Seadrill Limited has extended its share repurchase program to December 31, 2026, to continue delivering shareholder returns. The Board of Directors authorized the extension on June 22, 2026, pushing the deadline from the previous termination date of June 25, 2026. As of June 19, 2026, approximately $208 million of the $500 million authorized amount remained available under the Repurchase Program.

The program allows the company to repurchase shares through open market purchases, privately negotiated purchases, block trades, tender offers, accelerated share repurchase transactions, or derivative transactions. Seadrill is under no obligation to purchase any specific number of shares, and the timing, pricing, and volume of repurchases will depend on market conditions, financial position, and capital requirements.

Repurchase Program Details

While the program has a fixed expiration date, it may be modified, suspended, or discontinued at any time. Repurchase activities may be influenced by statutory solvency requirements, debt agreement restrictions, and competing uses for cash. Seadrill provides deepwater oil and gas drilling services to national, integrated, and independent oil companies.

Seadrill Limited has priced an upsized offering of $700 million in aggregate principal amount of 6.750% Senior Notes due 2034. The notes, issued by Seadrill Finance Limited, mature on July 15, 2034, and were offered to eligible purchasers pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The offering was increased from the originally announced size of $600 million and is expected to close on June 30, 2026.

Seadrill Finance intends to use a portion of the net proceeds to redeem all of its outstanding 8.375% Senior Secured Second Lien Notes due 2030 and satisfy the related indenture. The remaining net proceeds will cover offering fees and general corporate purposes. As of March 31, 2026, approximately $575 million in aggregate principal amount of the 2030 Notes remained outstanding.

The following table outlines the key details of the debt transaction:

Seadrill is setting the standard in deepwater oil and gas drilling. The company utilizes its modern fleet, experienced crews, and advanced technologies to unlock resources for national, integrated, and independent oil companies.

This news release includes forward-looking statements regarding the proposed offering, the use of proceeds, and the redemption of the 2030 Notes. These statements are subject to risks and uncertainties, including offshore drilling market conditions, fluctuations in oil prices, and changes in governmental regulations. Actual results may differ materially from those expressed or implied in the forward-looking statements.