NEWS

Hamilton, Bermuda, June 19, 2020 – seadrill Limited ("seadrill" or the "Company") today announces that further to its press release dated June 1, 2020, and as part of the delisting of  its common shares (the "Common Shares") from the New York Stock Exchange (NYSE), the completion of its transition to the United States’ OTCQX Market. 

The Company filed a Form 25 with the U.S. Securities and Exchange Commission (the “SEC”) on June 11, 2020 in order to delist its common shares from the NYSE, which occurs ten days thereafter upon effectiveness of the Form 25. Accordingly, the Company’s last day of trading on the NYSE was on June 19, 2020, which was the last trading day prior to the effectiveness of the Form 25. 

seadrill expects its Common Shares to be listed and tradable on the highly regulated and highly liquid OTCQX Market as of June 22, 2020. The OTCQX Market is a well-established U.S. financial market for U.S. and international companies and will provide support to the Company’s U.S. shareholders. 

The Oslo Børs will now become seadrill’s primary listing, where it will retain its ticker symbol ‘SDRL’. A shareholder who wishes to transfer its shares between the NYSE and the Oslo Stock Exchange should contact its broker for more information in this respect. 

-ENDS-

FORWARD LOOKING STATEMENTS

This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 333-224459). The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act