Seadrill Limited — Capital/Financing Update 2018

Jun 7, 2018

SDRL - Seadrill Announces Timeline for Expected Emergence from Chapter 11

SDRL - Seadrill Announces Timeline for Expected Emergence from Chapter 11

Hamilton, Bermuda, June 7, 2018 - Seadrill Limited ("Seadrill" or the "Company")

announces today that it anticipates emerging from the chapter 11 process in the

first half of July 2018.

As previously announced, on April 17, 2018, the court overseeing the Company's

chapter 11 cases entered an order confirming Seadrill's plan of reorganization

(the "Plan").  Since confirmation of the Plan, the Company has been preparing to

close the Plan transactions and satisfy conditions precedent, which will occur

on the "Effective Date" of the Plan anticipated to be in the first half of July

Existing Seadrill Limited will be wound up and the new Company with the

reorganized capital structure will assume its name.  We plan to re-list the new

Company's common stock on both the New York Stock Exchange and the Oslo Stock

Exchange as before, retaining the same ticker symbols as before.  Listing for

both exchanges is expected to occur during July 2018, shortly after the

Effective Date.

The Plan will result in the equitization of approximately $2.3 billion in

unsecured bond obligations, more than $1 billion in contingent newbuild

obligations, substantial unliquidated guaranty obligations, and more than $250

million in unsecured interest rate and currency swap claims, while leaving

employee, customer, and ordinary trade claims largely unimpaired.

On the Effective Date, the Company will issue its equity, debt, and cash

distributions per the terms of the Plan.  Allocations to certain existing

stakeholders and new capital providers will depend on the results of the equity

and notes rights offerings.

As publicized previously, the deadline to subscribe to the equity and notes

rights offerings is 5:00 p.m. New York City time on June 8, 2018.  Anyone

eligible to participate in the rights offerings, or to receive the cash

alternative if they are non-eligible investors, must submit the relevant forms

by this time or their election to participate will be waived.

Any questions regarding the distributions or rights offerings should be directed

to the Company's claims and noticing agent, Prime Clerk, at the numbers below.

The Plan will enable the Company to emerge with a re-profiled capital structure

and sufficient liquidity that puts the Company in a strong position to execute

its business plan.

CONTACT:

Prime Clerk

US Toll Free: 844-858-8891

Brazil Toll Free: 0-800-591-8054

Mexico Toll Free: 01-800-681-5354

Nigeria Toll Free: 070-80601847

Norway Toll Free: 800-25-030

Saudi Arabia Toll Free: 800-850-0029

Singapore Toll Free: 800-492-2272

Thailand Toll Free: 1-800-011-156

UAE Toll Free: 8000-3570-4559

UK Toll Free: 0-800-069-8580

Email: seadrillinfo@primeclerk.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 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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.