Seadrill Limited — Investor Presentation 2019

Nov 21, 2019

Seadrill Limited

e/N Rig typ am e	n/ atio Ge ner 1	Bui lt	de h Wa ter pt ( fee t)	Dri llin dep th g ( fee t)	atio Loc n		Cur t co ntr act ren
	typ e					Clie nt	Sta rt	ire Exp	S\$ Day e U rat
bm ible Sem i-su ers s
lp ha We st A	4th -HE	198 6	2,0 00	23, 000	No rwa y	-	-	-	-
We st V ent ure	5th -HE	200 0	2,6 00	30, 000	No rwa y	-	-	-	-
hoe We nix st P	6th -HE	200 8	10, 000	30, 000	UK	2 Equ ino r	/19 Oct	/19 Nov	265 ,00 0
					No rwa y	2 ino Equ r	/19 Dec	/20 Jan	290 ,00 0
					No rwa y	Ne ptu ne	Feb /20	r/2 Ap 0	317 ,50 0
					No rwa y	Ne ptu ne	r/2 Ap 0	/21 Jan	267 ,00 0
					Op tio ns	Ne ptu ne	/21 Jan	Jul/ 21	299 ,50 0
ule We st H erc s	6th -HE	200 8	10, 000	35, 000	No rwa y	2 ino Equ r	/19 Ma y	/20 Jan	275 ,00 0
					No rwa y	2 Equ ino r	/20 Jan	r/2 Ma 0	255 ,00 0
					No rwa y	2 Equ ino r	r/2 0 Ma	/20 Ma y	275 ,00 0
					UK	ino Equ r	/20 Ma y	/20 Jun	315 ,00 0
					Op tio ns	2 ino Equ r	/20 Jun	/22 Jun	rke dex ed Ma t in rat e
We st E min enc e	6th -HE	200 9	10, 000	30, 000	Spa in	-	-	-	-
We st P sus	6th -HE	201 1	10, 000	35, 000	No rwa	-	-	-	-
ega We st T aur us	6th -BE	200 8	10, 000	35, 000	y No rwa y	-	-	-	-
Dri ller Sev an	6th -BE	200 9	10, 000	40, 000	Ind sia one	-	-	-	-
rion We st O	6th -BE	201 0	10, 000	35, 000	lays ia Ma	-	-	-	-
clip We st E se	6th -BE	201 1	10, 000	40, 000	ibia Nam	-	-	-	-
sil Sev Bra an	6th -BE	201 2	10, 000	40, 000	ba Aru	-	-	-	-
isia Sev Lou an na	6th -BE	201 3	10, 000	40, 000	Go M	lter O& Wa G	/18 Nov	r/2 Ma 0	Und iscl d ose
llsh Dri ips
We st N avi gat or	5th -HE	200 0	7,5 00	35, 000	No rwa y	-	-	-	-
st G ini We em	6th -BE	201 0	10, 000	35, 000	ola Ang	Und iscl d ose	/19 Nov	r/2 Ma 1	Und iscl d ose
ellu We st T s	7th -BE	201 3	12, 000	40, 000	zil Bra	2 3 rob Pet ras	/19 Nov	/21 Feb	232 ,60 0
We st N ept une	7th -BE	201 4	12, 000	40, 000	Go M	LLO G	/17 Dec	/19 Dec	155 ,00 0
					Go M	LLO G	/19 Dec	/20 Dec	202 ,00 0
st S We atu rn	7th -BE	201 4	12, 000	40, 000	Tri nid ad	-	-	-	-
iter We st J up	7th -BE	201 4	12, 000	40, 000	Nig eria	al Tot	/14 Dec	/19 Dec	iscl Und d ose
We st C arin a	7th -BE	201 5	12, 000	40, 000	lays ia Ma	-	-	-	-
					lays Ma ia	PTT EP	/20 Jan	/20 Jun	Und iscl d ose

Q3 2019 FLEET STATUS REPORT

e/N Rig typ am e	n/ Ge atio ner 1	lt Bui	de h Wa ter pt ( fee t)	llin dep th Dri g ( fee t)	Loc atio n		Cur t co ntr act ren
	typ e					Clie nt	Sta rt	ire Exp	S\$ Day e U rat
k-u Jac ps
ilon We st E ps	dut Hea HE vy- y -	199 3	400	30, 000	No rwa y	-	-	-	-
lara We st E	dut Hea HE vy- y -	201 1	450	40, 000	No rwa y	2 Phi llip Con oco s	/18 Oct	r/2 Ma 0	195 ,00 0
					No rwa y	2 Phi llip Con oco s	r/2 Ap 0	/27 Sep	rke dex ed Ma t in rat e
We st L inu s	dut Hea HE vy- y -	201 4	450	40, 000	No rwa y	2,4 Phi llip Con oco s	/19 Jun	/28 Dec	rke t in dex ed Ma rat e
We st P ros per o	BE	200 7	400	30, 000	lays ia Ma	-	-	-	-
ilan We st V ig t	BE	200 8	350	30, 000	lays Ma ia	-	-	-	-
riel We st A	BE	200 8	400	30, 000	UA E	-	-	-	-
sid We st C res a	BE	200 9	375	30, 000	Tha ilan d	hir Op	/19 Aug	r/2 Ma 0	Und iscl d ose
dom We st F ree	BE	200 9	350	30, 000	Col bia om	-	-	-	-
alli We st C sto	BE	201 0	400	30, 000	di A rab Sau ia	di A Sau ram co	/19 Jan	/19 Nov	Und iscl d ose
eda We st L	BE	201 0	375	30, 000	lays ia Ma	-	-	-	-
We st C ast or	BE	201 3	400	30, 000	Sur ina me	5 olie Sta ats	r/1 Ma 9	/19 Dec	82, 000
D l AO	BE	201 3	400	20, 000	di A rab Sau ia	di A Sau ram co	Jul/ 19	/22 Jun	Und iscl d ose
D ll AO	BE	201 3	400	20, 000	di A rab Sau ia	di A Sau ram co	Jul/ 16	r/2 Ap 0	102 ,90 0
D ll l AO	BE	201 3	400	20, 000	di A rab ia Sau	di A Sau ram co	/17 Jan	/19 Dec	102 ,90 0
We st T uca na	BE	201 3	400	30, 000	Qat ar	lf D rilli nal Gu Inte tio ng rna	/18 Oct	r/2 Ma 0	Und iscl d ose
					Op tio ns	lf D rilli nal Gu Inte tio ng rna	r/2 Ap 0	/22 Dec	Und iscl d ose
ele We st T sto	BE	201 3	400	30, 000	lays Ma ia	IPC	/19 Jun	/20 Jan	82, 000

Seadrill Partners LLC⁹

e/N Rig typ am e	n/ Ge atio ner	Bui lt	de h Wa ter pt	Dri llin dep th g	atio Loc n
	1 typ e		( fee t)	( fee t)			Cur t co ntr act ren
						Clie nt	Sta rt	ire Exp	S\$ Day e U rat
bm ible Sem i-su ers s
We st A rius qua	6th -HE	200 9	10, 000	35, 000	ada Can	Exx on	/19 Jun	/20 Feb	270 ,00 0
We st L eo	6th -HE	201 2	10, 000	35, 000	No rwa y	-	-	-	-
We st S iriu s	6th -BE	200 8	10, 000	35, 000	Go M	-	-	-	-
We st C ico apr rn	6th -BE	201 1	10, 000	35, 000	Go M	Kos mo s	/19 Oct	/19 Nov	Und iscl d ose
llsh Dri ips
ola We st P ris	6th -BE	200 8	10, 000	35, 000	bon Ga	Pet ron as	/19 Aug	/19 Dec	Und iscl d ose
					the Sou rn A sia	Und iscl d ose	/20 Feb	/21 Jan	Und iscl d ose
lla We st C ape	6th -BE	200 8	10, 000	35, 000	lays Ma ia	Pet ron as	/19 Sep	r/2 Ap 0	Und iscl d ose
We st A urig a	7th -BE	201 3	12, 000	40, 000	Go M	6 BP	/13 Oct	/20 Oct	575 ,00 0
ela We st V	7th -BE	201 3	12, 000	40, 000	Go M	7 BP	/13 Nov	/20 Nov	,00 0 575
der rig Ten s
T15	Bar ge	201 3	6,5 00	30, 000	Sin gap ore	-	-	-	-
T16	Bar ge	201 3	6,5 00	30, 000	Sin gap ore	-	-	-	-
edo We st V enc r	Sem i-te nde r	201 0	6,5 00	30, 000	lays ia Ma	-	-	-	-

SeaMex Limited⁹

e/N Rig typ am e	n/ Ge atio ner 1 typ e	lt Bui	de h Wa ter pt ( fee t)	llin dep th Dri g ( fee t)	Loc atio n		Cur t co ntr act ren
						Clie nt	Sta rt	ire Exp	S\$ Day e U rat
k-u Jac ps
efe nde We st D r	BE	200 7	350	30, 000	Me xico	PEM EX	/14 Aug	/19 Aug	116 ,00 0
					Me xico	8 PEM EX	/19 Sep	/23 Jan	155 ,50 0
We st C our age ous	BE	200 7	350	30, 000	Me xico	PEM EX	/14 Sep	/19 Aug	116 ,00 0
					Me xico	8 PEM EX	/19 Sep	/23 Nov	155 ,50 0
id We st I ntr ep	BE	200 8	350	30, 000	xico Me	PEM EX	/14 Ma y	/19 Aug	116 ,00 0
					Me xico	8 PEM EX	/19 Sep	/23 Ma y	155 ,50 0
ber We st O on	BE	201 3	400	30, 000	Me xico	PEM EX	/14 Ma y	/19 Aug	130 ,00 0
					Me xico	8 PEM EX	/19 Sep	/22 Oct	171 ,50 0
We st T itan ia	BE	201 4	400	30, 000	Me xico	PEM EX	/15 Jan	/19 Aug	130 ,00 0
					Me xico	8 PEM EX	/19 Sep	/21 Oct	171 ,50 0
rth illin Lim No Dr ern g e/N Rig typ am e	9 ite d n/ Ge atio ner	lt Bui	de h Wa ter pt	llin dep th Dri g	Loc atio n
	1 typ e		( fee t)	( fee t)				Cur ren	t co ntr act
						Clie nt	Sta rt	ire Exp	S\$ e U Day rat
bm ible Sem i-su ers s
We st M ira	7th -HE	201 9	10, 000	35, 000	No rwa y	rsh all Wi nte	/19 Nov	/21 Oct	Und iscl d ose
					Op tio ns	rsh all Wi nte	/21 Nov	/22 Oct	Und iscl d ose
olls We st B ta	7th -HE	201 9	10, 000	35, 000	Spa in	-	-	-	-
					No rwa y	din Lun	r/2 Ap 0	r/2 Ma 2	Und iscl d ose
					Op tio ns	din Lun	r/2 Ma 2	/22 Nov	Und iscl d ose
nad rill ldi Ltd So Ho ng	9
e/N Rig typ am e	n/ Ge atio ner 1	lt Bui	de h Wa ter pt ( fee t)	llin dep th Dri g ( fee t)	Loc atio n		Cur t co ntr act ren
	typ e					Clie nt	Sta rt	ire Exp	S\$ Day e U rat
Dri llsh ips
Lib ong os	7th -BE	201 9	12, 000	40, 000	ola Ang	Und iscl d ose	/19 Oct	/21 Feb	Und iscl d ose
uel Qu eng a	7th -BE	201 9	12, 000	40, 000	Sin gap ore	-	-	-	-

Footnotes:

• 1) HE Harsh environment BE Benign environment
• 2) Dayrates partly received in foreign currency. Fluctuations in exchange rates may result in an adjustment to the dayrate.
• 3) Includes MPD rental fee and provision of other services.
• 4) For West Linus a mobilization fee of US\$24 million will be taken to income over the initial 5 year contract period.
• 5) The West Castor received an early termination notice from Staatsolie and is expected to complete the contract one month early. An early termination fee is receivable over the remaining period of the term based contract.
• 6) For West Auriga a mobilization fee of US\$37.5 million will be received over the contract period.
• 7) For West Vela a mobilization fee of US\$37.5 million will be received over the contract period.
• 8) We are in discussions with PEMEX regarding potential discounts to the dayrates.
• 9) Non-consolidated units managed by Seadrill Limited.

No Unauthorized Publication or Use. All information provided by Seadrill Limited in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Seadrill Limited.

Client Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the client contracts are estimates only, and client contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Seadrill Limited. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Seadrill Limited. Our client contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in previous prospectus. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.

The information contained in this Fleet Update report (the "Information") is as of the date of the report only and is subject to change without notice to the recipient. Seadrill Limited assumes no duty to update any portion of the Information.

DISCLAIMER. NEITHER SEADRILL LIMITED NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED "AS IS."

Neither Seadrill Limited nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of use, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting there from.