NEWS

Hamilton, Bermuda, October 11, 2022 – seadrill Limited (“seadrill” or the “Company”) (XOAS: SDRL) announces today that the Company has received approval to relist its common shares on the New York Stock Exchange (“NYSE”) under the ticker symbol "SDRL". The Company expects the common shares to commence trading on or about Friday, October 14, 2022.

Simon Johnson, seadrill Chief Executive Officer, commented, “We are pleased to be re-listing the company on the NYSE. Our participation in the U.S. public markets should provide additional liquidity in our stock and provide access to new investors. We look forward to continuing our long history of strong engagement with our investment audience.”

seadrill Contact Information

David Warwick

Director of Investor Relations

T: +971 58 687 4132

E: 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 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 listing of the common shares on the NYSE, 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. 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.

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.