Canyon Capital Advisors LLC and named principals filed Amendment No. 3 to a Schedule 13G/A reporting beneficial ownership of 1,261,779 shares of Seadrill Ltd Common Stock (CUSIP G7997W102), representing 2.02% of the class. The filing lists CCA as investment adviser to multiple Cayman and Delaware funds and is a joint filing signed on 05/15/2026.
The filing discloses identical sole/shared voting and dispositive power entries of 1,261,779 shares for the reporting group and provides the group address in Dallas, TX. The exhibit contains the joint-filing agreement among the parties.
Positive
None.
Negative
None.
Insights
Canyon Capital reports a modest 2.02% stake in Seadrill, filed as a joint Schedule 13G/A amendment.
The filing shows a beneficial position of 1,261,779 shares held through multiple Cayman and Delaware funds managed or advised by Canyon Capital Advisors LLC. The disclosure clarifies voting and dispositive power entries and documents a joint-filing agreement executed on 05/15/2026.
Future filings may update holdings if the group trades; cash‑flow treatment is not included in the excerpt and timing of any change is not provided.
Key Figures
Beneficial ownership:1,261,779 sharesPercent of class:2.02%CUSIP:G7997W102+2 more
5 metrics
Beneficial ownership1,261,779 sharesAmount beneficially owned reported in Item 4
Percent of class2.02%Percent of class reported in Item 4
CUSIPG7997W102Seadrill Ltd Common Stock identifier
Joint-filing signature date05/15/2026Signatures and Exhibit A date
Reporting address2728 North Harwood Street, Dallas, TXPrincipal business office of the group (Item 2(b))
"This is being filed on behalf of the following persons*: Canyon Capital Advisors LLC"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
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.
shared dispositive powerregulatory
"8 | Shared Dispositive Power 0.00 9 1,261,779.00"
joint-filing agreementlegal
"EXHIBIT A AGREEMENT REGARDING JOINT FILING The undersigned hereby agree"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Seadrill Ltd
(Name of Issuer)
Common Stock
(Title of Class of Securities)
G7997W102
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G7997W102
1
Names of Reporting Persons
CANYON CAPITAL ADVISORS LLC
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
1,261,779.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,261,779.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,261,779.00
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)
2.02 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
G7997W102
1
Names of Reporting Persons
Joshua S. Friedman
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
1,261,779.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,261,779.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,261,779.00
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)
2.02 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
G7997W102
1
Names of Reporting Persons
Mitchell R. Julis
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
1,261,779.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,261,779.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,261,779.00
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)
2.02 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Seadrill Ltd
(b)
Address of issuer's principal executive offices:
PARK PLACE, 55 PAR-LA-VILLE ROAD, HAMILTON, BERMUDA
HM 11
Item 2.
(a)
Name of person filing:
This Schedule 13G is being filed on behalf of the following persons*:
Canyon Capital Advisors LLC ("CCA")
Joshua S. Friedman
Mitchell R. Julis
CCA is the investment advisor, direct or indirect, to the following persons:
(i) The Canyon Value Realization Master Fund (Cayman), L.P. ("CVRF")
(ii) Canyon Balanced Master Fund, Ltd. ("CBEF")
(iii) Canyon Distressed Opportunity Master Fund III, L.P. ("CDOFIII")
(iv) Canyon NZ-DOF Investing, L.P. ("NZ-TRADING")
(v) Canyon-EDOF (Master) L.P. ("EDOF")
(vi) Canyon Distressed TX L.P. ("CTX")
(vii) Canyon Distressed TX (B) LLC ("CTXB")
* Attached as Exhibit A is a copy of an agreement among the persons filing (as specified hereinabove) that this Schedule 13G is being filed on behalf of each of them.
(b)
Address or principal business office or, if none, residence:
The principal business office of the persons comprising the group filing this Schedule 13G is located at
2728 North Harwood Street, 2nd Floor
Dallas, TX 75201
(c)
Citizenship:
Canyon Capital Advisors LLC - Delaware
Joshua S. Friedman - United States
Mitchell R. Julis - United States
CVRF: a Cayman Islands exempted limited partnership
CBEF: a Cayman Islands corporation
CDOFIII: a Cayman Islands exempted limited partnership
NZ-TRADING: a Delaware limited partnership
EDOF: a Cayman Islands exempted limited partnership
CTX: a Delaware limited partnership
CTXB: a Delaware limited liability company
(d)
Title of class of securities:
Common Stock
(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:
1,261,779
(b)
Percent of class:
2.02 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
1,261,779
(ii) Shared power to vote or to direct the vote:
1,261,779
(iii) Sole power to dispose or to direct the disposition of:
1,261,779
(iv) Shared power to dispose or to direct the disposition of:
1,261,779
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
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.
CANYON CAPITAL ADVISORS LLC
Signature:
/S/ Doug Anderson
Name/Title:
Chief Compliance Officer
Date:
05/15/2026
Joshua S. Friedman
Signature:
/s/ Joshua S. Friedman
Name/Title:
Self
Date:
05/15/2026
Mitchell R. Julis
Signature:
/s/ Mitchell R. Julis
Name/Title:
Self
Date:
05/15/2026
Exhibit Information
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
The undersigned hereby agree and consent to the joint filing on their behalf of this amendment to Schedule 13G in connection with their beneficial ownership of the common stock of Seadrill Limited.
Dated: May 15, 2026
CANYON CAPITAL ADVISORS LLC,
a Delaware limited liability company
By: /s/ Doug Anderson
Name: Doug Anderson
Title: Chief Compliance Officer
JOSHUA S. FRIEDMAN
/s/ Joshua S. Friedman
MITCHELL R. JULIS
/s/ Mitchell R. Julis
What stake does Canyon Capital report in Seadrill (SDRL)?
Canyon Capital reports beneficial ownership of 1,261,779 shares, equal to 2.02%. The Schedule 13G/A amendment lists identical voting and dispositive power counts and is signed by the reporting parties on 05/15/2026.
Who is included in the joint filing for Seadrill (SDRL)?
The joint filing includes Canyon Capital Advisors LLC, Joshua S. Friedman, and Mitchell R. Julis. The filing states CCA advises several funds (Cayman and Delaware entities) listed in Item 2 and attaches a joint-filing agreement as Exhibit A.
Does the Schedule 13G/A indicate voting or dispositive power over the shares?
Yes — the filing reports sole and shared voting and dispositive power entries of 1,261,779 shares. Item 4 breaks out the counts for sole and shared power, all recorded at the same share amount in the amendment.
When was the joint Schedule 13G/A amendment for SDRL signed?
The signatures on the amendment are dated May 15, 2026. The filing identifies the groups principal business office at 2728 North Harwood Street, 2nd Floor, Dallas, TX 75201 in Item 2(b).
