Seadrill Ltd. (SDRL) Extends Share Buyback

Seadrill Limited (NYSE: SDRL) today announced that it has continued progress on its share repurchase program, as part of its ongoing commitment to deliver shareholder returns. The Company completed the $250 million share repurchase program initiated in December 2023 and will cancel the acquired shares. As previously announced, the Company’s Board of Directors authorized a new $500 million share repurchase program that will run for a period of two years from the completion of the 2023 program. As an initial step under the new repurchase program, the Board has authorized the Company to purchase up to $200 million of the Company’s common shares (the “First Tranche”) by September 30, 2024, and the Company has entered an agreement with DNB Markets (“DNB”) to effect the First Tranche in open market transactions on the OSE and the NYSE.

To comply with the European Market Abuse Regulation, the Company has provided the following required information regarding the First Tranche. The Company will commence the First Tranche on June 26, 2024, and will complete the First Tranche by September 30, 2024; provided, however, that the Company may discontinue or suspend the repurchases under the First Tranche at any time without notice. Repurchases in the First Tranche will be conducted through a 10b5-1 plan and a side-by-side discretionary plan set up through the agreement with DNB. Aggregate repurchases under the First Tranche are capped at $200 million, with individual caps of $200 million under the 10b5-1 plan and $100 million under the discretionary plan. The Company cannot predict how many shares will be repurchased or the timing of any shares repurchased under the First Tranche but does not expect that it will exceed 8.0 million shares under the 10b5-1 plan and 4.0 million shares under the discretionary plan.

For the 10b5-1 plan, DNB will carry out the Company’s instructions on the acquisition of shares, and will make its trading decisions independently of, and uninfluenced by, the Company. The manner, timing, pricing and amount, if any, of any repurchases by DNB under the discretionary plan will be subject to the discretion of the Company and may be based upon a number of factors, including, market conditions, the Company’s financial position and capital requirements, financial conditions, competing uses for cash as informed by the Company’s stated capital allocation principles, the restrictions in the Company’s credit agreements, and other factors. The First Tranche will be completed in accordance with Regulation (EU) 2016/1052.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and article 5 of the European Market Abuse Regulation.

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