Form 6-K

SEADRILL LIMITED

Date: March 18, 2024

/s/ Grant Creed

Name: Grant Creed

Title: Chief Financial Officer

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 March 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, March 18, 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 March 11, 2024, through March 15, 2024, the Company purchased a total of 201,335 shares at an average price of $47.88 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)

11-Mar-24

OSE

4,763

46.49

221,418

11-Mar-24

NYSE

37,142

46.82

1,738,810

12-Mar-24

OSE

2,492

47.00

117,129

12-Mar-24

NYSE

37,588

47.03

1,767,880

13-Mar-24

OSE

3,749

47.71

178,866

13-Mar-24

NYSE

36,351

48.05

1,746,604

14-Mar-24

OSE

2,500

48.36

120,910

14-Mar-24

NYSE

38,000

48.56

1,845,120

15-Mar-24

OSE

5,952

49.30

293,436

15-Mar-24

NYSE

32,798

49.06

1,609,122

Period Total

OSE

19,456

47.89

931,759

NYSE

181,879

47.88

8,707,537

Total

201,335

47.88

9,639,296

Previously Disclosed
Buybacks under the Program (Accumulated)

OSE

349,590

44.58

15,585,755

NYSE

2,074,258

44.38

92,061,613

Total

2,423,848

44.41

107,647,369

Program Total

OSE

369,046

44.76

16,517,514

NYSE

2,256,137

44.66

100,769,150

Total

2,625,183

44.68

117,286,665

The issuer’s holding of own shares: 2,625,183

Following the completion of the above transactions, the Company owned a total of 2,625,183 of its own shares, corresponding to 3.54% 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.