text: Tax strategy | Seadrill Limited (NYSE: SDRL - OSE: SDRL)
  The Group's global tax strategy is to enhance Seadrill Limited's shareholder value whilst complying with all relevant tax legislation and regulations. The Group will comply with Seadrill's code of conduct, which governs our behaviours and principles. See attached Tax policy for further details.
  The Group's overall tax compliance objective is to fulfil its obligations by filing timely and accurate tax returns and other compliance filings, and making tax payments on time.
  The Group will operate in a transparent, professional and constructive manner with tax authorities (globally including HM Revenue & Customs in the UK) even if there are differences of opinion on matters within tax returns, and make appropriate disclosures on relevant issues.
  The Group will strive to ensure that commercial transactions are structured in a tax efficient way and arranges its affairs, within the law, to reduce the effect of taxation on the Group and its stakeholders (including shareholders, customers and employees) having considered the impact on our reputation. This may reflect practices commonly operated within the offshore drilling sector.
  The business and regional teams must consult Group Tax regarding all significant business developments which have potential tax implications, and Group Tax will keep the businesses updated on relevant tax developments and issues.
  The Board through the Executive Team requires and will ensure that Group Tax has and is able to maintain sufficiently skilled resources to maintain the Tax policy and Tax strategy of the Group.
  Seadrill is a large and complex group with a number of companies in different jurisdictions and is a sizeable tax contributor in a number of countries.
  Seadrill is committed to complying with all relevant tax rules and requirements in all jurisdictions, taking a fair and reasonable approach to tax and operating to a standard consistent with other participants in the sectors in which it operates and also reflecting its listed status on the US and Norwegian stock exchanges.
  Seadrill companies will comply with all applicable tax rules, regulations and disclosure requirements in all territories in which they operate and are organized.
  Seadrill Limited will make decisions in relation to tax giving due regard to its reputation, integrity and status as the parent company of a group, with shares listed on the New York and Oslo Stock Exchanges.
  Seadrill's approach to tax compliance is to apply a standard of care to its procedures that is consistent with a group that has shares listed on the New York and Oslo Stock Exchanges. Seadrill companies will strive to pay all tax due, make all tax filings and disclosures and submit all returns accurately and on time in each territory in which it operates. Documents and records will be retained for the period of time required by relevant tax statute.
  Seadrill companies will account for sales tax and other transaction taxes and deductions on all relevant income and set out to achieve a fair and reasonable recovery or offset of sales and withholding taxes on costs in all territories.
  The Group will engage with tax authorities and other relevant bodies such as the regulators and governments, on tax matters which are important to the group to defend Seadrill's right to a fair and reasonable tax regime. This will include contributing to consultations and commenting on draft legislation.