What changed in this filing

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Item 1. Business

2026-02-26 compared with 2025-02-27 · 67 added, 69 removed, 244 unchanged (36% of the section changed)

4 unchanged sentences

In addition, we provide management services to certain affiliated entities.

As of December 31, 2024, we owned a total of 15 drilling units, of which 11 were operating (inclusive of one leased to the Sonadrill joint venture), one 6th generation drillship was undergoing contract preparations for a contract that commenced during February 2025, and three were cold stacked.

The 11 operating units include 10 benign floaters (comprising seven 7th generation drillships, two 6th generation drillships and one benign environment semi-submersible) and one harsh environment unit (comprising of one jackup).

As of December 31, 2025, we owned a total of 15 drilling units, of which 10 were operating, one was undergoing capital upgrade projects for a contract commencing in the second quarter of 2026, one was undergoing repairs and maintenance projects and three were cold stacked.

The 10 operating units include nine benign floaters (comprising six 7th generation drillships, two 6th generation drillships and one benign environment semi-submersible) and one harsh environment jackup.

In addition to our owned assets, as of December 31, 2025, we managed two drilling units owned by Sonangol.

1 unchanged sentence

As of December 31, 2025 , we employed approximately 3,000 employees across the globe.

Seadrill Limited (previously known as "Seadrill 2021 Limited") (the "Successor"), is an exempted company limited by shares incorporated under the laws of Bermuda and in accordance with the Bermuda Companies Act 1981 (the "Bermuda Companies Act").

Successor was incorporated on October 15, 2021, under the name Seadrill 2021 Limited.

On February 22, 2022 ("Effective Date"), Seadrill Limited and certain of its subsidiaries, that filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court ("the Debtors") emerged from bankruptcy proceedings in accordance with the terms and conditions of Seadrill's Plan of Reorganization.

Seadrill Limited (previously known as "Seadrill 2021 Limited") is an exempted company limited by shares incorporated under the laws of Bermuda and in accordance with the Bermuda Companies Act 1981 (the "Bermuda Companies Act").

Seadrill Limited was incorporated on October 15, 2021, under the name Seadrill 2021 Limited.

On February 22, 2022 ("Effective Date"), Seadrill Limited and certain of its subsidiaries, that filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court emerged from bankruptcy proceedings in accordance with the terms and conditions of Seadrill's Plan of Reorganization.

Seadrill Limited became the ultimate parent holding company of the Seadrill Limited group of companies (the "Group"), at which point its name was changed to Seadrill Limited ("Seadrill", "we", "us", "our", and "Company").

The Company is registered with the Bermuda Registrar of Companies under registration number 202100496.

From July 2, 2018, to the Effective Date, the ultimate parent holding company of the Group was Seadrill Limited, an exempted company limited by shares incorporated under the laws of Bermuda on March 14, 2018 with registration number 53439 ("Old Seadrill Limited" or the "Predecessor").

Old Seadrill Limited was previously listed under the symbol "SDRL" on the NYSE and the Oslo Stock Exchange ("OSE").

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The Company submitted an application to delist its common shares on the OSE, on April 30, 2024.

Oslo Bors approved the Company’s delisting from the OSE, following an affirmative shareholder vote at the Company’s Annual General Meeting in April 2024.

The last day of trading our common shares on the OSE was September 9, 2024, with our common shares being delisted from the OSE on September 10, 2024.

Overall Strategy

Our vision is to set the standard in offshore drilling, and we deliver this vision through the four pillars of our strategy:

Best, safe, efficient, and reliable operations

Our vision is to set the standard in deepwater oil and gas drilling, and we deliver this vision through the four pillars of our strategy:

Operational excellence

Our objective is to unlock energy safely, efficiently, and responsibly for our clients globally.

In order to achieve this, we leverage a modern rig fleet combined with a motivated, highly skilled and experienced workforce.

Fleet competitiveness

Having the right rigs in the right regions allows us to offer a range of assets to suit the diverse and specific needs of our customers, while positioning ourselves for future growth in the industry.

Our modern rig fleet with key technological upgrades offers superior technical capabilities, resulting in high operational reliability.

Customer focused

We have established robust, long-term relationships with key players in the industry, and we will seek to deepen and strengthen these relationships further.

This involves identifying additional value-adding services for our customers and developing long-term, mutually beneficial partnerships.

We strive to provide the best possible service to our customers and be valued partners in their success.

Leading organization

We strive to achieve this by maximizing asset availability through best-in-class operational performance, rigorous safety standards, and consistent execution.

We are committed to maintaining safe and reliable operations through disciplined maintenance and continuous improvement.

We also focus on driving cost efficiency across our operating model to strengthen reliability, reduce downtime, and deliver predictable performance for customers.

Fleet and portfolio strength

Maintaining a competitive fleet requires having the right rigs in the right areas, supported by a disciplined and focused portfolio.

We upgrade and future-proof our fleet through targeted investments, technical enhancements, and planned reinvestment that improve performance and extend asset longevity.

This approach enhances flexibility to meet evolving customer requirements and positions us for future growth.

We apply prudent financial management to support disciplined investment, execute our strategy with resilience, and aim to continue creating sustainable value through cycles.

By actively managing our portfolio, we strengthen operational resilience and protect long-term value creation.

Customer partnership and growth

We have established robust, long-term relationships with key customers and suppliers in the industry, and we seek to continuously deepen and strengthen these relationships further.

We aim to do this by identifying strategic partnerships that are mutually beneficial and focused on delivering greater value through collaboration and execution excellence.

In addition, we seek to diversify revenue streams by identifying value-adding services, improving how we support customers across the drilling lifecycle, and expanding opportunities aligned with our operational strengths.

We strive to provide the best possible service and be valued partners in our customers' success.

People and performance

We are proud of our culture, and we recognize that our business is built on people.

As part of our strategy, we aim to recruit, retain, and develop the best people in the industry and to build a dynamic organization that continually adapts to ever-evolving business needs.

We aim to recruit, retain, and develop the best talent in the industry and build a dynamic organization that adapts to evolving business needs.

Developing internal talent and strengthening leadership depth are essential to delivering consistent performance and long-term competitiveness.

We categorize the drilling units in our fleet as (a) floaters, (b) jackup rigs and (c) harsh environment.

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Depending on the country of operation, drillships operate with crews of 120 to 160 people.

Semi-submersible drilling rigs:

Semi-submersible drilling units:

Semi-submersible rigs consist of an upper working and living quarters deck connected to a lower hull consisting of columns and pontoons.

32 unchanged sentences

Drilling units

The following table, presented as of December 31, 2024 , provides certain specifications for our drilling units.

Unless otherwise noted, the stated location of each drilling unit indicates either the drilling location as of December 31, 2024, if the drilling unit was operating, or the next operating location, if the drilling unit was mobilizing for a new contract.

Unit Drilling unit type Year built Water depth (feet) Drilling depth (feet) Location as of December 31, 2024 Estimated month of rig availability

West Carina Drillship 2015 12,000 37,500 Brazil January 2026

West Jupiter Drillship 2014 12,000 37,500 Brazil March 2029

West Neptune Drillship 2014 12,000 37,500 USA April 2026

West Saturn Drillship 2014 12,000 37,500 Brazil October 2026

West Tellus Drillship 2013 12,000 37,500 Brazil April 2029

West Auriga Drillship 2013 12,000 37,500 Brazil December 2027

West Vela Drillship 2013 12,000 37,500 USA September 2025

West Gemini Drillship 2010 10,000 37,500 Angola May 2025

West Capella Drillship 2008 10,000 37,500 South Korea February 2025

West Polaris Drillship 2008 10,000 37,500 Brazil February 2028

Sevan Louisiana Semi-submersible 2013 10,000 35,000 USA June 2025

West Eclipse Semi-submersible 2011 10,000 40,000 Namibia Available

West Aquarius Semi-submersible 2009 10,000 34,500 Norway Available

West Phoenix Semi-submersible 2008 10,000 29,500 Norway Available

West Elara Jackup 2011 492 35,000 Norway Mar 2028

The following table provides certain specifications and the location of our drilling units as of December 31, 2025 .

Unit Drilling unit type Year built Water depth (feet) Drilling depth (feet) Location as of December 31, 2025

West Carina Drillship 2015 12,000 37,500 Brazil

West Jupiter Drillship 2014 12,000 37,500 Brazil

West Neptune Drillship 2014 12,000 37,500 USA

West Saturn Drillship 2014 12,000 37,500 Brazil

West Tellus Drillship 2013 12,000 37,500 Brazil

West Auriga Drillship 2013 12,000 37,500 Brazil

West Vela Drillship 2013 12,000 37,500 USA

West Gemini Drillship 2010 10,000 37,500 Angola

West Polaris Drillship 2008 10,000 37,500 Brazil

West Capella Drillship 2008 10,000 37,500 Singapore

Sevan Louisiana Semi-submersible 2013 10,000 35,000 USA

West Eclipse Semi-submersible 2011 10,000 40,000 Namibia

West Aquarius Semi-submersible 2009 10,000 34,500 Norway

West Phoenix Semi-submersible 2008 10,000 29,500 Norway

West Elara Jackup 2011 492 35,000 Norway

Contract Drilling Operations

21 unchanged sentences

In addition, we provide management services to certain affiliated entities.

The following customers had total revenues greater than 10% of our consolidated operating revenues in any of the periods presented:

Successor Predecessor

Year ended December 31, 2024 Year ended December 31, 2023 Period from February 23, 2022 through December 31, 2022 Period from January 1, 2022 through February 22, 2022

Sonadrill 22 % 17 % 21 % 9 %

The following customers had total revenues greater than 10% of our total operating revenues in any of the periods presented:

Year ended December 31, 2025 Year ended December 31, 2024 Year ended December 31, 2023

Petrobras 36 % 18 % 16 %

Var Energi 7 % 9 % 14 % 11 %

Equinor 7 % 6 % 14 % 10 %

ConocoPhillips 7 % 5 % 13 % 13 %

Lundin — % — % 1 % 12 %

Sonadrill 22 % 22 % 17 %

Talos 11 % 2 % 7 %

LLOG 10 % 9 % 9 %

Others 21 % 49 % 51 %

21 unchanged sentences

Separate agreements are in place for the Onshore and Offshore populations.

The CBA in place in Brazil is negotiated annually and was successfully negotiated for the period from September 2024 to August 2025, when it is up for its annual negotiations.

The CBA in place in Brazil is negotiated annually and was successfully negotiated for the period from September 2025 to August 2026, when it will be up for its next annual negotiation.

Our success is driven by the passion and expertise of our people, and we are dedicated to attracting and retaining the best talent in the industry and the markets where we operate.

20 unchanged sentences

Our operations are subject to numerous laws and regulations in the form of international treaties and maritime regimes, flag state requirements, national environmental laws and regulations, navigation and operating permits requirements, local content requirements, and other national, state and local laws and regulations in force in the jurisdictions in which our drilling units operate or are registered, which can significantly affect the ownership and operation of our drilling units.

For details of environmental laws and regulations affecting our operations, refer to Part I, Item 1A, "Risk Factors – Risks Relating to Our Business and Industry – Increasing attention to environmental, social and governance matters and climate change may impact us."

For details of environmental laws and regulations affecting our operations, refer to Part I, Item 1A, "Risk Factors – Risks Relating to Our Business and Industry – Changing sentiments with respect to environmental, social and governance matters and climate change may impact us."

Flag State Requirements

4 unchanged sentences

The classification society certifies that the drilling unit is "in-class," signifying that such drilling unit has been built and maintained in accordance with the rules of the classification society and complies with applicable rules and regulations of the flag state and the international conventions of which that country is a member.

Maintenance of class certification requires expenditure and can require taking a drilling unit out of service from time to time for repairs or modifications to meet class requirements.

Maintenance of class certification requires expenditures and can require taking a drilling unit out of service from time to time for repairs or modifications to meet class requirements.

Our drilling units must generally undergo class surveys annually and a renewal survey once every five years.

3 unchanged sentences

International Maritime Regimes

Applicable international maritime regime requirements include, but are not limited to, the International Convention on Civil Liability for Bunker Oil Pollution Damage, the International Convention for the Safety of Life at Sea of 1974, as from time to time amended, the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, the MODU Code, and the International Convention for the Prevention from Ships International Convention for the Control and Management of Ships’ Ballast Water and Sediments of 2004, as from time to time amended (the "BWM Convention").

Applicable international maritime regime requirements include, but are not limited to, the International Convention on Civil Liability for Bunker Oil Pollution Damage, the International Convention for the Safety of Life at Sea of 1974, as from time to time amended, the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, the MODU Code, the International Convention for the Prevention of Pollution from Ships, and the International Convention for the Control and Management of Ships’ Ballast Water and Sediments of 2004, as from time to time amended (the "BWM Convention").

These various conventions regulate air emissions and other discharges to the environment from, and safety matters related to, our drilling units worldwide, and we may incur costs to comply with these regimes and continue to comply with these regimes as they may be amended in the future.

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Implementation of new environmental laws or regulations that may apply to ultra-deepwater drilling units may subject us to increased costs or limit the operational capabilities of our drilling units and could materially and adversely affect our operations and financial condition.

It is not possible to predict the impact of the Trump Administration on U.S.

climate and energy initiatives at this time.

While the Trump Administration may seek to reverse some or all of these U.S.

initiatives, it is unknown whether such reversals will ultimately be successful.

For details of these laws and regulations, refer to Part I, Item 1A, "Risk Factors - Risks Relating to Our Business and Industry - We are subject to complex environmental laws and regulations that can adversely affect us."

8 unchanged sentences

These and other future safety and environmental laws and regulations regarding offshore oil and gas exploration and development may increase the cost of our operations, lead our customers to not pursue certain offshore opportunities and result in additional downtime for our drilling units.

In addition, if material spill events similar to the Deepwater Horizon Incident were to occur in the future, or if other environmental or safety issues were to cause significant public concern, the United States or other countries could elect to, again, issue directives to cease drilling activities in certain geographic areas for lengthy periods of time.

Navigation and Operating Permit Requirements

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Simon Johnson 55 President and Chief Executive Officer

Grant Creed 44 Executive Vice President and Chief Financial Officer

Grant Creed 45 Executive Vice President, Chief Financial Officer

Samir Ali 40 Executive Vice President, Chief Commercial Officer

Torsten Sauer-Petersen 52 Executive Vice President, Human Resources

Todd Strickler 47 Senior Vice President and General Counsel

Torsten Sauer-Petersen 53 Executive Vice President, Chief Technology and Sustainability Officer

Todd Strickler 48 Senior Vice President, General Counsel

Marcel Wieggers 53 Senior Vice President, Operations

8 unchanged sentences

Johnson holds Australian citizenship and resides in Texas.

Grant Creed serves as Executive Vice President and Chief Financial Officer of the Company.

Creed was appointed to such roles in May 2021.

Creed joined the Company in 2013 and has held various positions within the Seadrill Group including Chief Restructuring Officer, VP Mergers & Acquisitions, and VP Corporate and Commercial Finance.

Grant Creed serves as Executive Vice President, Chief Financial Officer of the Company.

Creed was appointed to such role in May 2021.

Creed joined the Company in 2013 and has held various positions within Seadrill including Chief Restructuring Officer, VP Mergers & Acquisitions, and VP Corporate and Commercial Finance.

Prior to joining the Company, he held M&A Transaction Services and Audit positions at Deloitte.

10 unchanged sentences

Torsten Sauer-Petersen.

Torsten Sauer-Petersen serves as Executive Vice President, Human Resources of the Company.

Sauer-Petersen was appointed to such role in March 2022.

Torsten Sauer-Petersen serves as Executive Vice President and was appointed to such role in March 2022.

He also serves as Chief Technology and Sustainability Officer and was appointed to such role in August 2025.

Sauer-Petersen joined Seadrill in February 2011 and has over 25 years of experience in the drilling industry.

Prior to joining the Company, he held various human resources positions within Maersk Drilling.

Prior to joining the Company, he held various leadership positions within Maersk Drilling.

Sauer-Petersen holds an MBA from the International Institute of Management Development (IMD) in Lausanne, Switzerland.

Sauer-Petersen is a Danish citizen and resides in Texas.

He is a Danish citizen and resides in Texas.

Todd Strickler.

Todd Strickler serves as Senior Vice President and General Counsel of the Company.

Strickler was appointed to such roles in February 2023.

Todd Strickler serves as Senior Vice President, General Counsel of the Company.

Strickler was appointed to such role in February 2023.

Strickler has over 15 years’ experience in the offshore drilling and oilfield services sectors.

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Wieggers has demonstrated remarkable progression through various key roles.

Commencing his journey as a Toolpusher, he ascended the ranks, culminating in his recent position as Vice President, Operations overseeing the Company’s Floater and Harsh Environment fleets prior to his appointment to Senior Vice President, Operations.

Commencing his journey as a Toolpusher, he ascended the ranks, culminating in his position as Vice President, Operations overseeing the Company’s Floater and Harsh Environment fleets prior to his appointment to Senior Vice President, Operations.

His seasoned experience encompasses both offshore and onshore capacities, spanning continents including Africa, Asia, Europe, South America, and North America.

3 unchanged sentences

Board of Directors of Seadrill Limited

Robertson – Chair of our Board of Directors and Former Executive Chairman, President and Chief Executive Officer of Noble Corporation plc and its predecessor companies.

Robertson – Chairman of our Board of Directors and Former Executive Chairman, President and Chief Executive Officer of Noble Corporation plc and its predecessor companies.

Jean Cahuzac – Former Chief Executive Officer of Subsea 7 S.A.

17 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business