SEADRILL Ltd current report, Q2 FY2024

Seadrill Limited Form 6-K Summary

Business Context and Reporting Period

Seadrill Limited, an offshore drilling contractor, filed this Form 6-K on May 20, 2024, covering transactions under its share repurchase program from May 13 through May 17, 2024. The company is headquartered in Bermuda and reports under Form 20-F.

Key Financial and Capital Metrics

MetricPeriod / Status
Shares repurchased during May 13–17, 2024187,700
Average repurchase price$51.56 per share
Total value of period purchases$9.68 million
Cumulative shares repurchased under the program4,292,095
Cumulative repurchase value$201.93 million
Cumulative average repurchase price$47.05 per share
Repurchased shares as a percentage of issued shares5.80%
Authorized program sizeUp to $250 million
Program end dateNo later than September 30, 2024

During the reporting week, purchases totaled 18,339 shares on the OSE at a weighted average price of $50.80 and 169,361 shares on the NYSE at a weighted average price of $51.64.

The filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating-financial results for the period.

Material Changes Versus the Prior Comparable Period

The filing reports additional repurchases of 187,700 shares and $9.68 million during the week, increasing cumulative repurchases to 4,292,095 shares, or 5.80% of issued shares. No comparable-period operating or financial results are provided.

Outlook, Commentary, Risks, and Unusual Items

The repurchase program was initiated on December 14, 2023 and is being conducted through Fearnley Securities AS and its subsidiary, Fearnley Securities, Inc., in open-market transactions on the OSE and NYSE.

The filing provides no earnings guidance, operational outlook, management commentary on performance, new risk disclosures, contingencies, or unusual items beyond the share repurchase activity. The program remains subject to purchases occurring no later than September 30, 2024 and the stated $250 million authorization.

Important Facts for Investors to Verify

  • Confirm the cumulative repurchase amount and remaining authorization: $201.93 million used against the $250 million program.
  • Verify that 4,292,095 repurchased shares represent 5.80% of total issued shares.
  • Review the attached transaction appendix and the related Newsweb disclosures for trade-level details.
  • Assess the effect of the repurchases on outstanding shares, capital allocation, and liquidity using subsequent filings.
  • Consult Seadrill’s periodic reports for financial results, debt, cash flow, operating performance, and updated guidance, which are not included in this Form 6-K.