Seadrill Limited — Major Shareholding Notification 2024

May 10, 2024

Disclosure of large shareholding – Seadrill Limited

Disclosure of large shareholding – Seadrill Limited

On 8 May 2024, Elliott International L.P., Elliott Associates L.P. and The Liverpool Limited Partnership have sold common shares and cash settled equity swaps in Seadrill Limited (NYSE & OSE: SDRL) ("Seadrill" or the "Company"), resulting in crossing below 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 sale, funds managed and advised by Elliott Investment Management L.P. have the following ownership interest in Seadrill:

• Elliott International L.P. holds 3,517,643 common shares and cash settled equity swaps equivalent to 2,703,406 common shares in Seadrill, which constitutes a total ownership of 6,221,643 common shares which represents approx. 8.39 % of Seadrill’s share capital.

• Elliott Associates L.P. holds cash settled equity swaps equivalent to 594,575 common shares in Seadrill, which represents approx. 0.80 % of Seadrill’s share capital.

• The Liverpool Limited Partnership holds 1,580,390 common shares and cash settled equity swaps equivalent to 620,000 common shares in Seadrill, which constitutes a total ownership of 2,200,390 common shares which represents approx. 2.97 % of Seadrill’s share capital.

As a result of the sale (i) Elliott International L.P. holds 3,517,643 common shares in Seadrill which represents 4.75 % of the votes (and thus crossing below the 5 % disclosure threshold) and (ii) the total aggregate ownership interest of Elliott International L.P., Elliott Associates L.P. and the Liverpool Limited Partnership are 9,016,014 common shares in Seadrill, which represents 12.17 % of Seadrill’s share capital and votes.

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