[Form 4] Seadrill Ltd Insider Trading Activity

Rhea-AI Filing Summary

Todd D. Strickler, SVP & General Counsel of Seadrill Ltd (SDRL), reported transactions on 09/25/2025 involving restricted stock units and common shares. He had 6,124 restricted stock units convert into 6,124 common shares and reported a sale of 2,410 common shares at $31.39 each. After these transactions he beneficially owned 15,523 common shares. The filing notes the original grant was 12,248 restricted stock units on 09/25/2023, vesting in two equal annual installments.

Positive

• Vesting of compensation: 6,124 restricted stock units converted to common shares, reflecting standard executive compensation realization
• Transparent reporting: Transactions were timely reported under Section 16, supporting disclosure compliance

Negative

• Partial share sale: 2,410 shares were sold at $31.39, which reduces the reporting person’s stake
• Limited remaining detail: Filing provides no context on purpose of sale (e.g., tax/living expenses) or broader holdings beyond reported common shares

Insights

Corporate Governance Expert

TL;DR: Routine executive compensation vesting and partial sale; governance signal is neutral.

The filing shows scheduled vesting of previously granted restricted stock units and a contemporaneous sale of a portion of shares. This pattern is consistent with standard compensation realization and liquidity actions by an officer rather than an unusual event. The transactions are transparent and reported under Section 16 rules, which supports governance disclosure practices. No new grants, amendments, or related-party transactions are disclosed.

Securities Analyst

TL;DR: Insider realized proceeds via a modest sale while retaining a meaningful holding; market impact is limited.

The report documents conversion of 6,124 RSUs to common shares and a sale of 2,410 shares at $31.39, leaving 15,523 shares beneficially owned. The sale size is small relative to typical public float and likely represents routine liquidity rather than signaling material change in insider conviction. No options exercised at a discount or large disposals 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^*

Strickler Todd D

(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)
	SVP & General Counsel

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)	17,933	D
Common Shares	09/25/2025		F		2,410	D	$31.39	15,523	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.

	/s/ Todd D. Strickler	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 Todd D. Strickler report for SDRL?

He reported conversion of 6,124 restricted stock units into common shares and a sale of 2,410 common shares at $31.39 on 09/25/2025.

How many Seadrill (SDRL) shares does the insider beneficially own after these transactions?

He beneficially owned 15,523 common shares following the reported transactions.

When were the restricted stock units originally granted?

The RSUs were granted on 09/25/2023 as 12,248 units, vesting in two equal annual installments.

What was the sale price for the shares sold by the reporting person?

The 2,410 common shares were sold at $31.39 per share.

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

Todd D. Strickler is SVP & General Counsel and is an officer of the issuer.