Form 6-K

SEADRILL LIMITED

Date: February 26, 2024

/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 February 2024

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, February 26, 2024 – Seadrill Limited (“Seadrill” or the “Company”) (NYSE & OSE: SDRL) initiated a share repurchase program December 14, 2023 to repurchase up to $250 million of the Company’s common shares in open market transactions on the OSE and NYSE until no later than September 30, 2024 pursuant to an agreement with Fearnley Securities AS and its subsidiary, Fearnley Securities, Inc. (“Fearnley”).

For the period from and including February 19, 2024, through February 23, 2024, the Company purchased a total of 181,494 shares at an average price of $42.35 per share. The transactions effected through the agreement with Fearnley comprise all the transactions effected by or on behalf of the Company during the period.

Transaction Overview

Date

Trading Venue

Volume

Weighted Average
Share Price (USD)

Total Daily Transaction
Value (USD)

19-Feb-24

OSE

1,000

42.21

42,212

20-Feb-24

OSE

5,000

41.15

205,740

20-Feb-24

NYSE

41,250

41.21

1,699,995

21-Feb-24

OSE

2,000

40.87

81,742

21-Feb-24

NYSE

43,910

41.91

1,840,466

22-Feb-24

OSE

5,000

42.57

212,864

22-Feb-24

NYSE

38,379

43.72

1,677,961

23-Feb-24

OSE

2,000

43.00

85,998

23-Feb-24

NYSE

42,955

42.82

1,839,303

Period Total

OSE

15,000

41.90

628,555

NYSE

166,494

42.39

7,057,724

Total

181,494

42.35

7,686,279

Previously Disclosed
Buybacks under the
Program (Accumulated)

OSE

295,469

44.95

13,281,012

NYSE

1,500,048

44.73

67,092,928

Total

1,795,517

44.76

80,373,940

Program Total

OSE

310,469

44.80

13,909,566

NYSE

1,666,542

44.49

74,150,653

Total

1,977,011

44.54

88,060,219

The issuer’s holding of own shares: 1,977,011

Following the completion of the above transactions, the Company owned a total of 1,977,011 of its own shares, corresponding to 2.67% of the Company’s share capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program and its agreement with Fearnley 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 (I) THE REGISTRATION STATEMENT ON FORM F-3 (NO. 333-271916) ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 15, 2023 AND (II) THE REGISTRATION STATEMENT ON FORM S-8 (NO. 333-276710) ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 26, 2024.