Elliott's reduction below 5% removes the requirement for prompt public disclosure of further sales, potentially accelerating distribution. However, the large swap position (6.8% economic exposure) means Elliott retains significant influence and could re-engage. Watch for any change in swap positions or a new 13D filing if Elliott rebuilds a direct stake above 5%.
Price Chart
Executive Summary
Elliott Investment Management filed Amendment No. 9 to its Schedule 13D on Seadrill Ltd, reporting a reduction in its beneficial ownership to 4.9% (3,108,641 common shares) from a prior higher level, and disclosing continued open-market sales of shares in September and October 2026. Elliott also holds cash-settled swaps representing economic exposure to an additional 4,228,545 shares (6.8%), bringing combined economic exposure to approximately 11.7%. The filing signals de-escalation: Elliott is reducing its direct stake while maintaining significant synthetic exposure, suggesting a less confrontational posture but continued interest in the company's performance.
Key Financial Metrics
Key Facts
- Elliott Investment Management reduced beneficial ownership to 4.9% (3,108,641 common shares), down from a higher prior level.
- Elliott sold a total of 534,471 common shares in open-market transactions between September 22 and October 8, 2026, at prices ranging from $43.90 to $47.43 per share.
- Elliott holds cash-settled swaps on 4,228,545 shares (6.8% of outstanding), providing economic exposure without voting or dispositive power.
- Combined economic exposure (direct shares + swaps) is approximately 11.7% of Seadrill's outstanding common shares.
- The aggregate cost of the reported common shares is approximately $69,208,895.
- The percentage calculation is based on 62,541,443 shares outstanding as of August 6, 2026 (per the Q2 2026 10-Q).
Financial Impact
Elliott sold ~$25M worth of shares (534,471 shares at average ~$46) in the latest period, reducing direct stake below the 5% threshold.
Risk Factors
- Elliott may continue selling shares in the open market, adding downward pressure.
- The swap position could be unwound or converted to shares, reintroducing disclosure requirements and potential volatility.
- Reduced activist pressure may lead to less urgency for management to pursue strategic alternatives.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0000919574-26-006770 |
| Document: 0000919574-26-006770-index-headers.html | 0000919574-26-006770 |
| Document: 0000919574-26-006770-index.html | 0000919574-26-006770 |
| Document: 0000919574-26-006770.txt | 0000919574-26-006770 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | SC 13D/A | $46.15 $46.99 | ▼ −1.82% | ▼ −1.88% | $51.95 (−12.57%) |
Sep 21, 2026 5w ago | SC 13D/A | $46.85 $46.43 | ▲ +0.90% | ▲ +0.18% | $51.95 (−10.89%) |
Jun 30, 2026 16w ago | 8-K | $38.85 $39.87 | ▲ +2.63% | ▲ +2.76% | $51.95 (+33.72%) |
Jun 22, 2026 18w ago | 8-K | $39.77 $37.70 | ▼ −5.20% | ▼ −5.16% | $51.95 (+30.63%) |
Jun 15, 2026 19w ago | 8-K | $42.39 $40.22 | ▼ −5.12% | ▼ −4.52% | $51.95 (+22.55%) |
Jun 12, 2026 19w ago | Insider Cluster | $44.25 $42.39 | ▼ −4.20% | ▼ −5.97% | $51.95 (+17.40%) |
Jun 5, 2026 20w ago | 8-K | $44.38 $45.47 | ▲ +2.46% | ▲ +2.23% | $51.95 (+17.06%) |
Feb 25, 2026 34w ago | 8-K | $43.26 $43.88 | ▲ +1.43% | ▲ +1.89% | $51.95 (+20.09%) |
US Market Status
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