SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Seadrill Ltd

(Name of Issuer)

Common Stock

(Title of Class of Securities)

G7997W102

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP Number(s):

G7997W102

Names of Reporting Persons

CANYON CAPITAL ADVISORS LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,261,779.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,261,779.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

1,261,779.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

2.02 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

G7997W102

Names of Reporting Persons

Joshua S. Friedman

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,261,779.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,261,779.00

Aggregate Amount Beneficially Owned by Each Reporting Person

1,261,779.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

2.02 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP Number(s):

G7997W102

Names of Reporting Persons

Mitchell R. Julis

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,261,779.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,261,779.00

Aggregate Amount Beneficially Owned by Each Reporting Person

1,261,779.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

2.02 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Seadrill Ltd

(b)

Address of issuer's principal executive offices:

PARK PLACE, 55 PAR-LA-VILLE ROAD, HAMILTON, BERMUDA HM 11

Item 2.

(a)

Name of person filing:

This Schedule 13G is being filed on behalf of the following persons*: Canyon Capital Advisors LLC ("CCA") Joshua S. Friedman Mitchell R. Julis CCA is the investment advisor, direct or indirect, to the following persons: (i) The Canyon Value Realization Master Fund (Cayman), L.P. ("CVRF") (ii) Canyon Balanced Master Fund, Ltd. ("CBEF") (iii) Canyon Distressed Opportunity Master Fund III, L.P. ("CDOFIII") (iv) Canyon NZ-DOF Investing, L.P. ("NZ-TRADING") (v) Canyon-EDOF (Master) L.P. ("EDOF") (vi) Canyon Distressed TX L.P. ("CTX") (vii) Canyon Distressed TX (B) LLC ("CTXB") * Attached as Exhibit A is a copy of an agreement among the persons filing (as specified hereinabove) that this Schedule 13G is being filed on behalf of each of them.

(b)

Address or principal business office or, if none, residence:

The principal business office of the persons comprising the group filing this Schedule 13G is located at 2728 North Harwood Street, 2nd Floor Dallas, TX 75201

(c)

Citizenship:

Canyon Capital Advisors LLC - Delaware Joshua S. Friedman - United States Mitchell R. Julis - United States CVRF: a Cayman Islands exempted limited partnership CBEF: a Cayman Islands corporation CDOFIII: a Cayman Islands exempted limited partnership NZ-TRADING: a Delaware limited partnership EDOF: a Cayman Islands exempted limited partnership CTX: a Delaware limited partnership CTXB: a Delaware limited liability company

(d)

Title of class of securities:

Common Stock

(e)

CUSIP No.:

G7997W102

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

1,261,779

(b)

Percent of class:

2.02 %

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

1,261,779

(ii) Shared power to vote or to direct the vote:

1,261,779

(iii) Sole power to dispose or to direct the disposition of:

1,261,779

(iv) Shared power to dispose or to direct the disposition of:

1,261,779

Item 5.

Ownership of 5 Percent or Less of a Class.

Ownership of 5 percent or less of a class

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CANYON CAPITAL ADVISORS LLC

Signature:	/S/ Doug Anderson
Name/Title:	Chief Compliance Officer
Date:	05/15/2026

Joshua S. Friedman

Signature:	/s/ Joshua S. Friedman
Name/Title:	Self
Date:	05/15/2026

Mitchell R. Julis

Signature:	/s/ Mitchell R. Julis
Name/Title:	Self
Date:	05/15/2026

Exhibit Information

EXHIBIT A AGREEMENT REGARDING JOINT FILING The undersigned hereby agree and consent to the joint filing on their behalf of this amendment to Schedule 13G in connection with their beneficial ownership of the common stock of Seadrill Limited. Dated: May 15, 2026 CANYON CAPITAL ADVISORS LLC, a Delaware limited liability company By: /s/ Doug Anderson Name: Doug Anderson Title: Chief Compliance Officer JOSHUA S. FRIEDMAN /s/ Joshua S. Friedman MITCHELL R. JULIS /s/ Mitchell R. Julis

Amendment: SEC Form SCHEDULE 13G/A filed by Seadrill Limited