Seadrill Limited - Capital/Financing Update 2017

SDRL - Interim funding to North Atlantic Drilling Ltd. amended

Hamilton, Bermuda, July 31, 2017 - Seadrill Limited ('SDRL' or 'the Company')

announces today that it has amended the revolving credit facility provided to

North Atlantic Drilling Ltd., a majority owned subsidiary, to mature on

September 12, 2017. This interim funding arrangement has been put in place while

broader restructuring negotiations continue at both companies.

The facility was originally entered into on January 31, 2017 for $25 million

maturing on March 31, 2017. On April 25, 2017 the facility was amended to mature

on June 30, 2017 and was increased to $50 million. On June 27, 2017 the facility

was amended to mature on July 31, 2017 and was increased to $150 million.

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 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 filings with the Securities and Exchange Commission, including its

Annual Report on Form 20-F (File No. 001-34667). 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.

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