Seadrill Limited — M&A Activity 2023

Jun 21, 2023

Seadrill Limited (SDRL) Announces Sale of Tender-Assist Units

Seadrill Limited (SDRL) Announces Sale of Tender-Assist Units

Hamilton, Bermuda, June 21, 2023 - Seadrill Limited ("Seadrill" or the

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

definitive sale and purchase agreements under which Seadrill will sell the

tender-assist units known as the West Vencedor, T-15 and T-16 (the "Tender

-Assist Units") to certain affiliates of Energy Drilling Pte. Ltd. ("Edrill")

for aggregate cash proceeds of approximately $85 million (the "Transaction").

The operations and marketing of the Tender-Assist Units are currently managed by

Edrill under existing agreements. The Transaction is subject to customary

closing conditions and is expected to close early Q3 2023. Upon closing of the

Transaction, the Tender-Assist Units will be owned by Edrill.

This information is subject to the disclosure requirements pursuant to 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)786 713 9312

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 Transaction and, inter alia,

closing thereof, 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 satisfaction of closing

conditions and the timing thereof, 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