Seadrill Limited — AGM Information 2023

Mar 16, 2023

Seadrill Limited - Information regarding 2022 Annual General Meeting

Seadrill Limited - Information regarding 2022 Annual General Meeting

Hamilton, Bermuda, March 16, 2023 - Reference is made to the notice of the 2022

Annual General Meeting of Seadrill Limited (NYSE & OSE: SDRL) ("Seadrill" or the

"Company") to be held on March 21, 2023. Following constructive discussions with

shareholders, the Board of Directors of Seadrill has decided to withdraw its

proposals to approve the management incentive plan (Proposal 4 of the Company's

notice and proxy statement) and amend the Bye-laws of the Company (Proposal 5 in

the Company's notice and proxy statement) pending further consideration of the

matters.  Subject to any applicable procedures, Proposals 4 and 5 of the

Company's notice and proxy statement will not be voted on at the 2022 Annual

General Meeting.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

Contact Information

For additional information, visit www.seadrill.com.

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 across

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

Forward-Looking Statements

This announcement 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 and the markets in which it operates. These statements are based on

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, day rates, customer drilling programs

and effects of new rigs on the market, contract awards and rig mobilizations,

contract backlog, dry-docking and other costs of maintenance of the drilling

rigs in the Company's fleet, the cost and timing of shipyard and other capital

projects, the performance of the drilling rigs in the Company's fleet, delay in

payment or disputes with customers, Seadrill's ability to successfully employ

its drilling units, procure or have access to financing, ability to comply with

loan covenants, liquidity and adequacy of cash flow from operations,

fluctuations in the international price of oil, international financial market

conditions, changes in governmental regulations that affect the Company or the

operations of the Company's fleet, increased competition in the offshore

drilling industry, the impact of global economic conditions and global health

threats, our ability to maintain relationships with suppliers, customers,

employees and other third parties and our ability to maintain adequate financing

to support our business plans following emergence from the Chapter 11

proceedings, factors related to the offshore drilling market, the impact of

global economic conditions, our liquidity and the adequacy of cash flows for our

obligations, political and other uncertainties, the concentration of our

revenues in certain geographical jurisdictions, limitations on insurance

coverage, our ability to attract and retain skilled personnel on commercially

reasonable terms, the level of expected capital expenditures, our expected

financing of such capital expenditures, and the timing and cost of completion of

capital projects, fluctuations in interest rates or exchange rates and currency

devaluations relating to foreign or U.S. monetary policy, tax matters, changes

in tax laws, treaties and regulations, tax assessments and liabilities for tax

issues, legal and regulatory matters, customs and environmental matters, the

potential impacts on our business resulting from climate-change or greenhouse

gas legislation or regulations, the impact on our business from climate-change

related physical changes or changes in weather pattern, and the occurrence of

cybersecurity incidents, attacks or other breaches to our information technology

systems, including our rig operating systems.

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).

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 us to predict all of these factors.

Further, the Company cannot assess the impact of each such factors 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.

seadrill@hawthornadvisors.com