NEWS

Hamilton, Bermuda | 31 May 2021 - seadrill Limited (“seadrill” or "the Company") (OSE:SDRL, OTCPK:SDRLF), announces that Glen Ole Rødland has notified seadrill that he will be stepping down from the Board with immediate effect, having been Chairman since November 2019. The Board would like to thank Glen for his leadership and counsel during his tenure as Chairman of seadrill, and the work he has led to progress our current restructuring.

Stuart Jackson, CEO said, “We continue to make good progress with our lenders through productive discussions and our board and management team remain focussed on delivering a significant balance sheet deleveraging to support our safe and efficient operations.”

“For me, now is the right time to hand over the reins, the restructuring has been complex and multi-faceted and I have every confidence the board will guide the deal over the line” says Glen Ole Rødland.

-ENDS-

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 across the globe. seadrill’s high quality, technologically advanced fleet spans all asset classes allowing its experienced crews to conduct its operations from shallow to ultra-deep-water environments. The company operates 43 rigs, which includes drillships, jack-ups and semi-submersibles. seadrill is listed on the Oslo Børs and OTC Pink markets. For more information, visit www.seadrill.com

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 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.