HOUSTON, June 16, 2026 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, represented Seadrill Limited (“Seadrill”) (NYSE: SDRL) in a private offering by Seadrill Finance Limited, a wholly owned subsidiary of Seadrill (“Seadrill Finance”), of $700 million in aggregate principal amount of 6.750% Senior Notes due 2034.

The offering was upsized to $700 million from the original offering size of $600 million. The notes mature on July 15, 2034 and will be issued at par. The offering priced on June 15, 2026 and is expected to close on June 30, 2026, subject to customary closing conditions.

Seadrill Finance intends to use a portion of the net proceeds from the offering to redeem all of its outstanding 8.375% Senior Secured Second Lien Notes due 2030 and satisfy and discharge the indenture governing such notes. Seadrill Finance intends to use the remaining net proceeds from the offering to pay the fees and expenses incurred in connection with the offering and for general corporate purposes.

Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies.

Seadrill’s news release on the pricing of the offering can be found here.

Baker Botts Lawyers/Offices Involved:

Corporate: Clint Rancher (Partner, Houston); Lakshmi Ramanathan (Special Counsel, Houston); Marshall Heins (Senior Associate, Houston); Rusty Shellhorn (Senior Associate, Dallas); Talha Chaudhry (Associate, Houston); Jonathan Oliver (Associate, Dallas)

Finance: Luke Weedon (Partner, Dallas); Josh Espinosa (Special Counsel, Dallas); Ignacio Beheran (Associate, New York); Adrienne Murr (Associate, Houston)

Tax: Jon Lobb (Partner, Houston); Andrew Maughan (Associate, Houston)

Environmental: Aileen Hooks (Senior Counsel, Austin); Katie Windle (Senior Associate, Austin)

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