UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number 001-39327
Seadrill Limited
(Exact name of Registrant as specified in its Charter)
Park Place
55 Par-la-Ville Road
Hamilton HM 11 Bermuda
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
ITEM 1. INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Seadrill Limited – Cash settlement under Management Incentive Plan
Hamilton, Bermuda, August 31, 2023
Reference is made to the announcements made by Seadrill Limited (“Seadrill” or the “Company”) (NYSE & OSE: SDRL) on August 8, 2022, and April 21, 2023 regarding the Company’s management incentive plan (the “Plan”).
A portion of certain Time-vested Restricted Stock Units (“TRSUs”) previously awarded to primary insiders of the Company, Simon Johnson (President and Chief Executive Officer), Grant Creed (EVP, Chief Financial Officer), Leif Nelson (EVP, Chief Operations & Technology Officer), Torsten Sauer-Petersen (EVP, Human Resources), Samir Ali (EVP, Chief Commercial Officer) and Todd Strickler (SVP, General Counsel) has vested and been cash settled as further described in the attached forms.
This information is subject to disclosure requirements pursuant to article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.
Contact Information
For additional information, visit www.seadrill.com.
Lydia Brantley Mabry
Director of Investor Relations
T: +1 (832) 252-7064
E: lydia.mabry@seadrill.com
About Seadrill
Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe. Seadrill’s high-quality, technologically-advanced fleet spans all asset classes allowing its experienced crews to conduct operations across geographies, from shallow to ultra-deepwater environments.
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Simon Johnson | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Primary insider, Chief Executive Officer | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3 | Details of issuer | |||||
| a) | Name | Seadrill Limited | ||||
| b) | LEI | 213800LZ4WWG15NAC829 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Derivative, Time-vested Restricted Stock Units linked to the shares of Seadrill Limited (BMG7998G1069) | ||||
| b) | Nature of the transaction | Cash settlement of Time-vested Restricted Stock Units. | ||||
| c) | Price(s) and volume(s) | Price(s) | Volume(s) | |||
| USD 46.84 | 17,809 | |||||
| d) | Aggregated information — Aggregated volume — Price | Cash settlement of 17,809 Time-vested Restricted Stock Units for a total of USD 834,174. | ||||
| e) | Date of the transaction | 2023-08-31 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||
1
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Leif Nelson | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Primary insider, Chief Operations & Technology Officer | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3 | Details of issuer | |||||
| a) | Name | Seadrill Limited | ||||
| b) | LEI | 213800LZ4WWG15NAC829 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Derivative, Time-vested Restricted Stock Units linked to the shares of Seadrill Limited (BMG7998G1069) | ||||
| b) | Nature of the transaction | Cash settlement of Time-vested Restricted Stock Units. | ||||
| c) | Price(s) and volume(s) | Price(s) | Volume(s) | |||
| USD 46.84 | 8,904 | |||||
| d) | Aggregated information — Aggregated volume — Price | Cash settlement of 8,904 Time-vested Restricted Stock Units for a total of USD 417,063. | ||||
| e) | Date of the transaction | 2023-08-31 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||
2
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Grant Creed | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Primary insider, Chief Financial Officer | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3 | Details of issuer | |||||
| a) | Name | Seadrill Limited | ||||
| b) | LEI | 213800LZ4WWG15NAC829 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Derivative, Time-vested Restricted Stock Units linked to the shares of Seadrill Limited (BMG7998G1069) | ||||
| b) | Nature of the transaction | Cash settlement of Time-vested Restricted Stock Units. | ||||
| c) | Price(s) and volume(s) | Price(s) | Volume(s) | |||
| USD 46.84 | 6,233 | |||||
| d) | Aggregated information — Aggregated volume — Price | Cash settlement of 6,233 Time-vested Restricted Stock Units for a total of USD 291,954. | ||||
| e) | Date of the transaction | 2023-08-31 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||
3
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Torsten Sauer-Petersen | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Primary insider, Human Resources | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3 | Details of issuer | |||||
| a) | Name | Seadrill Limited | ||||
| b) | LEI | 213800LZ4WWG15NAC829 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Derivative, Time-vested Restricted Stock Units linked to the shares of Seadrill Limited (BMG7998G1069) | ||||
| b) | Nature of the transaction | Cash settlement of Time-vested Restricted Stock Units. | ||||
| c) | Price(s) and volume(s) | Price(s) | Volume(s) | |||
| USD 46.84 | 4,452 | |||||
| d) | Aggregated information — Aggregated volume — Price | Cash settlement of 4,452 Time-vested Restricted Stock Units for a total of USD 208,532. | ||||
| e) | Date of the transaction | 2023-08-31 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||
4
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Samir Ali | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Primary insider, Chief Commercial Officer | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3 | Details of issuer | |||||
| a) | Name | Seadrill Limited | ||||
| b) | LEI | 213800LZ4WWG15NAC829 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Derivative, Time-vested Restricted Stock Units linked to the shares of Seadrill Limited (BMG7998G1069) | ||||
| b) | Nature of the transaction | Cash settlement of Time-vested Restricted Stock Units. | ||||
| c) | Price(s) and volume(s) | Price(s) | Volume(s) | |||
| USD 46.84 | 4,452 | |||||
| d) | Aggregated information — Aggregated volume — Price | Cash settlement of 4,452 Time-vested Restricted Stock Units for a total of USD 208,532. | ||||
| e) | Date of the transaction | 2023-08-31 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||
5
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Todd Strickler | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Primary insider, General Counsel | ||||
| b) | Initial notification/Amendment | Initial notification | ||||
| 3 | Details of issuer | |||||
| a) | Name | Seadrill Limited | ||||
| b) | LEI | 213800LZ4WWG15NAC829 | ||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the financial instrument, type of instrument Identification code | Derivative, Time-vested Restricted Stock Units linked to the shares of Seadrill Limited (BMG7998G1069) | ||||
| b) | Nature of the transaction | Cash settlement of Time-vested Restricted Stock Units. | ||||
| c) | Price(s) and volume(s) | Price(s) | Volume(s) | |||
| USD 46.84 | 1,069 | |||||
| d) | Aggregated information — Aggregated volume — Price | Cash settlement of 1,069 Time-vested Restricted Stock Units for a total of USD 50,072. | ||||
| e) | Date of the transaction | 2023-08-31 | ||||
| f) | Place of the transaction | Outside a trading venue. | ||||
6
SIGNATURES
Pursuant to the requirements 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.
| SEADRILL LIMITED | ||||||
| Date: August 31, 2023 | By: | /s/ Simon Johnson | ||||
| Name: Simon Johnson | ||||||
| Title: Chief Executive Officer of Seadrill Management Ltd. | ||||||
| (Principal Executive Officer of Seadrill Limited) | ||||||