Seadrill Limited — Major Shareholding Notification 2023

Nov 17, 2023

Major shareholding notification - Seadrill Limited

Major shareholding notification - Seadrill Limited

On 17 November 2023, Sculptor Capital LP ("Sculptor") has sold 864,953 shares in Seadrill Limited ("Seadrill") as part of entering into a cash-settled equity swap agreement (the "Swap") with retained financial exposure to 864,953 underlying shares in Seadrill, equivalent to approximately 1.08% of Seadrill's total number of shares and votes.

The strike price under the Swap is USD 40.04 per share. Subject to Sculptor's option to terminate the Swap agreement at any time, the maturity date of the Swap is 17 January 2026. Upon maturity or termination of the Swap agreement, Sculptor will receive or pay a cash settlement.

Following the sale of shares as part of the Swap agreement, Sculptor's shareholding in Seadrill has been reduced to 3,203,397 shares, equivalent to approximately 4.01% of Seadrill's total number of shares and votes, thus crossing below the 5% threshold for disclosure of large shareholdings under section 4-2 of the Norwegian Securities Trading Act. However, as a result of entering into the Swap agreement, Sculptor's financial exposure in Seadrill remains unchanged at 4,068,350 shares, equivalent to approximately 5.09% of Seadrill's total number of shares, until maturity or termination of the Swap agreement.

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