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 Hamilton, Bermuda, 03 November 2022 – seadrill Limited (“seadrill” or “the Company”) (NYSE & XOAS: SDRL) is pleased to announce a new extension has been secured by Sonadrill Holding Ltd (“Sonadrill”), seadrill’s 50:50 joint venture with an affiliate of Sonangol E.P. (“Sonangol”). Sonadrill has secured a 12-well extension in Angola for the Libongos drillship at $402,500 per day.

Total contract value for the firm portion of the contract is approximately $327 million, inclusive of additional services. Commencement is expected in Q4 2022, with a firm-term of approximately 25 months, in direct continuation to the existing contract.

There are currently three drillships bareboat chartered into Sonadrill, a seadrill owned unit, the West Gemini and two Sonangol-owned units, the Quenguela and Libongos. seadrill manage and operate the units on behalf of Sonadrill.

seadrill’s Chief Executive Officer, Simon Johnson commented “Sonadrill remains strategically important for the development of the Angolan oil and gas sector. Sonadrill is the number one rig operator in Angola and this new contract will generate significant free cash flow for the joint venture which will ultimately flow to seadrill and Sonangol as shareholders.”

seadrill Contact Information

David Warwick

Director of Investor Relations

David.Warwick@seadrill.com

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 across geographies, from shallow to ultra-deep-water environments.

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 expectations about the 12-well extension described above, as well as 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. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, offshore drilling market conditions, including supply and demand, dayrates, fluctuations in the price of oil, international financial market conditions, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, the review of competition authorities and other factors listed in our public filings. 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. 

Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should also keep in mind the risks described from time to time in the Company’s filings with the SEC, including its Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on April 29, 2022 (File No. 001-39327).

This information is subject to the disclosure requirements pursuant to article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.