<SEC-DOCUMENT>0001193125-26-003130.txt : 20260105
<SEC-HEADER>0001193125-26-003130.hdr.sgml : 20260105
<ACCEPTANCE-DATETIME>20260105203959
ACCESSION NUMBER:		0001193125-26-003130
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250318
FILED AS OF DATE:		20260105
DATE AS OF CHANGE:		20260105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Strickler Todd D
		CENTRAL INDEX KEY:			0001614039
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39327
		FILM NUMBER:		26509091

	MAIL ADDRESS:	
		STREET 1:		11025 EQUITY DRIVE
		STREET 2:		SUITE 150
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77041

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Seadrill Ltd
		CENTRAL INDEX KEY:			0001737706
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				981834031
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		PARK PLACE
		STREET 2:		55 PAR-LA-VILLE ROAD
		CITY:			HAMILTON
		PROVINCE COUNTRY:   	D0
		ZIP:			HM 11
		BUSINESS PHONE:		441 295 9500

	MAIL ADDRESS:	
		STREET 1:		11025 EQUITY DRIVE
		STREET 2:		SUITE 150
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77041

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW SDRL LTD.
		DATE OF NAME CHANGE:	20180417
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
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<DESCRIPTION>4
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    <periodOfReport>2025-03-18</periodOfReport>

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        <issuerCik>0001737706</issuerCik>
        <issuerName>Seadrill Ltd</issuerName>
        <issuerTradingSymbol>SDRL</issuerTradingSymbol>
    </issuer>

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            <rptOwnerCik>0001614039</rptOwnerCik>
            <rptOwnerName>Strickler Todd D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11025 EQUITY DRIVE, SUITE 150</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77041</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>SVP &amp; General Counsel</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

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            </transactionDate>
            <transactionCoding>
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                <equitySwapInvolved>false</equitySwapInvolved>
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                    <footnoteId id="F4"/>
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                <transactionPricePerShare>
                    <footnoteId id="F1"/>
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    <footnotes>
        <footnote id="F1">Restricted stock units convert into common shares, par value $0.01 per share (each, a &quot;Common Share&quot;), of Seadrill Limited (the &quot;Company&quot;) on a one-for-one basis.</footnote>
        <footnote id="F2">On September 25, 2023, the reporting person was granted 28,578 performance-based restricted stock units, each of which represented a contingent right to receive one Common Share. 60% of such restricted stock units were subject to the achievement of certain total shareholder return metrics; and 40% were subject to the achievement of an annual free cash flow performance metric (the &quot;2023 Award FCF Metric&quot;) measured annually for each of the years beginning January 1 and ending December 31, 2023, 2024 and 2025 (the annual measurement periods ended December 31, 2023 and 2024, respectively, the &quot;2023 Measurement Period&quot; and the &quot;2024 Measurement Period&quot;). The earned restricted stock units vest subject to the reporting person's continued employment from the grant date through December 31, 2025 and will be settled in cash or Common Shares at the election of the Joint Nomination and Remuneration Committee of the Board of Directors of the Company (the &quot;Committee&quot;).</footnote>
        <footnote id="F3">(Continued from footnote 2) On March 18, 2025, the Committee certified achievement of the 2023 Award FCF Metric for the 2024 Measurement Period at 113.67%.</footnote>
        <footnote id="F4">On April 17, 2024, the reporting person was granted 17,607 performance-based restricted stock units, each of which represented a contingent right to receive one Common Share. 60% of such restricted stock units were subject to the achievement of certain total shareholder return metrics; and 40% were subject to the achievement of an annual free cash flow performance metric (the &quot;2024 Award FCF Metric&quot;) measured annually for each of the years beginning January 1 and ending December 31, 2024, 2025 and 2026. The earned restricted stock units vest subject to the reporting person's continued employment from the grant date through December 31, 2026 and will be settled in cash or Common Shares at the election of the Committee. On March 18, 2025, the Committee certified achievement of the 2024 Award FCF Metric for the 2024 Measurement Period at 113.67%.</footnote>
        <footnote id="F5">Represents the number of restricted stock units subject to the 2023 Award FCF Metric and relating to the 2023 Measurement Period that vested on December 31, 2025.</footnote>
        <footnote id="F6">Represents the number of restricted stock units subject to the 2023 Award FCF Metric and relating to the 2024 Measurement Period that vested on December 31, 2025.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Todd D. Strickler</signatureName>
        <signatureDate>2026-01-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
