Seadrill Limited — Major Shareholding Notification 2023

Dec 1, 2023

Major shareholding notification – Seadrill Limited

Major shareholding notification – Seadrill Limited

New York, 30 November 2023

On 30 November 2023, Sculptor SC II, LP, Sculptor Credit Opportunities Master Fund, Ltd. and Sculptor Master Fund Ltd., all managed by Sculptor Capital LP ("Sculptor"), have in total sold 75,000 shares in Seadrill Limited ("Seadrill"), representing approximately 0.094% of Seadrill's issued share capital and voting rights. In addition, Sculptor has sold a swap position representing the underlying financial exposure of 300,000 shares in Seadrill pursuant to its cash-settled equity swap entered into on 17 November 2023, while also acquiring 300,000 shares in Seadrill, representing approximately 0.38% of Seadrill's share capital and voting rights.

Following this, Sculptor holds 3,378,397 Seadrill shares, representing approximately 4.23% of Seadrill's share capital and voting rights. Furthermore, Sculptor has financial exposure of an additional 564,953 underlying Seadrill shares, representing approximately 0.71% of Seadrill's share capital and voting rights, due to the remaining holding under the cash-settled equity swap having a strike price of USD 40.04 per share and maturity date on 17 January 2026. In total, these holdings represent approximately 4.94% of Seadrill's share capital and voting rights. Consequently, Sculptor has, on an aggregated basis, crossed below the 5% threshold for disclosure of large shareholdings.

This disclosure is made pursuant to sections 4-2 and 4-3, cf. section 4-6 of the Norwegian Securities Trading Act.