[Form 4] Seadrill Ltd Insider Trading Activity

Rhea-AI Filing Summary

Seadrill Ltd (SDRL) insider activity: Torsten Sauer-Petersen, EVP & Chief Technology & Sustainability Officer, recorded transactions dated 09/25/2025. Restricted stock units converted and vested into common shares and a portion of common shares were sold.

The filing shows 6,124 restricted stock units treated as acquired on conversion to common shares and 2,426 common shares sold at $31.39, leaving 27,037 shares beneficially owned following the reported sale. The RSUs were part of a 12,248 grant made 09/25/2023 vesting in two equal annual installments.

Positive

• 6,124 restricted stock units converted into common shares, reflecting scheduled vesting from a prior grant
• Filing discloses specific transaction dates, amounts, and sale price ($31.39), showing transparent reporting

Negative

• 2,426 common shares sold, reducing the reporting person's direct holdings to 27,037 shares

Insights

Securities Analyst

TL;DR: Routine executive vesting and partial sale; not materially dilutive or unusual.

The Form 4 documents a common pattern: time-based restricted stock units vesting and a subsequent open-market sale of a portion of holdings. The conversion of 6,124 RSUs into common shares reflects scheduled vesting from a 12,248 RSU grant dated 09/25/2023. The reported sale of 2,426 shares at $31.39 reduced direct holdings to 27,037 shares. This appears to be personal portfolio management rather than a corporate action affecting capital structure.

Corporate Governance Expert

TL;DR: Disclosure is timely and complete; transactions align with standard executive compensation vesting.

The filing identifies the reporting person as an officer and confirms the nature of indirect ownership and RSU conversion mechanics (one-for-one into common shares). Dates and amounts are disclosed, and the form is signed by attorney-in-fact. No unexpected departures, extraordinary grants, or related-party transactions are disclosed.

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

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

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)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
09/25/2025

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	09/25/2025		M		6,124	A	(1)	29,463	D
Common Shares	09/25/2025		F		2,426	D	$31.39	27,037	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)	09/25/2025		M			6,124	(2)	(2)	Common Shares	6,124	$0	0	D

Explanation of Responses:

1. Restricted stock units convert into common shares, par value $0.01 per share, of Seadrill Limited on a one-for-one basis.

2. On September 25, 2023, the reporting person was granted 12,248 restricted stock units, vesting in two equal annual installments beginning on the first anniversary of the grant date.

Remarks:

EVP & Chief Technology & Sustainability Officer

	/s/ Todd D. Strickler, attorney-in-fact	09/29/2025
	** 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 transactions did Torsten Sauer-Petersen report on Form 4 for SDRL?

The report shows 6,124 restricted stock units converted into common shares and a sale of 2,426 common shares at $31.39 on 09/25/2025.

How many RSUs were originally granted and what is the vesting schedule?

The filing states an original grant of 12,248 restricted stock units on 09/25/2023, vesting in two equal annual installments.

What is the reporting person's role at Seadrill (SDRL)?

The reporting person is identified as EVP & Chief Technology & Sustainability Officer.

What were the reporting person's beneficially owned shares after the transactions?

After the reported sale, the filing shows 27,037 common shares beneficially owned.

When was the Form 4 signed and filed?

The signature block shows the form was signed by attorney-in-fact on 09/29/2025.