Seadrill Limited — M&A Activity 2022

Oct 21, 2022

Seadrill Limited announces sale of shareholding in Paratus Energy Services Limited

Seadrill Limited announces sale of shareholding in Paratus Energy Services Limited

Hamilton, Bermuda, 21 October, 2022 - Seadrill Limited ("Seadrill" or the

"Company") (NYSE & XOAS: SDRL) announces today that it has entered into binding

Share Purchase Agreements ("SPAs") under which it will sell its entire 35%

shareholding in Paratus Energy Services Limited (formerly Seadrill New Finance

Limited) and certain other interests ("Sale").  Paratus Energy Services Limited

is the entity through which investments in SeaMex Group, Seabras Sapura and

Archer Ltd are held.

Completion of the Sale is subject to customary closing conditions, including

approval of competition authorities in relevant jurisdictions, and is

anticipated to occur within the fourth quarter of 2022 or early 2023.

Seadrill Contact Information

David Warwick

Director of Investor Relations

David.Warwick@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 across

geographies, from shallow to ultra-deep-water environments.

Forward-Looking Statements

This news release includes forward-looking statements. Such statements are

generally not historical in nature, and specifically include statements about

the Sale of Company's shareholding in Paratus Energy Services, as well as the

Company's plans, strategies, business prospects, changes and trends in its

business and the markets in which it operates.

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. 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, dayrates,

fluctuations in the price of oil, international financial market conditions,

changes in governmental regulations that affect the Company or the operations of

the Company's fleet, the review of competition authorities and other factors

listed in our public filings. 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.

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, 2021, filed with the

SEC on April 29, 2022 (File No. 001-39327).

This information is subject to the 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.

Seadrill Contact Information

David Warwick

Director of Investor Relations

David.Warwick@Seadrill.com