Seadrill lifts revolver to $300M, extends to 2031

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.

Rhea-AI Filing Summary

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.

Insights

Credit markets analyst

Seadrill secures a larger credit line with longer maturity.

Seadrill Limited is amending its senior secured revolving credit facility, raising total revolving commitments from $225 million to $300 million. The stated maturity moves from 2028 to 2031, which lengthens the company’s committed liquidity horizon.

The amendment also removes certain immaterial subsidiaries and stacked vessels from guarantees and collateral, modifies commitment fees, and loosens some restrictive covenants. These changes can ease administrative burdens and offer more room to maneuver around operational or financial thresholds defined in the original July 11, 2023 agreement.

The amendment is expected to become effective on June 30, 2026, once conditions in the document are met or waived. Subsequent disclosures may clarify how actively Seadrill plans to use the expanded revolving credit facility capacity versus other funding sources.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revolving commitments (new): $300 million Revolving commitments (prior): $225 million Stated maturity (new): 2031 +4 more

7 metrics

Revolving commitments (new) $300 million Total commitments for revolving borrowings after amendment

Revolving commitments (prior) $225 million Total commitments for revolving borrowings before amendment

Stated maturity (new) 2031 Maturity of senior secured revolving credit facility after amendment

Stated maturity (prior) 2028 Maturity of senior secured revolving credit facility before amendment

Amendment signing date June 16, 2026 Date Seadrill entered into Amendment No. 2

Expected effectiveness date June 30, 2026 Expected date amendment becomes effective, subject to conditions

Original credit agreement date July 11, 2023 Date of the initial senior secured revolving credit agreement

Key Terms

Senior Secured Revolving Credit Agreement, revolving credit facility, commitment fees, restrictive covenants, +2 more

6 terms

Senior Secured Revolving Credit Agreement financial

"It will amend that certain Senior Secured Revolving Credit Agreement, dated as of July 11, 2023"

A senior secured revolving credit agreement is a loan contract that gives a company repeated access to borrowing up to a set limit, where lenders have first claim on specified assets if the company can’t pay. Think of it like a business credit card backed by collateral: it supplies short-term cash for operations or growth, sets rules about how the company can use funds, and matters to investors because it affects liquidity, borrowing cost, financial flexibility, and who gets paid first in a distress scenario.

revolving credit facility financial

"relating to the Company’s revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

commitment fees financial

"modify the commitment fees payable under the Credit Agreement"

restrictive covenants financial

"amend certain restrictive covenants to provide more operational and financial flexibility"

Restrictive covenants are contract terms that limit what a company, its executives, or shareholders can do—like rules that prohibit selling stock, starting a rival business, or taking on certain debts. Think of them as house rules that protect one party’s interests by keeping risky or competitive actions off the table. For investors they matter because these limits affect a company’s flexibility, governance, potential future value and the ease of exiting an investment.

guarantors financial

"remove certain immaterial subsidiaries and stacked vessels as guarantors and collateral"

collateral financial

"stacked vessels as guarantors and collateral, respectively, under the Credit Agreement"

Collateral is an asset a borrower pledges to a lender as security for a loan; if the borrower fails to repay, the lender can take the asset to recover losses. For investors, collateral matters because it reduces lender risk, influences interest rates and loan terms, and determines who gets paid first if a company faces financial trouble—think of it like a pawned item that gives the lender extra protection.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Seadrill Limited (SDRL) change in its revolving credit facility?

Seadrill Limited amended its senior secured revolving credit facility to increase revolving commitments from $225 million to $300 million and extend the stated maturity from 2028 to 2031. The amendment also adjusts commitment fees and relaxes certain restrictive covenants.

How does the Seadrill (SDRL) credit facility amendment affect maturity?

The amendment pushes the stated maturity of Seadrill’s senior secured revolving credit facility from 2028 to 2031. This provides a longer period of committed bank financing before repayment or refinancing of the facility would generally be required under the amended terms.

When is Seadrill’s amended revolving credit agreement expected to become effective?

The amendment to Seadrill’s senior secured revolving credit facility is expected to become effective on June 30, 2026. This effectiveness date depends on the satisfaction or waiver of specific conditions to effectiveness outlined in the amendment document.

Did Seadrill Limited (SDRL) change guarantors or collateral in the amendment?

Yes. The amendment removes certain immaterial subsidiaries as guarantors and certain stacked vessels as collateral under the senior secured revolving credit agreement. These changes streamline the guarantor and collateral package while keeping the overall facility in place.

What other terms were modified in Seadrill’s amended credit agreement?

Beyond increasing commitments and extending maturity, Seadrill’s amendment modifies commitment fees under the credit agreement and amends certain restrictive covenants. The company states these covenant changes are intended to provide more operational and financial flexibility for Seadrill and its subsidiaries.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/18/2026 - 04:14 PM Learn about SEC filing dates

SEADRILL Ltd false 0001737706 0001737706 2026-06-16 2026-06-16

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 16, 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 1.01 Entry into a Material Definitive Agreement.

On June 16, 2026, Seadrill Limited (the “Company”) entered into Amendment No. 2 to Senior Secured Revolving Credit Agreement, dated as of June 16, 2026 (the “Amendment”), by and among Seadrill Finance Limited, as borrower, the Company, the lenders party thereto, the issuing banks party thereto, J.P. Morgan SE, as the predecessor or retiring administrative agent, JPMorgan Chase Bank, N.A., as the successor administrative agent, and GLAS Trust Company LLC, as common security agent. The Amendment provides that, upon the satisfaction or waiver of the conditions to effectiveness set forth therein, it will amend that certain Senior Secured Revolving Credit Agreement, dated as of July 11, 2023 (as amended, the “Credit Agreement”), relating to the Company’s revolving credit facility. The Amendment will, among other things, (i) increase the commitments for revolving borrowings from $225 million to $300 million, (ii) extend the stated maturity date from 2028 to 2031, (iii) remove certain immaterial subsidiaries and stacked vessels as guarantors and collateral, respectively, under the Credit Agreement, in accordance with the terms of the Amendment, (iv) modify the commitment fees payable under the Credit Agreement and (v) amend certain 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, subject to the satisfaction or waiver of the conditions to effectiveness set forth therein.

The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1*		Amendment No. 2 to Senior Secured Revolving Credit Agreement, dated as of June 16, 2026, by and among Seadrill Finance Limited, as borrower, Seadrill Limited, the lenders party thereto, the issuing banks party thereto, J.P. Morgan SE, as the predecessor or retiring administrative agent, JPMorgan Chase Bank, N.A., as the successor administrative agent, and GLAS Trust Company LLC, as common security agent.
104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

* Certain schedules and similar attachments to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or attachment to the Securities and Exchange Commission upon request.

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 18, 2026
				By:		/s/ Grant Creed
				Name:		Grant Creed
				Title:		Chief Financial Officer

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 1.2 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 18.9 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.8 KB