NEWS

Hamilton, Bermuda | July 12, 2021 - seadrill Limited (“seadrill” or the “Company”) (OSE: SDRL, OTCPK:SDRLF) and the Issuer announce, further to the announcement made by seadrill and the Issuer on July 2, 2021, the successful completion of the consent solicitation process (the “Consent Solicitation”) to amend certain terms of the indenture (the “Indenture”), dated as of July 2, 2018, and as amended and supplemented by that certain first supplemental indenture dated as of March 11, 2019, related to the Issuer’s outstanding 12.0% Senior Secured Notes due 2025 (the “Notes”).

The Consent Solicitation expired at 5 p.m., New York City time, on July 9, 2021.

Approximately 80% in aggregate principal amount of the Notes consented to the proposed amendment. The Issuer has entered into a supplemental indenture (the “Second Supplemental Indenture”) related to the Notes, effective July 9, 2021. The amendment permits the Issuer to use the Net Realization Proceeds (as defined in the Indenture) as of the date of the Second Supplemental Indenture that have not previously been deemed to constitute “Excess Proceeds” to fund reorganization expenses of the Issuer and to advance funds by way of loan or other investments in the form of debt to SeaMex Ltd., its successors and its and their respective subsidiaries to meet their ongoing operating and administrative needs, including operating disbursements, personnel costs, personnel taxes, direct and indirect taxes, debt service and other costs and expenses.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

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 https://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.