6-K

SEADRILL LIMITED

Date: October 10, 2023

/s/ Grant Creed

Name: Grant Creed

Title: Principal Financial Officer of Seadrill Limited

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2023

Commission File Number 001-39327

Seadrill Limited

(Exact name of Registrant as specified in its Charter)

Park Place

55 Par-la-Ville Road

Hamilton HM 11 Bermuda

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Seadrill Announces Transactions Made Under the Company’s Share Repurchase Program

Hamilton, Bermuda, October 9, 2023 - Seadrill Limited (“Seadrill” or the “Company”) (NYSE & OSE: SDRL) initiated a share repurchase program September 12, 2023 to repurchase up to $250 million of the Company’s common shares in open market transactions on the OSE and NYSE through March 31, 2024 pursuant to an agreement with Arctic Securities AS and its subsidiary, Arctic Securities LLC (“Arctic”).

For the period from and including October 2 through October 6, 2023, Seadrill purchased a total of 577,384 shares at an average price of $42.92 per share. The transactions effected through the agreement with Arctic comprise all the transactions effected by or on behalf of Seadrill Limited during the period.

Transaction overview


Date	Trading Venue	Aggregated daily volume (number of shares)		Weighted average share price (USD)		Total daily transaction value (USD)
2 Oct. 2023	OSE		10,299		44.73		460,628
2 Oct. 2023	NYSE		86,277		44.39		3,829,577
3 Oct. 2023	OSE		12,316		43.67		537,787
3 Oct. 2023	NYSE		95,000		43.81		4,161,532
4 Oct. 2023	OSE		5,467		43.05		235,330
4 Oct. 2023	NYSE		49,000		42.83		2,098,690
5 Oct. 2023	OSE		6,865		42.67		292,930
5 Oct. 2023	NYSE		160,000		42.23		6,757,536
6 Oct. 2023	OSE		15,548		42.18		655,747
6 Oct. 2023	NYSE		136,612		42.10		5,751,324
Period total	OSE		50,495		43.22		2,182,422
	NYSE		526,889		42.89		22,598,659
	Total		577,384		42.92		24,781,081
Previously disclosed totals (accumulated)	OSE		160,891		46.65		7,504,831
	NYSE		983,078		46.56		45,776,322
	Total		1,143,969		46.58		53,281,153
Program total	OSE		211,386		45.83		9,687,253
	NYSE		1,509,967		45.28		68,374,981
	Total		1,721,353		45.35		78,062,234

The issuer’s holding of own shares: 1,721,353

Following the completion of the above transactions, Seadrill Limited owned a total of 1,721,353 of its own shares, corresponding to 2.16% of Seadrill Limited’s share capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program and its agreement with Arctic Securities that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

Contact information

Lydia Brantley Mabry

Director of Investor Relations

T: +1 (832) 252-7064

E: lydia.mabry@seadrill.com

About Seadrill Limited

Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe. Seadrill’s high-quality, technologically-advanced fleet spans all asset classes allowing its experienced crews to conduct operations across geographies, from shallow to ultra-deepwater environments.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT ON FORM F-3 (NO. 333-271916) ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 15, 2023.