NEWS

Hamilton, Bermuda, 17 November, 2022 – seadrill Limited ("seadrill" or "the Company") (NYSE & OSE: SDRL) announces that it has successfully uplisted from Euronext Expand to the main list of the Oslo Stock Exchange (“OSE”). The first day of trading of seadrill's common shares at the OSE is today, 17 November 2022.

Simon Johnson, seadrill Chief Executive Officer, commented, “We are pleased to finalize our uplisting from the Euronext Expand to the Oslo Stock Exchange, completing our goal of being listed on two major exchanges within 2022. We have a long association with the OSE and look forward to building on our relationships with investors and public markets in Norway.”

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-deepwater 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 OSE, 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 section 5-12 of the Norwegian Securities Trading Act.