NEWS

Hamilton, Bermuda, 28 April 2022 – seadrill Limited (“seadrill” or “the Company”) (OSE ticker: SDRL) announces that it has commenced trading today of seadrill’s common shares on Euronext Expand.

Simon Johnson, seadrill’s Chief Executive Officer, commented, “seadrill’s proven record of delivering safe and efficient operations to our customers globally is fundamental to our value proposition. We have the youngest, most technologically-advanced fleet in the industry operated by highly experienced crews. Our clean balance sheet, industry-leading backlog, and strategic partnerships across markets position seadrill to create unique value in an offshore drilling industry undergoing transformation. I extend my gratitude to seadrill’s employees, customers, shareholders, and suppliers for their combined contributions in achieving this listing milestone.”

To view the OSE opening bell with Øivind Amundsen, CEO Oslo Børs, and a message from Simon Johnson, CEO seadrill, marking the event of seadrill’s listing, visit www.euronext.com.

seadrill is expected to uplist to the main market of the Oslo Stock Exchange and the New York Stock Exchange later this year.

About seadrill

seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe. seadrill’s high-quality, technologically-advanced fleet spans all asset classes allowing its experienced crews to conduct operations from shallow to ultra-deep-water environments. The Company owns and/or operates 30 rigs, which includes drillships, semi-submersibles, and jack-ups.

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 and the markets in which it operates. 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 regulatory filings and periodical reporting. 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 of the Norwegian Securities Trading Act.