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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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SCHEDULE 13D/A 0000902664-23-002466 0001791786 XXXXXXXX LIVE 7 Common Shares, par value $0.01 per share 12/16/2025 false 0001737706 G7997W102 Seadrill Ltd PARK PLACE 55 PAR-LA-VILLE ROAD HAMILTON D0 11 Legal Department 212-974-6000 Elliott Investment Management L.P. 360 S. Rosemary Ave, 18th Floor West Palm Beach FL 33401 Ele Klein & Adriana Schwartz 212-756-2000 McDermott Will & Schulte LLP 919 Third Avenue New York NY 10022 0001791786 N Elliott Investment Management L.P. OO N DE 4213146.00 0.00 4213146.00 0.00 4213146.00 N 6.8 IA PN Common Shares, par value $0.01 per share Seadrill Ltd PARK PLACE 55 PAR-LA-VILLE ROAD HAMILTON D0 11 The following constitutes Amendment No. 7 ("Amendment No. 7") to the Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on April 5, 2023 (as amended, the "Schedule 13D"). This Amendment No. 7 amends and restates Items 3, 5(a)-(c) and the fifth paragraph of Item 6 as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 7 have the meanings set forth in the Schedule 13D. Item 4 of the Schedule 13D is incorporated herein by reference. The aggregate cost of the Common Shares reported herein is approximately $87,793,816. The Reporting Person may effect purchases of the Common Shares through margin accounts maintained for the Elliott Funds with prime brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms' credit policies. Positions in the Common Shares may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Since other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase the Common Shares. See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of Common Shares and percentage of Common Shares beneficially owned by the Reporting Person. The aggregate percentage of Common Shares reported beneficially owned by the Reporting Person is based upon 62,374,171 Common Shares outstanding as of November 3, 2025, as disclosed in the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed by the Issuer with the SEC on November 6, 2025. See rows (7) through (10) of the cover page to this Schedule 13D for the Common Shares as to which the Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition. The transactions in the Common Shares effected by the Reporting Person during the past sixty (60) days, which were all in the open market, are set forth on Schedule 1 attached hereto and incorporated by reference herein. The Elliott Funds have entered into notional principal amount derivative agreements (the "Derivative Agreements") in the form of cash settled swaps with respect to an aggregate of 4,345,581 Common Shares of the Issuer (collectively representing economic exposure comparable to 7.0% of the Common Shares of the Issuer). The Reporting Person has combined economic exposure in the Issuer of approximately 13.7% of the Common Shares outstanding. The Derivative Agreements provide the Elliott Funds with economic results that are comparable to the economic results of ownership but do not provide them or the Reporting Person with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the Derivative Agreements (such shares, the "Subject Shares"). The Reporting Person disclaims beneficial ownership in the Subject Shares. Elliott Investment Management L.P. /s/ Elliot Greenberg Elliot Greenberg, Vice President 12/18/2025