Seadrill: Elliott reports 5.8% stake, 12.3% exposure

Elliott Investment Management reports 5.8% beneficial ownership of Seadrill common shares and total economic exposure of about 12.3% including cash-settled swaps.

Rhea-AI Filing Summary

Seadrill Ltd (SDRL) is the subject of an amended Schedule 13D filing in which Elliott Investment Management L.P. reports beneficial ownership of 3,643,112 common shares, representing 5.8% of Seadrill’s outstanding common shares based on 62,541,443 shares outstanding as of August 6, 2026.

Elliott reports an aggregate purchase cost of about $80.7 million for these shares and may hold positions in margin accounts with prime brokers, where the shares can be pledged as collateral. Elliott-affiliated funds also hold cash-settled swap positions referencing an additional 4,042,300 shares, described as providing economic exposure comparable to 6.5% of Seadrill’s common shares. Including both shares and swaps, Elliott Investment Management states combined economic exposure of approximately 12.3% of Seadrill’s common shares, while disclaiming beneficial ownership of the swap-referenced shares.

Filing Explained

The amendment reports that Elliott has sole power to vote and dispose of 3,643,112 Seadrill common shares, representing 5.8% of the outstanding shares. Its cash-settled swaps reference another 4,042,300 shares but provide no voting or disposition rights, separating Elliott’s 12.3% combined economic exposure from beneficial ownership and control.

Key Figures

Beneficially owned shares: 3,643,112 shares Beneficial ownership percentage: 5.8% Shares outstanding: 62,541,443 shares +4 more

7 metrics

Beneficially owned shares 3,643,112 shares Common shares of Seadrill Ltd reported as beneficially owned by Elliott Investment Management

Beneficial ownership percentage 5.8% Portion of Seadrill common shares represented by 3,643,112 shares

Shares outstanding 62,541,443 shares Seadrill common shares outstanding as of August 6, 2026

Aggregate cost of common shares $80,653,737 Total cost of Seadrill common shares reported as beneficially owned by Elliott Investment Management

Swap-referenced shares 4,042,300 shares Common shares referenced in cash settled swaps held by Elliott-affiliated funds

Swap economic exposure 6.5% Economic exposure to Seadrill common shares from cash settled swaps

Total economic exposure 12.3% Combined economic exposure of Elliott Investment Management to Seadrill common shares

Key Terms

beneficially owned, cash settled swaps, notional principal amount derivative agreements, margin accounts, +1 more

5 terms

beneficially owned financial

"for the aggregate number of Common Shares and percentage 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

"derivative agreements in the form of cash settled swaps with respect to an aggregate"

notional principal amount derivative agreements financial

"entered into notional principal amount derivative agreements (the "Derivative Agreements")"

margin accounts financial

"may effect purchases of the Common Shares through margin accounts maintained"

A margin account is a brokerage account that lets an investor borrow money from the broker to buy more securities than they could with cash alone, using the securities in the account as security for the loan. Think of it like a mortgage for stock purchases: borrowing increases potential gains but also magnifies losses, can trigger a forced sale if the account falls below required limits, and carries interest costs—factors investors must manage carefully.

economic exposure financial

"collectively representing economic exposure comparable to 6.5% of the Common Shares"

Economic exposure is the degree to which a company’s future cash flows and overall value can change because of shifts in broad economic forces—most commonly currency rates, interest rates, or inflation. Think of a business as a sailboat whose speed and direction can be pushed off course by changing winds; investors care because greater exposure means more uncertainty in earnings and valuation, influencing risk assessment and hedging choices.

FAQ

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

What percentage of Seadrill Ltd (SDRL) does Elliott Investment Management report owning?

Elliott Investment Management reports beneficial ownership of 3,643,112 Seadrill common shares, representing 5.8% of the company’s outstanding common shares, based on 62,541,443 shares outstanding as of August 6, 2026.

What is Elliott Investment Management’s total economic exposure to SDRL?

Elliott Investment Management states combined economic exposure of approximately 12.3% of Seadrill’s common shares, including both directly owned shares and cash-settled swap positions referencing 4,042,300 shares (about 6.5% economic exposure).

How many Seadrill (SDRL) shares does Elliott Investment Management beneficially own and what did it pay?

Elliott Investment Management reports beneficial ownership of 3,643,112 Seadrill common shares with an aggregate cost of approximately $80,653,737, excluding any separate economics associated with derivative positions.

What derivatives related to Seadrill (SDRL) does Elliott disclose in this filing?

Elliott-affiliated funds have entered into cash settled swaps referencing an aggregate of 4,042,300 Seadrill common shares, described as providing economic exposure comparable to 6.5% of the common shares, without voting or dispositive power over the referenced shares.

Does Elliott Investment Management claim voting power over all of its Seadrill (SDRL) exposure?

Elliott Investment Management reports sole voting and dispositive power over 3,643,112 common shares. It states that the cash-settled swaps provide only economic exposure and do not provide power to vote or dispose of the shares referenced, and it disclaims beneficial ownership of those swap-referenced shares.

How were Elliott’s recent Seadrill (SDRL) trades executed?

The filing states that Elliott Investment Management’s transactions in Seadrill common shares during the past 60 days were all in the open market, with specific trade details set forth in an attached schedule.

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

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Available on EDGAR 09/21/2026 - 06:30 PM Accepted by SEC EDGAR 09/21/2026 - 06:30 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. 8)

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)

09/17/2026

(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 3,643,112.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,643,112.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,643,112.00

12

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

13

Percent of class represented by amount in Row (11)

5.8 %

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. 8 ("Amendment No. 8") 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. 8 amends and restates Items 3, 5(a)-(c) and the fifth paragraph of Item 6 as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 8 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 $80,653,737. 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 during the past sixty (60) days, which were all in the open market, are set forth on Schedule 1 attached hereto and incorporated by reference herein.
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 4,042,300 Common Shares of the Issuer (collectively representing economic exposure comparable to 6.5% 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 12.3% 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:	09/21/2026