[Form 4] Seadrill Limited Insider Trading Activity

Rhea-AI Filing Summary

Seadrill Limited (SDRL) insider reported equity changes by EVP & CFO Grant R. Creed. The filing shows vesting and disposition activity tied to performance-based restricted stock units originally granted in 2022. A certification determined 60.86% achievement of the performance goals, converting a portion of the award into 26,555 common shares which were reported as acquired. Separately, 11,566 common shares were disposed of at $31.97, leaving the reporting person with 31,417 shares beneficially owned after the transactions. The activity reflects compensation vesting rather than open-market purchases.

Positive

• Performance plan achieved at 60.86%, resulting in vested awards converted into 26,555 common shares
• Reported transactions are compensation-related, indicating alignment of executive pay with performance metrics

Negative

• Partial sale of vested shares (11,566 shares at $31.97) reduced the reporting person's stake
• Final beneficial ownership is modest at 31,417 shares, which may be immaterial relative to company size

Insights

Corporate Governance Expert

TL;DR: Insider exercised/received performance-based RSUs at a 60.86% payout and sold part of holdings, consistent with compensation realization.

The reporting shows a performance certification leading to partial vesting of PRSUs granted in 2022 and conversion into 26,555 common shares. The subsequent reported disposition of 11,566 shares at $31.97 reduced total beneficial ownership to 31,417 shares. This pattern is typical for executive compensation realization and modest liquidity; no indication of unusual timing or market-moving transfers is present within this filing.

Securities Analyst

TL;DR: Materiality is limited; transaction sizes are small relative to typical market capitalization and appear to be compensation-related.

The filing documents the conversion of performance-based restricted stock units into common shares based on a 60.86% achievement rate and a follow-on sale of 11,566 shares at $31.97. The net post-transaction holding is 31,417 shares. For most investors, these transactions signal executive compensation realization rather than a change in corporate control or major insider repositioning.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Creed Grant R

(Last) (First) (Middle)

11025 EQUITY DRIVE, SUITE 150

(Street)

HOUSTON TX 77041

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Seadrill Ltd [ SDRL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	08/27/2025		M		26,555	A	(1)	42,983	D
Common Shares	08/27/2025		F		11,566	D	$31.97	31,417	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	08/27/2025		M			26,555	(1)	(1)	Common Shares	26,555	(1)	0	D

Explanation of Responses:

1. On August 6, 2022, the reporting person was granted 43,632 performance-based restricted stock units, each of which represented a contingent right to receive one common share, par value $0.01 per share (a "Common Share"), of Seadrill Limited (the "Company"). The restricted stock units could be earned based on the extent the Company maintained or exceeded set per Common Share trading prices for a period of at least 45 consecutive trading days over the period beginning on August 6, 2022 and ending on August 6, 2025. The earned restricted stock units vested subject to the reporting person's continued employment during such period. On August 27, 2025, the Joint Nomination and Remuneration Committee of the Board of Directors of the Company certified achievement of the performance goals at 60.86%.

	/s/ Todd D. Strickler, attorney-in-fact	08/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Grant R. Creed report on the Form 4 for Seadrill (SDRL)?

The filing reports conversion of 26,555 performance-based restricted stock units into common shares after certification at 60.86% and a sale of 11,566 shares at $31.97, leaving 31,417 shares beneficially owned.

Why were shares acquired according to the Form 4?

The shares were acquired upon vesting of performance-based restricted stock units originally granted on August 6, 2022, following achievement of performance goals certified at 60.86%.

How many shares were sold and at what price?

The reporting person disposed of 11,566 common shares at a price of $31.97 per share.

What is the reporting person’s role at Seadrill?

The reporting person is the company's EVP & CFO and filed the Form 4 as an insider.

Does the Form 4 indicate unusual insider activity?

No. The transactions are tied to vesting of compensation awards and a partial sale, which are routine forms of insider liquidity.