Seadrill Limited — Capital/Financing Update 2021

Jul 12, 2021

Seadrill New Finance Limited (the "Issuer") - Successful Completion of Consent Solicitation

Seadrill New Finance Limited (the "Issuer") - Successful Completion of Consent Solicitation

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.

seadrill@hawthornadvisors.com

020 3745 4960