SEADRILL Ltd 10-K

Item 9A. Controls and Procedures Disclosure Controls and Procedures Our management, with participation from the Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of disclosure controls and procedures pursuant to Rule 13a-15 and Rule 15d-15 of the Exchange Act as of December 31, 2025. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective as of December 31, 2025. Changes in Internal Control over Financial Reporting There were no changes in internal control over financial reporting during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. See Part II, Item 8, "Financial Statements and Supplementary Data" for Management's Report on Internal Control over Financial Reporting. Item 9B. Other Information Rule 10b5-1 Trading Arrangements During the three months ended December 31, 2025, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 88 PART III Item 10. Directors, Executive Officers and Corporate Governance Information in response to this item, to the extent not set forth in Part I, Item 1, “Business – Information About Our Executive Officers”, is incorporated by reference to our Proxy Statement relating to our 2026 Annual Meeting of Shareholders. The Proxy Statement will be filed with the SEC pursuant to Regulation 14A under the Exchange Act within 120 days of December 31, 2025. Item 11. Executive Compensation Information in response to this item is incorporated by reference to our Proxy Statement relating to our 2026 Annual Meeting of Shareholders. The Proxy Statement will be filed with the SEC pursuant to Regulation 14A under the Exchange Act within 120 days of December 31, 2025. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Information in response to this item is incorporated by reference to our Proxy Statement relating to our 2026 Annual Meeting of Shareholders. The Proxy Statement will be filed with the SEC pursuant to Regulation 14A under the Exchange Act within 120 days of December 31, 2025. Item 13. Certain Relationships and Related Transactions, and Director Independence Information in response to this item is incorporated by reference to our Proxy Statement relating to our 2026 Annual Meeting of Shareholders. The Proxy Statement will be filed with the SEC pursuant to Regulation 14A under the Exchange Act within 120 days of December 31, 2025. Item 14. Principal Accountant Fees and Services Information in response to this item is incorporated by reference to our Proxy Statement relating to our 2026 Annual Meeting of Shareholders. The Proxy Statement will be filed with the SEC pursuant to Regulation 14A under the Exchange Act within 120 days of December 31, 2025. PART IV Item 15. Exhibits and Financial Statement Schedules (a) The following documents are filed as part of this report: 1. A list of the financial statements filed as a part of this report is set forth in Part II, Item 8, “Financial Statements and Supplementary Data” of this annual report and is incorporated herein by reference. 2. Financial Statement Schedules: All schedules are omitted because they are either not applicable or required information is shown in the financial statements or notes thereto. 3. Exhibits Exhibit Number Description 2.1 Second Amended Joint Chapter 11 Plan (as modified) of Reorganization, as confirmed by the Bankruptcy Court on October 26, 2021 (incorporated by reference to Exhibit 2.1 to Seadrill Limited’s Annual Report on Form 20-F filed with the SEC on April 29, 2022). 2.2† Agreement and Plan of Merger, by and among Seadrill Limited, Aquadrill LLC and Seadrill Merger Sub, LLC, dated as of December 22, 2022 (incorporated by reference to Exhibit 4.1 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on December 23, 2022). 2.3 Share and Asset Purchase Agreement, dated 16 May 2024, by and among Seadrill RIG Holding Company Limited, Seadrill Castor PTE, LTD., Seadrill Telesto LTD., Seadrill Tucana LTD., Seadrill Jack Up Holding Ltd., (the “Seadrill Parties”) and Gulf Drilling International Limited and Gulf Jackup SPC LLC (the “GDI Parties”) (incorporated by reference to Exhibit 4.1 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on August 5, 2024). 2.4 Share and Asset Purchase Agreement Amendment, dated 14 June 2024 between the Seadrill Parties and the GDI Parties (incorporated by reference to Exhibit 4.2 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on August 5, 2024). 3.1 Certificate of Incorporation of Seadrill 2021 Limited delivered October 21, 2021 (incorporated by reference to Exhibit 1.1 to Seadrill Limited’s Annual Report on Form 20-F filed with the SEC on April 29, 2022). 3.2 Memorandum of Association of Seadrill 2021 Limited (incorporated by reference to Exhibit 1.2 to Seadrill Limited’s Annual Report on Form 20-F filed with the SEC on April 29, 2022). 3.3 Certificate of Deposit of Memorandum of Increase of Share Capital of Seadrill Limited (incorporated by reference to Exhibit 1.3 to Seadrill Limited’s Annual Report on Form 20-F filed with the SEC on April 29, 2022). 3.4 Certificate of Change of Name from Seadrill 2021 Limited to Seadrill Limited delivered February 22, 2022 (incorporated by reference to Exhibit 1.5 to Seadrill Limited’s Annual Report on Form 20-F filed with the SEC on April 29, 2022). 3.5 Bye-Laws of Seadrill Limited (incorporated by reference to Exhibit 1.4 to Seadrill Limited’s Annual Report on Form 20-F filed with the SEC on April 29, 2022). 4.1 Description of Securities Registered Under Section 12 of the Securities Exchange Act of 1934, as Amended (incorporated by reference to Exhibit 4.1 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 89 4.2 Convertible Note Purchase Agreement, dated as of February 22, 2022, by and among Seadrill Limited and Hemen Holding Limited (incorporated by reference to Exhibit 4.3 to Seadrill Limited’s Annual Report on Form 20-F filed with the SEC on April 29, 2022). 4.3 Indenture, dated as of July 27, 2023, by and among Seadrill Finance Limited, as issuer, Seadrill Limited and the other guarantors party thereto, as guarantors, and GLAS Trust Company LLC, as trustee and collateral trustee (incorporated by reference to Exhibit 4.1 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on July 27, 2023). 4.4 Form of 8.375% Senior Secured Second Lien Note due 2030 (incorporated by reference to Exhibit A of Exhibit 4.1 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on July 27, 2023). 4.5 First Supplemental Indenture, dated as of August 8, 2023, by and among Seadrill Finance Limited, as issuer, Seadrill Limited and the other guarantors party thereto, as guarantors, and GLAS Trust Company LLC, as trustee and collateral trustee (incorporated by reference to Exhibit 4.1 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on August 8, 2023). 4.6 Second Supplemental Indenture, dated as of September 20, 2023, by and among Seadrill Finance Limited, as issuer, Seadrill Servico de Petroleo Ltda., and GLAS Trust Company LLC, as trustee and collateral trustee (incorporated by reference to Exhibit 4.6 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 4.7 Third Supplemental Indenture, dated as of October 15, 2024, by and among Seadrill Finance Limited, as issuer, Seadrill Mobile Units (Nigeria) Limited, and GLAS Trust Company LLC, as trustee and collateral trustee. (incorporated by reference to Exhibit 4.1 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on November 13, 2024). 4.8 Fourth Supplemental Indenture, dated as of December 12, 2024, by and among Seadrill Finance Limited, as issuer, Seadrill T-16 Ltd., and GLAS Trust Company LLC, as trustee and collateral trustee (incorporated by reference to Exhibit 4.8 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 4.9 Fifth Supplemental Indenture, dated as of December 12, 2024, by and among Seadrill Finance Limited, as issuer, Seadrill Switzerland GmbH, Seadrill Rig Holdco Kft., Seadrill Hungary Kft., and GLAS Trust Company LLC, as trustee and collateral trustee (incorporated by reference to Exhibit 4.9 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 4.10* Sixth Supplemental Indenture, dated as of December 23, 2025, by and among Seadrill Finance Limited, as issuer, Seadrill Aquarius Ltd., and GLAS Trust Company LLC, as trustee and collateral trustee. 10.1† Registration Rights Agreement, dated as of February 22, 2022, by and among Seadrill Limited and the holders party thereto (incorporated by reference to Exhibit 2.2 to Seadrill Limited’s Annual Report on Form 20-F filed with the SEC on April 29, 2022). 10.2†‡ Registration Rights Agreement, dated as of April 3, 2023, by and among Seadrill Limited and the holders party thereto (incorporated by reference to Exhibit 10.1 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on April 3, 2023). 10.3† Senior Secured Revolving Credit Agreement, dated as of July 11, 2023, by and among Seadrill Finance Limited, as borrower, Seadrill Limited, the lenders party thereto, J.P Morgan SE, as administrative agent, GLAS Trust Company LLC, as common security agent, and the issuing banks party thereto (incorporated by reference to Exhibit 10.1 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on July 11, 2023) . 10.4 Collateral Trust Agreement, dated as of July 27, 2023, by and among Seadrill Limited, Seadrill Finance Limited, the other grantors party thereto, J.P. Morgan SE, as administrative agent under the Senior Secured Revolving Credit Agreement, GLAS Trust Company LLC, as trustee and collateral trustee under the Indenture (incorporated by reference to Exhibit 10.1 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on July 27, 2023). 10.5+ Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 10.4 to Seadrill Limited’s Registration Statement on Form F-4, filed with the SEC on February 27, 2023). 10.6+ Amended and Restated Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 99.2 to Seadrill Limited’s Report on Form 6-K furnished to the SEC on November 20, 2023). 10.7+ 2023 Form of TRSU Award Agreement (Non-Executive Officers) under the Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 10.9 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.8+ 2023 Form of PRSU Award Agreement (Non-Executive Officers) under the Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 10.10 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.9+ 2023 Form of PRSU Award Agreement (Executive Officers) under the Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 10.12 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.10+ 2024 Form of TRSU Award Agreement (Executive Officers) under the Amended and Restated Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 10.13 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.11+ 2024 Form of PRSU Award Agreement (Executive Officers) under the Amended and Restated Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 10.14 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 90 10.12+ 2025 Short Term Incentive Plan Summary (incorporated by reference to Exhibit 10.1 to Seadrill Limited’s Quarterly Report on Form 10-Q filed with the SEC on May 12, 2025). 10.13+ Form of PRSU Award Agreement (Executive Officers) under the Amended and Restated Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 10.1 to Seadrill Limited’s Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025). 10.14+ Form of TRSU Award Agreement (Executive Officers) under the Amended and Restated Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 10.2 to Seadrill Limited’s Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025). 10.15+ Form of TRSU Award Agreement (Director) under the Amended and Restated Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 10.3 to Seadrill Limited’s Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025). 10.16+ Form of TRSU Award Agreement (Director Deferred) under the Amended and Restated Seadrill Limited 2022 Management Incentive Plan (incorporated by reference to Exhibit 10.4 to Seadrill Limited’s Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025). 10.17+^ Employment Agreement, dated as of November 21, 2023, by and among Seadrill Americas, Inc., Seadrill Management Limited, and Simon Johnson (incorporated by reference to Exhibit 10.17 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.18+^ Employment Agreement, dated as of November 21, 2023, by and among Seadrill Americas, Inc., Seadrill Management Limited, and Grant Creed (incorporated by reference to Exhibit 10.18 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.19+^ Employment Agreement, dated as of November 21, 2023, by and between Seadrill Americas, Inc. and Samir Ali (incorporated by reference to Exhibit 10.19 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.20+^ Employment Agreement, dated as of November 21, 2023, by and among Seadrill Americas, Inc., Seadrill Management Limited, and Torsten Sauer-Petersen (incorporated by reference to Exhibit 10.20 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.21+^ Employment Agreement, dated as of November 21, 2023, by and between Seadrill Americas, Inc. and Todd Strickler (incorporated by reference to Exhibit 10.21 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.22+^ Employment Agreement, dated as of December 14, 2023, by and between Seadrill Americas, Inc. and Marcel Wieggers (incorporated by reference to Exhibit 10.22 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.23+ Amendment No. 1 to Employment Agreement, dated as of September 30, 2024, by and between Seadrill Americas, Inc. and Simon Johnson (incorporated by reference to Exhibit 10.23 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.24+ Amendment No. 1 to Employment Agreement, dated as of October 8, 2024, by and between Seadrill Americas, Inc. and Grant Creed (incorporated by reference to Exhibit 10.24 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.25+ Amendment No. 1 to Employment Agreement, dated as of October 2, 2024, by and between Seadrill Americas, Inc. and Samir Ali (incorporated by reference to Exhibit 10.25 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.26+ Amendment No. 1 to Employment Agreement, dated as of September 30, 2024, by and between Seadrill Americas, Inc. and Torsten Sauer-Petersen (incorporated by reference to Exhibit 10.26 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.27+ Amendment No. 1 to Employment Agreement, dated as of September 30, 2024, by and between Seadrill Americas, Inc. and Todd Strickler (incorporated by reference to Exhibit 10.27 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.28+ Amendment No. 1 to Employment Agreement, dated as of October 1, 2024, by and between Seadrill Americas, Inc. and Marcel Wieggers (incorporated by reference to Exhibit 10.28 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.29+ Form of Deed of Indemnity, by and between Seadrill Limited and its directors (incorporated by reference to Exhibit 10.29 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.30+ Form of Deed of Indemnity (Employee), by and between Seadrill Limited and certain of its executive officers (incorporated by reference to Exhibit 10.30 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 10.31+ Form of Deed of Indemnity (Senior Employee), by and between Seadrill Limited and certain of its executive officers (incorporated by reference to Exhibit 10.31 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 16.1 Letter to the Securities and Exchange Commission from PwC UK, dated March 5, 2025 (incorporated by reference to Exhibit 16.1 to Seadrill Limited’s Current Report on Form 8-K filed with the SEC on March 5, 2025). 91 19.1 Insider trading policy (incorporated by reference to Exhibit 19.1 to Seadrill Limited’s Annual Report on Form 10-K filed with the SEC on February 27, 2025). 21.1* List of subsidiaries of Seadrill Limite d. 23.1* Consent of PricewaterhouseCoopers LLP (United States), independent registered public accounting firm (Seadrill Limited). 23.2* Consent of PricewaterhouseCoopers LLP (Watford, United Kingdom), independent registered public accounting firm (Seadrill Limited). 31.1* Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. 31.2* Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. 32.1** Certification of the Principal Executive Officer pursuant to 18 USC Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2** Certification of the Principal Financial Officer pursuant to 18 USC Section 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 97.1 Seadrill Limited Policy for the Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97.1 to Seadrill Limited’s Report on Form 20-F filed with the SEC on March 27, 2024). 101.INS * Inline XBRL Instance Document 101.SCH * Inline XBRL Taxonomy Extension Schema 101.CAL * Inline XBRL Taxonomy Extension Schema Calculation Linkbase 101.DEF * Inline XBRL Taxonomy Extension Definition Linkbase 101.LAB * Inline XBRL Taxonomy Extension Label Linkbase 101.PRE * Inline XBRL Taxonomy Extension Presentation Linkbase 104 * Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) † Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K and will be provided to the SEC upon request. ‡ Certain portions of this Exhibit have been redacted in accordance with Item 601(b)(10)(iv) of Regulation S-K. The registrant agrees to furnish supplementally an unredacted copy of this Exhibit to the SEC upon request. ^ Certain personally identifiable information contained in this Exhibit has been redacted pursuant to Item 601(a)(6) of Regulation S-K. + Management contract or compensatory plan or arrangement. * Filed herewith. ** Furnished herewith Item 16. Form 10-K Summary None. 92 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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, on February 26, 2026. Seadrill Limited (Registrant) By: /s/ Simon Johnson Name: Simon Johnson Title: President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signatures Title Date /s/ Simon Johnson President and Chief Executive Officer February 26, 2026 Simon Johnson (principal executive officer) /s/ Grant Creed Executive Vice President and Chief Financial Officer February 26, 2026 Grant Creed (principal financial officer, principal accounting officer) /s/ Julie Johnson Robertson Chairman of the Board February 26, 2026 Julie Johnson Robertson /s/ Mark A. McCollum Director February 26, 2026 Mark A. McCollum /s/ Jean Cahuzac Director February 26, 2026 Jean Cahuzac /s/ Jan B. Kjærvik Director February 26, 2026 Jan B. Kjærvik /s/ Andrew Schultz Director February 26, 2026 Andrew Schultz /s/ Paul Smith Director February 26, 2026 Paul Smith /s/ Ana Zambelli Director February 26, 2026 Ana Zambelli /s/ Harry Quarls Director February 26, 2026 Harry Quarls /s/ Jonathan Swinney Director February 26, 2026 Jonathan Swinney 93