Seadrill: Elliott reports 4.9% ownership stake

Cash-settled swaps reference 4,228,545 shares and provide comparable economic exposure without voting or disposition power.

Rhea-AI Filing Summary

Seadrill Ltd (SDRL) is the issuer whose common shares Elliott Investment Management L.P. reports beneficially owning 3,108,641 shares, or 4.9% of the class. The percentage is based on 62,541,443 common shares outstanding as of August 6, 2026. Elliott Investment Management reports an aggregate cost of approximately $69,208,895 for the common shares reported and says all its transactions since Amendment No. 8 were in the open market.

Separately, the Elliott Funds have cash-settled swaps referencing 4,228,545 common shares, with economic results comparable to 6.8% of the class. The swaps provide no voting or disposition power over those referenced shares, and the reporting person disclaims beneficial ownership of them. Elliott Investment Management states its combined economic exposure is approximately 11.7% of Seadrill's common shares outstanding.

Filing Explained

Elliott says its reported shares may be held in margin accounts and pledged as collateral; it does not say whether or how much margin was used, and other holdings may make that amount indeterminable.

Key Figures

Common shares beneficially owned: 3,108,641 shares Beneficial ownership of class: 4.9% Aggregate cost: Approximately $69,208,895 +4 more

7 metrics

Common shares beneficially owned 3,108,641 shares Reported by Elliott Investment Management L.P.

Beneficial ownership of class 4.9% Based on common shares outstanding as of August 6, 2026

Aggregate cost Approximately $69,208,895 Cost of the common shares reported

Common shares outstanding 62,541,443 shares As of August 6, 2026

Common shares referenced by swaps 4,228,545 shares Cash-settled swaps held by the Elliott Funds

Swap-related economic exposure 6.8% Comparable economic exposure represented by the cash-settled swaps

Combined economic exposure Approximately 11.7% Elliott Investment Management's exposure relative to Seadrill common shares outstanding

Key Terms

beneficially owned, cash settled swaps, notional principal amount, margin credit

4 terms

beneficially owned financial

"aggregate number of Common Shares beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

cash settled swaps financial

"in the form of cash settled swaps"

notional principal amount financial

"notional principal amount derivative agreements"

margin credit financial

"which extend margin credit as and when required"

FAQ

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

How many Seadrill shares does Elliott Investment Management beneficially own?

Elliott Investment Management L.P. reports beneficial ownership of 3,108,641 Seadrill common shares, or 4.9% of the class. The percentage is based on 62,541,443 common shares outstanding as of August 6, 2026.

What is Elliott Investment Management's economic exposure to Seadrill?

The Elliott Funds' cash-settled swaps reference 4,228,545 Seadrill common shares, representing economic exposure comparable to 6.8% of the class. Elliott Investment Management states its combined economic exposure is approximately 11.7% of Seadrill's common shares outstanding. The swaps confer no voting or disposition power over the referenced shares.

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

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Available on EDGAR 10/08/2026 - 07:17 PM Accepted by SEC EDGAR 10/08/2026 - 07:17 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

Seadrill Ltd

(Name of Issuer)

Common Shares, par value $0.01 per share

(Title of Class of Securities)

G7997W102

(CUSIP Number)

Legal Department
Elliott Investment Management L.P., 360 S. Rosemary Ave, 18th Floor
West Palm Beach, FL, 33401
212-974-6000

Adriana Schwartz
Seward & Kissel LLP, One Battery Park Plaza
New York, NY, 10004
212-574-1200

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/08/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): G7997W102

1

Name of reporting person

Elliott Investment Management L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,108,641.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,108,641.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,108,641.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.9 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, par value $0.01 per share
(b)	Name of Issuer: Seadrill Ltd
(c)	Address of Issuer's Principal Executive Offices: 4425 Westway Park Blvd., Suite 170, Houston, TEXAS , 77041.
Item 1 Comment: The following constitutes Amendment No. 9 ("Amendment No. 9") to the Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on April 5, 2023 (as amended, the "Schedule 13D"). This Amendment No. 9 amends and restates Items 3, 5(a)-(c) and 5(e) and and the fifth paragraph of Item 6 as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 9 have the meanings set forth in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 4 of the Schedule 13D is incorporated herein by reference. The aggregate cost of the Common Shares reported herein is approximately $69,208,895. The Reporting Person may effect purchases of the Common Shares through margin accounts maintained for the Elliott Funds with prime brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms' credit policies. Positions in the Common Shares may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Since other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase the Common Shares.
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of Common Shares and percentage of Common Shares beneficially owned by the Reporting Person. The aggregate percentage of Common Shares reported beneficially owned by the Reporting Person is based upon 62,541,443 Common Shares outstanding as of August 6, 2026, as disclosed in the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed by the Issuer with the SEC on August 10, 2026.
(b)	See rows (7) through (10) of the cover page to this Schedule 13D for the Common Shares as to which the Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Person since the filing of Amendment No. 8, which were all in the open market, are set forth on Schedule 1 attached hereto and incorporated by reference herein.
(e)	October 8, 2026.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The Elliott Funds have entered into notional principal amount derivative agreements (the "Derivative Agreements") in the form of cash settled swaps with respect to an aggregate of 4,228,545 Common Shares of the Issuer (collectively representing economic exposure comparable to 6.8% of the Common Shares of the Issuer). The Derivative Agreements provide the Elliott Funds with economic results that are comparable to the economic results of ownership but do not provide them or the Reporting Person with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the Derivative Agreements (such shares, the "Subject Shares"). The Reporting Person disclaims beneficial ownership in the Subject Shares. EIM has combined economic exposure in the Issuer of approximately 11.7% of the Common Shares outstanding.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Elliott Investment Management L.P.

Signature:	/s/ Elliot Greenberg
Name/Title:	Elliot Greenberg, Vice President
Date:	10/08/2026