Seadrill Limited — M&A Activity 2023

Jun 26, 2023

Seadrill Limited (SDRL) Announces Potential Sale of Qatar Jack-Up Fleet

Seadrill Limited (SDRL) Announces Potential Sale of Qatar Jack-Up Fleet

Hamilton, Bermuda, June 26, 2023 - Seadrill Limited ("Seadrill" or the

"Company") (NYSE & OSE: SDRL) today announces that it is in active discussions

to sell (i) the jack-up rigs known as the West Castor, West Telesto and West

Tucana (the "Qatar Jack-Up Fleet"), which are bareboat chartered by Seadrill to

Gulfdrill LLC ("Gulfdrill"), a 50:50 joint venture between Seadrill and Gulf

Drilling International, and (ii) Seadrill's 50% equity interest in Gulfdrill.

Seadrill has not reached agreement yet on material terms, including price, with

any potential purchaser. Any transaction remains subject to additional due

diligence and the negotiation and execution of definitive agreements. There is

no certainty at this stage that the process will continue or that a transaction

will materialize.

This announcement is considered to contain inside information as defined in

article 7 of the EU Market Abuse Regulation, is subject to disclosure

requirements pursuant to section 5-12 of the Norwegian Securities Trading Act,

and was made public by Simon Woods at Hawthorn Advisors on the date and time

stated above.

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 across

geographies, 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 the potential disposal of the Qatar

Jack-Up Fleet, the potential disposal of the Company's equity interest in

Gulfdrill, and the potential consideration received in such transaction, 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, the completion of due diligence, the

negotiation and execution of definitive agreements, the Company's ability to

achieve an acceptable sale price, a potential purchaser's ability to raise

necessary financing, customary closing conditions for a transaction of this

nature, 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) and subsequent

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 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