Seadrill Limited — Capital/Financing Update 2018

Nov 14, 2018

SDRL - Completion of mandatory offer to purchase up to US$56 million of its 12.0% Senior Secured Notes due 2025

SDRL - Completion of mandatory offer to purchase up to US$56 million of its 12.0% Senior Secured Notes due 2025

Hamilton, Bermuda, November 14, 2018 - Seadrill Limited ("Seadrill" or the

"Company") announces the completion of the mandatory offer to purchase

approximately US$56 million (the "Asset Sale Offer") of its 12.0% Senior Secured

Notes due 2025 (the "Notes") announced on October 10, 2018 related to the

proceeds of a deferred consideration agreement with Sapura Energy.

The Asset Sale Offer expired at 5:00 p.m., New York City time, on November

9, 2018 (the "Expiration Time"). As of the Expiration Time, $148,243 in

aggregate principal amount of the Notes were validly tendered.  The Company

accepted and made payment for the tendered Notes on November 14, 2018.

The Asset Sale Offer was made pursuant only to the terms and conditions

contained in the offer to purchase. This press release is for informational

purposes only and does not constitute an offer to purchase, or a solicitation of

an offer to sell, any security, nor shall there be any sale of any security in

any jurisdiction in which such an offer, solicitation or sale would be unlawful

prior to registration or qualification under the securities laws of any such

jurisdiction.

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 filings with the Securities and

Exchange Commission, including its 2017 Annual Report on Form 20-F (File No.

001-34667) and its Registration Statement on Form F-1 (Registration No.

333-224459). 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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.