Seadrill Limited — Major Shareholding Notification 2023

Apr 4, 2023

Seadrill Limited – Disclosure of Large Shareholdings

Reference is made to the stock exchange announcement published by Seadrill Limited ("Seadrill") on 22 December 2022 announcing that Seadrill and Aquadrill LLC ("Aquadrill") had entered into a definitive merger agreement under which Seadrill would acquire Aquadrill in an all-stock transaction (the "Merger"). Reference is further made to the announcement on 3 April 2023 regarding the completion of the Merger.

On 3 April 2023, certain funds and entities managed or advised by GoldenTree Asset Management LP received 3,611,666 shares in Seadrill in connection with the Merger, equal to approximately 4.52% of the total number of issued shares in Seadrill after completion of the Merger.

Investment power over the beneficial owners of the shares is held by GoldenTree Asset Management LP. The general partner of GoldenTree Asset Management LP is GoldenTree Asset Management LLC. Steven A. Tananbaum is the managing member of GoldenTree Asset Management LLC.

Following the Merger, funds and entities managed or advised by GoldenTree Asset Management LP own, together with shares held prior to completion of the Merger, 4,441,889 shares in Seadrill, equivalent to approximately 5.52% of the total shares and votes of Seadrill, on a combined basis.

GoldenTree Asset Management LP (for and on behalf of funds and entities managed by it) is the disclosing party on an aggregated level. The shares are held or beneficially owned by City of New York Group Trust; Credit Fund Golden Ltd; Crown Managed Accounts SPC - Crown/GT Segregated Portfolio; FS Credit Income Fund; Ginkgo Tree, LLC; GN3 SIP Limited; GoldenTree Credit Opportunities Master Fund Ltd.; GoldenTree Distressed Fund 2014 LP; GoldenTree Distressed Master Fund 2014 Ltd.; GoldenTree Distressed Master Fund III Ltd; Goldentree Distressed Onshore Master Fund III LP; GoldenTree High Yield Value Master Fund ICAV; GoldenTree Insurance Fund Series Interests of the SALI Multi-Series Fund, L.P.; GoldenTree Master Fund, Ltd.; GoldenTree Multi Sector-C LP; GoldenTree Multi-Sector Fund Offshore ERISA, Ltd.; GoldenTree Multi-Sector Master Fund ICAV - GoldenTree Multi-Sector Master Fund Portfolio A; GoldenTree NJ Distressed Fund 2015 LP; GoldenTree V1 Master Fund, L.P.; GoldenVest LLC; Gresham Multi-Asset Credit Fund, Ltd.; GT NM, L.P.; Guadalupe Fund, LP; Healthcare Employees' Pension Plan - Manitoba; High Yield And Bank Loan Series Trust; Indiana University Health, Inc.; Kapitalforeningen MP Invest - High Yield obligationer II; Louisiana State Employees Retirement System; MA Multi-Sector Opportunistic Fund, LP; San Bernardino County Employees Retirement Association; Tolleson High Yield Credit, LP; and GTAM 110 Designated Activity Company.

This disclosure is made pursuant to section 4-2 of the Norwegian Securities Trading Act.