Seadrill Limited — Capital/Financing Update 2021

Feb 7, 2021

Seadrill Limited (SDRL): Asia Offshore Drilling Chapter 11 Filing

Seadrill Limited (SDRL): Asia Offshore Drilling Chapter 11 Filing

Hamilton, Bermuda, February 7, 2021 - The Board of Seadrill Limited ("Seadrill"

or the "Company") (OSE: SDRL, OTCQX:SDRLF) today announces that Chapter 11 cases

have been filed in the Southern District of Texas in respect of Seadrill's

wholly-owned subsidiaries Seadrill GCC Operations Ltd, Asia Offshore Drilling

Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2 Limited and Asia

Offshore Rig 3 Limited (jointly, the "AOD Companies").

The Chapter 11 cases were filed as a protective measure to support Seadrill's

broader comprehensive financial restructuring and will in no way affect the safe

and efficient operation of the AOD offshore drilling units. The Company will

request authority to pay its key trade creditors and employee wages and benefits

without change or interruption and expects it will pay all suppliers and vendors

in full under normal terms for goods and services provided during the Chapter 11

cases.

As a consequence of the Chapter 11 filings, the forbearance agreement announced

by the Company on 3 February 2021 in respect of nine out of the group's twelve

senior secured credit facility agreements has terminated.

This press release is not intended to be, and should not in any way be construed

as, a solicitation of votes of stakeholders regarding the Chapter 11 proceedings

in respect of the AOD Companies.

Further information about the Chapter 11 filing will be available at

www.seadrill.com/restructuring.

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