Seadrill Limited — Major Shareholding Notification 2023

Dec 21, 2023

Disclosure of large shareholding – Seadrill Limited

Disclosure of large shareholding – Seadrill Limited

On 11 December 2023, Seadrill Limited (NYSE & OSE: SDRL) ("Seadrill" or the "Company") completed the share repurchase program that was initiated on 12 September 2023. Seadrill announced on 20 December 2023 that the Company had decided to cancel the 5,817,579 treasury shares acquired under the share repurchase program. Following the cancellation, the Company will have 74,048,962 issued shares. Due to the cancellation of these shares, Elliott International L.P., Elliott Associates L.P. and The Liverpool Limited Partnership will be exceeding the disclosure threshold.

Elliott International L.P., Elliott Associates L.P. and The Liverpool Limited Partnership are funds managed and advised by Elliott Investment Management L.P., a registered investment adviser with the U.S. Securities and Exchange Commission. The general partner of Elliott Investment Management L.P. is Elliott Investment Management GP LLC. Paul E. Singer is the sole managing member of Elliott Investment Management GP LLC.

Following the cancellation of the treasury shares, funds managed and advised by Elliott Investment Management L.P. have the following ownership interest in Seadrill:

• Elliott International L.P. holds 4,571,398 common shares and cash settled equity swaps equivalent to 3,385,229 common shares in Seadrill, which constitutes a total ownership of 7,956,627 common shares which represents approx. 10.75 % of Seadrill’s share capital.

• Elliott Associates L.P. holds cash settled equity swaps equivalent to 900,904 common shares in Seadrill, which represents approx. 1.2166 % of Seadrill’s share capital.

• The Liverpool Limited Partnership holds 2,053,817 common shares and cash settled equity swaps equivalent to 620,000 common shares in Seadrill, which constitutes a total ownership of 2,673,817 common shares which represents approx. 3.61 % of Seadrill’s share capital.

As a result of this, if voting rights are attributed to the cash settled equity swaps (i) Elliott International L.P. has a total ownership interest of 7,956,627 common shares in Seadrill, which represents approx. 10.75 % of Seadrill’s share capital and votes (and thus exceeding the 10% disclosure threshold) and (ii) the total aggregate ownership interest of Elliott International L.P., Elliott Associates L.P. and the Liverpool Limited Partnership are 11,531,348 common shares in Seadrill, which represents 15.57 % of Seadrill’s share capital and votes (and thus exceeding the 15% disclosure threshold).

This disclosure is made pursuant to section 4-2, cf. section 4-3, of the Norwegian Securities Trading Act.