Seadrill Limited — Major Shareholding Notification 2023

Apr 5, 2023

Disclosure of large shareholding – Seadrill Limited

Disclosure of large shareholding – Seadrill Limited

Reference is made to the stock exchange announcement published by Seadrill Limited (NYSE & OSE: SDRL) ("Seadrill" or the "Company") on 3rd April 2023 regarding completion of the all-stock acquisition of Aquadrill LLC (the "Merger").

In connection with completion of the Merger, Elliott International L.P. and Elliott Associates L.P. received 5,115,245 and 2,298,154 common shares in Seadrill, respectively, which represents approx. 6.405% and 2.877%, respectively, of Seadrill’s share capital and votes following completion of the Merger.

Both Elliott International L.P. and Elliott Associates L.P. 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 receipt of common shares in Seadrill in the Merger, funds managed and advised by Elliott Investment Management L.P. have the following ownership interest in Seadrill (following completion of the Merger):

• Elliott International L.P. holds 5,115,245 common shares in Seadrill, which represents approx. 6.405% of Seadrill’s share capital and votes. In addition, Elliott International L.P. holds cash settled equity swaps equivalent to 633,831 common shares in Seadrill, which represents approx. 0.794% of Seadrill’s share capital.

• Elliott Associates L.P. holds 2,298,154 common shares in Seadrill, which represents approx. 2.877% of Seadrill’s share capital and votes. In addition, Elliott Associates L.P. holds cash settled equity swaps equivalent to 284,765 common shares in Seadrill, which represents approx. 0.357% of Seadrill’s share capital.

As a result of this, if we attribute voting right to the cash settled equity swaps (i) Elliott International L.P. has a total ownership interest of 5,749,076 common shares in Seadrill, which represents approx. 7.198% of Seadrill’s share capital and votes (and thus exceeding the 5% disclosure threshold), and (ii) the total aggregate ownership interest of both Elliott International L.P. and Elliott Associates L.P. is 8,331,995 common shares in Seadrill, which represents approx. 10.432% of Seadrill’s share capital and votes (and thus exceeding the 10% disclosure threshold).

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