[Form 4] Seadrill Limited Insider Trading Activity

Rhea-AI Filing Summary

Seadrill Limited (SDRL) insider report: Torsten Sauer-Petersen, an EVP and director-related officer, reported transactions on 08/27/2025. A performance-based award that was originally 31,165 restricted stock units granted August 6, 2022, was certified at 60.86% achievement, producing 18,967 vested units that converted to common shares. On the same date the reporting person sold 8,109 common shares at $31.97 per share, leaving beneficial ownership reported as 23,339 common shares following the transactions.

Positive

• Performance award certified at 60.86%, resulting in vesting of 18,967 restricted stock units
• Vested RSUs converted to common shares, aligning executive compensation with shareholder interests

Negative

• Sale of 8,109 common shares at $31.97 reduced the reporting person's direct holdings
• Filing does not disclose rationale for the sale or any 10b5-1 trading plan in effect

Insights

Corporate Governance Expert

TL;DR: Vesting of performance awards shows compensation plan payout; partial sale reduces direct holdings but retains meaningful ownership.

The filing documents certification of performance conditions at 60.86% for awards granted in 2022, resulting in vesting and conversion of 18,967 restricted stock units into common shares. That outcome demonstrates the company met a substantial portion of long-term performance targets established for the award period. The subsequent sale of 8,109 shares at $31.97 is a disposition of a portion of the newly acquired shares; the filing does not describe the reason for the sale or any trading plan. The net reported beneficial ownership after these transactions is 23,339 shares.

Securities Analyst

TL;DR: Performance-based RSUs vested and converted to equity; modest share sale followed, leaving a net increase from prior earned units.

The material elements for investors are numeric: 31,165 performance RSUs originally granted, a certified payout at 60.86%, yielding 18,967 vested units, and a disposition of 8,109 shares at $31.97. The report shows the vesting mechanism produced equity alignment for the executive while a partial sale occurred the same day. No additional disclosure of trading plans, tax-withholding details, or broader ownership thresholds is provided in the filing.

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^*

Sauer-Petersen Torsten

(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

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		18,967	A	(1)	31,448	D
Common Shares	08/27/2025		F		8,109	D	$31.97	23,339	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			18,967	(1)	(1)	Common Shares	18,967	(1)	0	D

Explanation of Responses:

1. On August 6, 2022, the reporting person was granted 31,165 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

Who filed the Form 4 for Seadrill (SDRL)?

The Form 4 was filed by Torsten Sauer-Petersen, an executive vice president and director-related officer of Seadrill Limited.

What transactions are reported on the Form 4 dated 08/27/2025?

The report shows vesting/conversion of 18,967 performance-based restricted stock units and the sale of 8,109 common shares at $31.97 per share.

How many restricted stock units were originally granted and what payout was certified?

Originally 31,165 performance-based restricted stock units were granted on August 6, 2022, and the Joint Nomination and Remuneration Committee certified a 60.86% achievement.

What is the reporting person's beneficial ownership after the transactions?

The Form 4 reports 23,339 common shares beneficially owned following the reported transactions.

Does the filing state why the shares were sold?

No. The filing does not provide a reason for the disposition or indicate a Rule 10b5-1 trading plan.