Seadrill Limited - Director's Dealing 2023

Seadrill Limited - Cash settlement under Management Incentive Plan

Hamilton, Bermuda, August 31, 2023 - Reference is made to the announcements made

by Seadrill Limited ("Seadrill" or the "Company") (NYSE & OSE: SDRL) on August

8, 2022, and April 21, 2023 regarding the Company's management incentive plan

(the "Plan").

A portion of certain Time-vested Restricted Stock Units ("TRSUs") previously

awarded to primary insiders of the Company, Simon Johnson (President and Chief

Executive Officer), Grant Creed (EVP, Chief Financial Officer), Leif Nelson

(EVP, Chief Operations & Technology Officer), Torsten Sauer-Petersen (EVP, Human

Resources), Samir Ali (EVP, Chief Commercial Officer), and Todd Strickler (SVP,

General Counsel) has vested and been cash settled as further described in the

attached forms.

This information is subject to disclosure requirements pursuant to article 19 of

the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of

the Norwegian Securities Trading Act.

Contact Information

For additional information, visit www.seadrill.com.

Lydia Brantley Mabry

Director of Investor Relations

T: +1 (832) 252-7064

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

around the globe. Seadrill's high-quality, technologically-advanced fleet spans

all asset classes allowing its experienced crews to conduct operations across

geographies, from shallow to ultra-deepwater environments.

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