Seadrill Limited — Major Shareholding Notification 2023

Jul 12, 2023

Disclosure of large shareholding – Seadrill Limited

Disclosure of large shareholding – Seadrill Limited

On 11 July 2023 Elliott International L.P., Elliott Associates L.P. and The Liverpool Limited Partnership acquired cash settled equity swaps equivalent to 2,760,000 common shares, 620,000 common shares and 620,000 common shares, respectively, (in total cash settled equity swaps equivalent to 4,000,000 common shares) in Seadrill Limited (NYSE & OSE: SDRL) ("Seadrill" or the "Company").

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 acquisitions, funds managed and advised by Elliott Investment Management L.P. have the following ownership interest in Seadrill:

• Elliott International L.P. holds 4,869,507 common shares in Seadrill, which represents approx. 6.10% of Seadrill’s share capital and votes. In addition, Elliott International L.P. holds cash settled equity swaps equivalent to 3,756,820 common shares in Seadrill, which represents approx. 4.70% of Seadrill’s share capital.

• Elliott Associates L.P. holds 2,187,751 common shares in Seadrill, which represents approx. 2.74% of Seadrill’s share capital and votes. In addition, Elliott Associates L.P. holds cash settled equity swaps equivalent to 957,696 common shares in Seadrill, which represents approx. 1.20% of Seadrill’s share capital.

• The Liverpool Limited Partnership holds cash settled equity swaps equivalent to 730,403 common shares in Seadrill, which represents approx. 0.91% 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 8,626,327 common shares in Seadrill, which represents approx. 10.80% 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 is 12,502,177 common shares in Seadrill, which represents approx. 15.65% 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.