Seadrill Limited — Major Shareholding Notification 2023

Feb 8, 2023

Contemplated block sale of existing shares in Seadrill Ltd (SDRL)

Contemplated block sale of existing shares in Seadrill Ltd (SDRL)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, HONG KONG, SOUTH AFRICA OR IN ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

DNB Bank ASA (“DNB Bank”) (the “Seller”), has retained DNB Markets, a part of DNB Bank ASA as Sole Bookrunner (the "Manager") to explore a potential block sale of existing shares in Seadrill Ltd (the "Company") through a private placement (the “Offering”).

The Seller is contemplating selling 1,000,000 shares in the Company (equal to approx. 2.00% of the Company’s outstanding shares). The price in the Offering will be set through an accelerated bookbuilding process and will be denominated in NOK. The Seller reserves the right, at its sole discretion, to sell fewer shares or no shares at all.

The bookbuilding period in the Offering will commence today, 8 February 2023 at 16:30 CET and will close on 9 February 2023 at 08:00 CET. The Seller, in consultation with the Manager, reserves the right to close the bookbuilding period at any time at its sole discretion, at short notice. The Offering is expected to be priced and allocated before 08:00 CET on 9 February 2023 (T). The settlement in the Offering will be conducted on a normal delivery-versus-payment basis (DVP, T+2).

The Seller currently controls 3,433,142 shares in the Company (equal to approx. 6.87% of the Company’s outstanding shares).

The minimum order and allocation in the Offering have been set to the currency equivalent of EUR 100,000. The Manager may, however, offer and allocate an amount below the NOK equivalent of EUR 100,000 in the Offering to the extent exemptions from prospectus requirements, in accordance with Regulation (EU) 2017/1129, are available.

For more information about the Offering please contact the Manager:

DNB Markets, a part of DNB Bank ASA:

+47 24 16 90 20