UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2023

Commission File Number 001-39327

Seadrill Limited

(Exact name of Registrant as specified in its Charter)

Park Place

55 Par-la-Ville Road

Hamilton HM 11 Bermuda

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Seadrill Announces Transactions Made Under the Company’s Share Repurchase Program

Hamilton, Bermuda, November 20, 2023 - Seadrill Limited (“Seadrill” or the “Company”) (NYSE & OSE: SDRL) initiated a share repurchase program September 12, 2023 to repurchase up to $250 million of the Company’s common shares in open market transactions on the OSE and NYSE through March 31, 2024 pursuant to an agreement with Arctic Securities AS and its subsidiary, Arctic Securities LLC (“Arctic”).

For the period from and including November 13 through November 17, 2023, Seadrill purchased a total of 462,037 shares at an average price of $41.31 per share. The transactions effected through the agreement with Arctic comprise all the transactions effected by or on behalf of Seadrill Limited during the period.

Transaction overview

Date	Trading Venue	Aggregated daily volume (number of shares)		Weighted average share price (USD)		Total daily transaction value (USD)
13 Nov. 2023	OSE		9,853		40.29		397,010
13 Nov. 2023	NYSE		55,802		40.84		2,279,155
14 Nov. 2023	OSE		9,372		41.35		387,576
14 Nov. 2023	NYSE		62,000		41.34		2,563,185
15 Nov. 2023	OSE		19,800		42.92		849,863
15 Nov. 2023	NYSE		102,000		41.99		4,282,531
16 Nov. 2023	OSE		18,179		41.64		756,897
16 Nov. 2023	NYSE		122,000		40.59		4,951,541
17 Nov. 2023	OSE		17,031		41.47		706,237
17 Nov. 2023	NYSE		46,000		41.62		1,914,649
Period total	OSE		74,235		41.73		3,097,583
	NYSE		387,802		41.24		15,991,061
	Total		462,037		41.31		19,088,644
Previously disclosed totals (accumulated)	OSE		523,747		43.12		22,586,563
	NYSE		3,674,913		42.91		157,696,663
	Total		4,198,660		42.94		180,283,226
Program total	OSE		597,982		42.95		25,684,146
	NYSE		4,062,715		42.75		173,687,724
	Total		4,660,697		42.78		199,371,870

The issuer’s holding of own shares: 4,660,697

Following the completion of the above transactions, Seadrill Limited owned a total of 4,660,697 of its own shares, corresponding to 5.84% of Seadrill Limited’s share capital.

Appendix:

An overview of all transactions made under the Company’s repurchase program and its agreement with Arctic Securities that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

Contact information

Benjamin Wiseman

Corporate Finance Manager & Investor Relations

T: +44 786 713 9312

E: benjamin.wiseman@seadrill.com

About Seadrill Limited

Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe. Seadrill’s high-quality, technologically-advanced fleet spans all asset classes allowing its experienced crews to conduct operations across geographies, from shallow to ultra-deepwater environments.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SEADRILL LIMITED
Date: November 20, 2023	By:	/s/ Grant Creed
		Name: Grant Creed
		Title: Principal Financial Officer of Seadrill Limited

THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT ON FORM F-3 (NO. 333-271916) ORIGINALLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 15, 2023.