Seadrill Limited — M&A Activity 2021

Dec 13, 2021

SDRL - Seadrill Limited Announces Contract Award totalling $264m for the West Jupiter in Brazil

SDRL - Seadrill Limited Announces Contract Award totalling $264m for the West Jupiter in Brazil

Hamilton, Bermuda, December 13, 2021 - Seadrill Limited ("Seadrill" or "the

Company") (OSE:SDRL, OTCPK:SDRLF) announces today that it has secured a contract

with Petroleo Brasileiro S.A. ("Petrobras") for work in the Búzios field

offshore Brazil for the West Jupiter. The contract is for a firm term of 1,040

days with commencement expected in December 2022. Total contract value is

approximately $264m (inclusive of mobilization revenue and additional services).

Seadrill's Chief Executive Officer, Stuart Jackson, commented, "Petrobras is a

long-standing and valued customer of Seadrill and signing a third contract with

them this quarter is testament to our strong partnership and commitment to the

Brazilian market. Seadrill is focused on growing our fleet in strategic basins

where we see high growth potential, such as Brazil, where we are now the largest

international drilling contractor."

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 owns and/or operates 36

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.

For further information, please contact:

Media questions should be directed to:

Sara Dunne

Director of Communications

communications@seadrill.com

+ 1 281 630 7064

Analyst questions should be directed to:

Hawthorn Advisors

seadrill@hawthornadvisors.com

+44 (0) 203 7454960