Seadrill director exercises 4,860 RSUs into shares

Seadrill Ltd director Ana Zambelli exercised previously granted equity awards, converting 4,860 restricted stock units into the same number of common shares.

Rhea-AI Filing Summary

Seadrill Ltd director Ana Zambelli exercised previously granted equity awards, converting 4,860 restricted stock units into the same number of common shares. These restricted stock units were granted on May 14, 2025 and all vested on the first anniversary of the grant date.

Following this compensation-related conversion, Zambelli holds 7,269 common shares directly. The footnotes explain that restricted stock units convert into common shares on a one-for-one basis and that the reporting person had elected to defer receipt of the common shares underlying the grant until certain triggering events.

Insider Trade Summary

4,860 shares exercised/converted

Exercise 2 txns

Insider Zambelli Ana

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	4,860	$0.00	$0.00
Exercise	Common Shares	4,860	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Common Shares — 7,269 shares (Direct)

Footnotes (3)

1. F1. The reporting person elected to defer the receipt of the common shares, par value $0.01 per share ("Common Shares"), of Seadrill Limited (the "Company") underlying the restricted stock units granted on May 14, 2025 until the earlier of (i) a separation from service from the Company and (ii) a change in control of the Company.
2. F2. Restricted stock units convert into Common Shares on a one-for-one basis.
3. F3. On May 14, 2025, the reporting person was granted 4,860 restricted stock units, all of which vested on the first anniversary of the grant date.

Key Figures

RSUs exercised: 4,860 units Common shares acquired: 4,860 shares Shares held after transaction: 7,269 shares +1 more

4 metrics

RSUs exercised 4,860 units Restricted stock units converted into common shares

Common shares acquired 4,860 shares Shares received from RSU conversion

Shares held after transaction 7,269 shares Total direct common share holdings post-transaction

RSU grant date May 14, 2025 Date 4,860 restricted stock units were granted

Key Terms

Restricted Stock Units, Exercise or conversion of derivative security, change in control, separation from service

4 terms

Restricted Stock Units financial

"The reporting person was granted 4,860 restricted stock units, all of which vested..."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Exercise or conversion of derivative security financial

"Transaction code "M" is described as Exercise or conversion of derivative security"

change in control financial

"until the earlier of a separation from service and a change in control of the Company"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

separation from service financial

"until the earlier of (i) a separation from service from the Company"

FAQ

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

What insider transaction did Seadrill (SDRL) director Ana Zambelli report?

Ana Zambelli reported exercising equity awards, converting 4,860 restricted stock units into 4,860 Seadrill common shares. This was a compensation-related derivative exercise, not an open-market stock purchase or sale, and increased her directly held common share position.

How many Seadrill (SDRL) shares does Ana Zambelli hold after this Form 4?

After the transaction, Ana Zambelli holds 7,269 Seadrill common shares directly. This total reflects the addition of 4,860 shares obtained by converting previously granted restricted stock units that had vested, as disclosed in the insider filing and its accompanying footnotes.

What was the size and origin of the RSU grant reported for Seadrill (SDRL)?

On May 14, 2025, Ana Zambelli was granted 4,860 restricted stock units. According to the footnotes, all of these units vested on the first anniversary of the grant date, and they convert into Seadrill common shares on a one-for-one basis upon exercise.

Was Ana Zambelli’s Seadrill (SDRL) Form 4 an open-market trade?

No, the Form 4 shows a derivative exercise, not an open-market trade. Zambelli converted 4,860 restricted stock units into common shares at a stated price of $0.00 per share, reflecting equity compensation rather than a cash purchase or sale in the market.

How do Seadrill (SDRL) restricted stock units held by Ana Zambelli convert into shares?

The filing states that restricted stock units convert into Seadrill common shares on a one-for-one basis. In this case, 4,860 restricted stock units converted into 4,860 common shares, consistent with the conversion terms described in the Form 4 footnotes.

What deferral election did Ana Zambelli make regarding her Seadrill (SDRL) RSUs?

The footnotes explain that Zambelli elected to defer receipt of the common shares underlying the May 14, 2025 restricted stock unit grant until the earlier of a separation from service with Seadrill or a change in control of the company, affecting when she receives the underlying shares.

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

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Accepted by SEC EDGAR 05/18/2026 - 11:04 AM EDT Learn about SEC filing dates

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^*

Zambelli Ana

(Last) (First) (Middle)

4425 WESTWAY PARK BLVD., SUITE 170

(Street)

HOUSTON TEXAS 77041

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

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

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

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

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	05/14/2026		M		4,860(1)	A	(2)	7,269	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	(2)	05/14/2026		M			4,860	(3)	(3)	Common Shares	4,860(1)	$0	0	D

Explanation of Responses:

1. The reporting person elected to defer the receipt of the common shares, par value $0.01 per share ("Common Shares"), of Seadrill Limited (the "Company") underlying the restricted stock units granted on May 14, 2025 until the earlier of (i) a separation from service from the Company and (ii) a change in control of the Company.

2. Restricted stock units convert into Common Shares on a one-for-one basis.

3. On May 14, 2025, the reporting person was granted 4,860 restricted stock units, all of which vested on the first anniversary of the grant date.

	/s/ Todd D. Strickler, attorney-in-fact	05/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)