Seadrill Limited (NYSE: SDRL) announced that its subsidiary Seadrill Finance Limited intends to offer $600 million in senior unsecured notes due 2034, subject to market conditions.

The company plans to use proceeds from the offering, along with existing cash, to redeem all outstanding 8.375% Senior Secured Second Lien Notes due 2030. As of March 31, 2026, approximately $575 million in aggregate principal amount of the 2030 notes remained outstanding.

Seadrill Finance has delivered a conditional redemption notice for the 2030 notes, contingent on completing a financing transaction that generates at least $600 million in gross proceeds. The company also intends to satisfy and discharge the indenture governing the 2030 notes.

The new notes will be offered to eligible purchasers through Rule 144A and Regulation S under the Securities Act of 1933. The securities have not been registered under the Securities Act and will be sold only to qualified institutional buyers and persons outside the United States.

Seadrill operates in deepwater oil and gas drilling services for national, integrated, and independent oil companies. The Hamilton, Bermuda-based company trades on the New York Stock Exchange.

The information is based on a company press release statement.