (713) 329-1150

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange
on which registered

Common Shares, par value $0.01 per share   SDRL   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 

Item 7.01

Regulation FD Disclosure.

On June 22, 2026, Seadrill Limited (the “Company”) issued a press release announcing that it has extended its share repurchase program to run through December 31, 2026.

The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report”) and incorporated herein by reference.

The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically identified in such filing as being incorporated by reference in such filing.

 

Item 8.01

Other Events.

The information contained in Item 7.01 of this Current Report, including Exhibit 99.1, is incorporated into this Item 8.01 by reference.

 

Item 9.01

Financial Statements and Exhibits.

 

  (d)

Exhibits.

 

Exhibit No.

   

Description

99.1    Press Release, dated June 22, 2026, announcing the share repurchase program extension.
104    Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    SEADRILL LIMITED
Date: June 22, 2026    
    By:  

/s/ Grant Creed

    Name:   Grant Creed
    Title:   Chief Financial Officer

Exhibit 99.1

Seadrill Extends Share Repurchase Program

June 22, 2026

HAMILTON, Bermuda—(BUSINESS WIRE)— Seadrill Limited (“Seadrill” or the “Company”) (NYSE: SDRL) today announced that it has extended its share repurchase program, as part of its ongoing commitment to deliver shareholder returns. As previously announced, the Company’s Board of Directors (the “Board”) authorized a $500 million share repurchase program that would terminate on June 25, 2026 (as extended, the “Repurchase Program”). As of June 19, 2026, approximately $208 million of the $500 million authorized amount remained available under the Repurchase Program. On June 22, 2026, the Board authorized an extension of the Repurchase Program to run through December 31, 2026.

While the Repurchase Program has a fixed expiration, it may be modified, suspended or discontinued at any time. Shares may be repurchased at any time and from time to time under the program in open market purchases, privately negotiated purchases, block trades, tender offers, accelerated share repurchase transactions or other derivative transactions, through the purchase of call options or the sale of put options, or otherwise, or by any combination of the foregoing. The Company is under no obligation to purchase any shares in respect of the Repurchase Program. The manner, timing, pricing and amount of any repurchases may be based upon a number of factors, including market conditions, the Company’s financial position and capital requirements, financial conditions, competing uses for cash, statutory solvency requirements, the restrictions in the Company’s debt agreements and other factors.

About Seadrill

Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the timing and amount of repurchases of the Company’s common shares under its repurchase program, if any, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.

 

1

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2026, offshore drilling market conditions, including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys and upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, United States (“U.S.”) trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East (including the current conflict in Iran), and any related sanctions, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate-change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC.

The foregoing risks and uncertainties are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond our ability to control. In many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law.

 

2

Kevin Smith

Vice President – Corporate Finance and Investor Relations

ir@seadrill.com

Source: Seadrill Limited

 

3

Source: View Original Filing on SEC EDGAR

FAQ

What did Seadrill (SDRL) announce about its share repurchase program?

Seadrill announced an extension of its existing $500 million share repurchase program to December 31, 2026. The authorization size is unchanged, but the company now has a longer period to conduct discretionary buybacks depending on market conditions and internal capital needs.

How much capacity remains under Seadrill’s $500 million buyback authorization?

As of June 19, 2026, approximately $208 million of Seadrill’s $500 million share repurchase authorization remained. This represents the portion still available for potential future buybacks, subject to factors like market conditions, solvency requirements and restrictions in the company’s debt agreements.

When does Seadrill’s extended share repurchase program now expire?

Seadrill’s Board extended the share repurchase program to run through December 31, 2026. The program had previously been scheduled to terminate on June 25, 2026, so the change primarily lengthens the timeframe during which buybacks can occur.

Is Seadrill obligated to repurchase a specific number of shares under this program?

Seadrill is under no obligation to repurchase any shares under the program. Management states that the manner, timing, pricing and amount of repurchases will depend on market conditions, financial position, capital requirements and other considerations, and the program may be modified or discontinued.

What methods can Seadrill use to execute share repurchases under the program?

Seadrill may repurchase shares via open market purchases, privately negotiated transactions, block trades, tender offers and accelerated share repurchase or derivative transactions. These include structures like purchasing call options or selling put options, giving the company multiple avenues for executing buybacks.

Why does Seadrill describe forward-looking statements in this announcement?

Seadrill labels its expectations about timing and amount of repurchases as forward-looking statements. It notes these depend on numerous risks and uncertainties, including offshore drilling market conditions, financing access, regulations, oil prices and macroeconomic factors that may cause actual outcomes to differ materially.

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents