Seadrill Limited — Director's Dealing 2023

Apr 21, 2023

Seadrill Limited - Award under Management Incentive Plan

Seadrill Limited - Award under Management Incentive Plan

Hamilton, Bermuda, April 21, 2023 - Reference is made to the announcement made

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

8, 2022, regarding the management incentive plan (the "Plan") for certain

members of the Company's management and other leading employees, as well as non

-employee directors. An award has been made under the Plan to primary insider

Todd Strickler (SVP & General Counsel), as further described in the attached

form.

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.

Benjamin Wiseman

Investor Relations

T: +44 (0)7867139312

E: benjamin.wiseman@seadrill.com

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 from

shallow to ultra-deepwater environments.

Forward-Looking Statements

This communication includes forward-looking statements within the meaning of

Section 27A of the Securities Act and Section 21E of the Exchange Act. All

statements other than statements of historical facts included in this

communication, including those regarding future guidance, including total

revenue, Adjusted EBITDA, Total Adjusted EBITDA and capital expenditures and

long-term maintenance, and statements about the Company's plans, strategies,

business prospects, changes and trends in its business and the markets in which

it operates are forward-looking statements. These forward-looking statements can

often, but not necessarily, be identified by the use of forward-looking

terminology, including the terms "assumes", "projects", "forecasts",

"estimates", "expects", "anticipates", "believes", "plans", "intends", "may",

"might", "will", "would", "can", "could", "should" or, in each case, their

negative, or other variations or comparable terminology. These statements are

based on 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 communication. Important factors that

could cause actual results to differ materially from those in the forward

-looking statements include, but are not limited to, offshore drilling market

conditions including supply and demand, day rates, customer drilling programs

and effects of new rigs on the market, contract awards and rig mobilizations,

contract backlog, dry-docking and other costs of maintenance of the drilling

rigs in the Company's fleet, the cost and timing of shipyard and other capital

projects, the performance of the drilling rigs in the Company's fleet, delay in

payment or disputes with customers, Seadrill's ability to successfully employ

its drilling units, procure or have access to financing, ability to comply with

loan covenants, liquidity and adequacy of cash flow from operations,

fluctuations in the international price of oil, international financial market

conditions, inflation, changes in governmental regulations that affect the

Company or the operations of the Company's fleet, increased competition in the

offshore drilling industry, the impact of global economic conditions and global

health threats, pandemics and epidemics, our ability to successfully complete

any acquisitions, divestitures and mergers, our liquidity and the adequacy of

cash flows for our obligations, our liquidity and the adequacy of cash flows for

our obligations, our ability to satisfy the continued listing requirements of

the New York Stock Exchange ("NYSE") and the Oslo Stock Exchange ("OSE"), or

other exchanges where our common shares may be listed, or to cure any continued

listing standard deficiency with respect thereto, the cancellation of drilling

contracts currently included in reported contract backlog, losses on impairment

of long-lived assets, shipyard, construction and other delays, the results of

meetings of our shareholders, political and other uncertainties, including those

related to the conflict in Ukraine, the effect and results of litigation,

regulatory matters, settlements, audits, assessments and contingencies,

including any litigation related to the merger of the Company (the "Merger")

with Aquadrill LLC ("Aquadrill"), our ability to successfully integrate with

Aquadrill following the Merger, the concentration of our revenues in certain

geographical jurisdictions, limitations on insurance coverage, our ability to

attract and retain skilled personnel on commercially reasonable terms, the level

of expected capital expenditures, our expected financing of such capital

expenditures, and the timing and cost of completion of capital projects,

fluctuations in interest rates or exchange rates and currency devaluations

relating to foreign or U.S. monetary policy, tax matters, changes in tax laws,

treaties and regulations, tax assessments and liabilities for tax issues, legal

and regulatory matters, customs and environmental matters, the potential impacts

on our business resulting from decarbonization and emissions legislation and

regulations, the impact on our business from climate-change generally, and the

occurrence of cybersecurity incidents, attacks or other breaches to our

information technology systems, including our rig operating systems and other

important factors described from time to time in the reports filed or furnished

by us with the U.S. Securities and Exchange Commission ("SEC"). Consequently, no

forward-looking statement can be guaranteed. When considering these forward

-looking statements, you should also keep in mind the risks described from time

to time in the Company's filings with the SEC, including its annual report on

Form 20-F for the year ended December 31, 2022, filed with the SEC on April 19,

2023 (File No. 001-39327).

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 us to predict all of these factors.

Further, the Company cannot assess the impact of each such factors 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.

seadrill@hawthornadvisors.com