[SCHEDULE 13D/A] Seadrill Ltd SEC Filing

Rhea-AI Filing Summary

Elliott Investment Management L.P. reports beneficial ownership of 4,213,146 Seadrill Ltd common shares, representing 6.8% of the outstanding shares. These shares were acquired at an aggregate cost of approximately $87,793,816, and may be held in margin accounts that can be used as collateral for debit balances.

In addition to the common shares, Elliott-related funds have entered into cash-settled swap agreements referencing 4,345,581 Seadrill shares, providing economic exposure comparable to 7.0% of the company without voting or dispositive power over those referenced shares. Based on 62,374,171 Seadrill common shares outstanding as of November 3, 2025, Elliott’s combined economic exposure is approximately 13.7% of the company’s common equity.

Insights

Equity ownership and governance analyst

Elliott reports 6.8% beneficial ownership of Seadrill plus swaps lifting total economic exposure to 13.7%.

Elliott Investment Management L.P. discloses beneficial ownership of 4,213,146 Seadrill common shares, or 6.8% of the class, with an aggregate cost of about $87,793,816. These shares are held with sole voting and dispositive power and may be financed through margin accounts, which can be secured by the shares and other securities in those accounts.

Separately, Elliott funds hold cash-settled swap positions referencing 4,345,581 Seadrill shares, described as providing economic results comparable to ownership of an additional 7.0% of the company. These derivative positions do not convey voting or dispositive power over the referenced shares, and Elliott expressly disclaims beneficial ownership of those subject shares.

Using Seadrill’s 62,374,171 shares outstanding as of November 3, 2025, the filing states that Elliott’s combined economic exposure is approximately 13.7%. Subsequent company and ownership disclosures will show how this exposure evolves over time and whether it translates into any governance-related initiatives.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

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

Ele Klein & Adriana Schwartz
McDermott Will & Schulte LLP, 919 Third Avenue
New York, NY, 10022
212-756-2000

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

12/16/2025

(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).

SCHEDULE 13D

CUSIP No. 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 4,213,146.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,213,146.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,213,146.00

12

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

13

Percent of class represented by amount in Row (11)

6.8 %

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: PARK PLACE, 55 PAR-LA-VILLE ROAD, HAMILTON, BERMUDA , 11.
Item 1 Comment: The following constitutes Amendment No. 7 ("Amendment No. 7") 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. 7 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. 7 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 $87,793,816. 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 62,374,171 Common Shares outstanding as of November 3, 2025, as disclosed in the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed by the Issuer with the SEC on November 6, 2025.
(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 4,345,581 Common Shares of the Issuer (collectively representing economic exposure comparable to 7.0% of the Common Shares of the Issuer). The Reporting Person has combined economic exposure in the Issuer of approximately 13.7% of the Common Shares outstanding. 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.

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:	12/18/2025