Seadrill Limited — Major Shareholding Notification 2024

Jan 26, 2024

Disclosure of large shareholding – Seadrill Limited

Disclosure of large shareholding – Seadrill Limited

On 25 January 2024, Elliott International L.P., Elliott Associates L.P. and The Liverpool Limited Partnership have sold common shares 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 4,126,071 common shares and cash settled equity swaps equivalent to 2,716,736 common shares in Seadrill, which constitutes a total ownership of 6,842,807 common shares which represents approx. 9.24 % of Seadrill’s share capital.

• Elliott Associates L.P. holds cash settled equity swaps equivalent to 600,566 common shares in Seadrill, which represents approx. 0.81 % of Seadrill’s share capital.

• The Liverpool Limited Partnership holds 1,853,743 common shares and cash settled equity swaps equivalent to 620,000 common shares in Seadrill, which constitutes a total ownership of 2,473,743 common shares which represents approx. 3.34 % 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 6,842,807 common shares in Seadrill, which represents approx. 9.24 % of Seadrill’s share capital and votes (and thus crossing below 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 are 9,917,116 common shares in Seadrill, which represents 13.39 % of Seadrill’s share capital and votes (and thus crossing below the 15% disclosure threshold).

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