[SCHEDULE 13G/A] Seadrill Limited SEC Filing

Rhea-AI Filing Summary

Adage Capital Management, L.P., together with reporting persons Robert Atchinson and Phillip Gross, reports shared beneficial ownership of 3,138,286 common shares of Seadrill Ltd, representing 5.04% of the outstanding common stock. The shares are directly held by Adage Capital Partners, L.P., and the filing shows 0 shares with sole voting or dispositive power and 3,138,286 shares with shared voting and dispositive power. The ownership percentage is calculated using an aggregate of 62,225,301 shares outstanding as reported in the company’s quarterly report. The filing includes a certification that the securities are held in the ordinary course of business and not to change control.

Positive

• Material stake disclosed: Reporting Persons beneficially own 3,138,286 shares, equal to 5.04% of Seadrill's common stock.
• Clear allocation of authority: Filing specifies 0 sole voting/dispositive power and 3,138,286 shared voting/dispositive power, clarifying governance influence.
• Ordinary-course certification: Reporting Persons certify the securities are held in the ordinary course of business and not to change control.

Negative

• No sole control: Reporting Persons report 0 shares with sole voting or dispositive power, indicating they cannot unilaterally direct corporate decisions.
• Non-controlling stake: At 5.04%, the position is material but does not constitute a controlling interest.

Insights

Financial Analyst

TL;DR: Adage reports a disclosed 5.04% stake in Seadrill, a material but non-controlling position with shared voting and dispositive power.

The Schedule 13G/A shows Adage Capital Management, L.P. and principals Robert Atchinson and Phillip Gross beneficially own 3,138,286 Seadrill common shares, equal to 5.04% of the outstanding class based on the company’s reported share count. All reported voting and dispositive authority is shared, with 0 shares held with sole voting or dispositive power. The filing also affirms the position is held in the ordinary course of business and not to effect control.

Corporate Governance Expert

TL;DR: Disclosure is clear on ownership and powers; the position is material for monitoring but not governance-control changing.

The report provides transparent disclosure of beneficial ownership and the allocation of voting/dispositive authority: 3,138,286 shares are reported as shared voting/dispositive power and 0 as sole power. At 5.04% of the class, the stake is sizable enough to merit investor attention, yet the absence of sole voting or dispositive power indicates the reporting persons do not have unilateral control. The certification clarifies the holdings are ordinary-course investments rather than control-seeking.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Seadrill Ltd

(Name of Issuer)

Common Shares, par value $0.01 per share

(Title of Class of Securities)

G7997W102

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G7997W102

1

Names of Reporting Persons

Adage Capital Management, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,138,286.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,138,286.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,138,286.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.04 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. G7997W102

1

Names of Reporting Persons

Robert Atchinson

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,138,286.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,138,286.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,138,286.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.04 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. G7997W102

1

Names of Reporting Persons

Phillip Gross

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,138,286.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,138,286.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,138,286.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.04 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Seadrill Ltd
(b)	Address of issuer's principal executive offices: 11025 Equity Dr., Ste. 150, Houston, Texas 77041.
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Adage Capital Management, L.P., a Delaware limited partnership ("ACM"), as the investment manager of Adage Capital Partners, L.P., a Delaware limited partnership ("ACP"), with respect to the common shares, par value $0.01 per share ("Common Shares") of Seadrill Limited, a Bermuda exempted company (the "Company") directly held by ACP; (ii) Robert Atchinson ("Mr. Atchinson"), as (1) managing member of Adage Capital Advisors, L.L.C., a limited liability company organized under the laws of the State of Delaware ("ACA"), managing member of Adage Capital Partners GP, L.L.C., a limited liability company organized under the laws of the State of Delaware ("ACPGP"), general partner of ACP and (2) managing member of Adage Capital Partners LLC, a Delaware limited liability company ("ACPLLC"), general partner of ACM, with respect to the Common Shares directly held by ACP; and (iii) Phillip Gross ("Mr. Gross"), as (1) managing member of ACA, managing member of ACPGP and (2) managing member of ACPLLC, general partner of ACM, with respect to the Common Shares directly held by ACP. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 200 Clarendon Street, 52nd Floor, Boston, Massachusetts 02116.
(c)	Citizenship: ACM is a limited partnership organized under the laws of the State of Delaware. Messrs. Gross and Atchinson are citizens of the United States.
(d)	Title of class of securities: Common Shares, par value $0.01 per share
(e)	CUSIP No.: G7997W102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 62,225,301 Common Shares outstanding as of May 7, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission on May 12, 2025.
(b)	Percent of class: 5.04%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Adage Capital Management, L.P.

Signature:	/s/ Robert Atchinson
Name/Title:	By: Adage Capital Partners LLC, its General Partner, By: Robert Atchinson, its Managing Member
Date:	08/12/2025

Robert Atchinson

Signature:	/s/ Robert Atchinson
Name/Title:	Robert Atchinson, individually
Date:	08/12/2025

Phillip Gross

Signature:	/s/ Phillip Gross
Name/Title:	Phillip Gross, individually
Date:	08/12/2025

FAQ

How many Seadrill (SDRL) shares does Adage Capital report owning?

The filing reports beneficial ownership of 3,138,286 common shares of Seadrill.

What percentage of SDRL does Adage Capital's holding represent?

The reported holdings represent 5.04% of Seadrill's outstanding common shares, based on the company’s reported share count of 62,225,301.

Does Adage Capital have sole voting or dispositive power over these SDRL shares?

No. The filing reports 0 shares with sole voting or dispositive power and 3,138,286 shares with shared voting and dispositive power.

Who are the reporting persons named in the Schedule 13G/A for SDRL?

The reporting persons are Adage Capital Management, L.P. and individuals Robert Atchinson and Phillip Gross.

Were the securities acquired to influence control of Seadrill?

The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control.