Seadrill Limited — Management Reports 2020

Feb 27, 2020

Seadrill Limited

RIG NAME	GENERATION / TYPE	BUILT	WATER DEPTH (FEET)	DRILLING DEPTH (FEET)	LOCATION	CLIENT	START	EXPIRE	DAYRATE US\$	COMMENTS
Semi-submersibles
West Alpha	4th-HE	1986	2,000	23,000	Norway	-	-	-	-
West Venture	5th-HE	2000	2,600	30,000	Norway	-	-	-	-
					Norway	Equinor	Dec-19	Feb-20	290,000	Dayrate partly received in foreign currency. Fluctuations in exchange rates may result in an adjustment to the dayrate.
					Norway	Neptune	Mar-20	Apr-20	317,500
West Phoenix	6th-HE	2008	10,000	30,000	Norway	Neptune	Apr-20	Feb-21	267,000
					Options	Neptune	Feb-21	Jul-21	299,500
					Norway	Vår Energi	Jul-21	Oct-23	359,000	Dayrate partly received in foreign currency. Fluctuations in exchange rates may result in
					Options	Vår Energi	Oct-23	Feb-24	359,000	an adjustment to the dayrate. Mobilization fee incremental to dayrate.
		2008	10,000		Norway	Equinor	May-19	Feb-20	275,000
					Norway	Equinor	Feb-20	Mar-20	255,000	Dayrate partly received in foreign currency. Fluctuations in exchange rates may result in an adjustment to the dayrate.
West Hercules	6th-HE				Norway	Equinor	Mar-20	Jun-20	275,000
				35,000	UK	Equinor	Jun-20	Jul-20	315,000
					Norway	Equinor	Aug-20	Feb-21	342,500	Dayrate partly received in foreign currency. Fluctuations in exchange rates may result in
					Options	Equinor	Mar-21	Jun-22	Market indexed rate	an adjustment to the dayrate.
West Eminence	6th-HE	2009	10,000	30,000	Spain	-	-	-	-
West Pegasus	6th-HE	2011	10,000	35,000	Norway	-	-	-	-
West Taurus	6th-BE	2008	10,000	35,000	Norway	-	-	-	-
Sevan Driller	6th-BE	2009	10,000	40,000	Indonesia	-	-	-	-
West Orion	6th-BE	2010	10,000	35,000	Malaysia	-	-	-	-
West Eclipse	6th-BE	2011	10,000	40,000	Namibia	-	-	-	-
Sevan Brasil	6th-BE	2012	10,000	40,000	Aruba	-	-	-	-
					GoM	Walter O&G	Nov-18	Feb-20	Undisclosed
Sevan Louisiana	6th-BE	2013	10,000	40,000	GoM	Walter O&G	Mar-20	Jun-20	145,500	Performance bonus incremental to dayrate.

Dayrate partly received in foreign currency. Fluctuations in exchange rates may result in

Dayrate includes MPD rental fee and provision of other services.

HE - Harsh environment BE - Benign environment

RIG NAME	GENERATION / TYPE	BUILT	WATER DEPTH (FEET)	DRILLING DEPTH (FEET)	LOCATION	CLIENT	START	EXPIRE	DAYRATE US\$	COMMENTS
Drillships
West Navigator	5th-HE	2000	7,500	35,000	Norway	-	-	-	-
		2010		35,000	Angola	Undisclosed	Nov-19	Mar-21	Undisclosed
West Gemini	6th-BE		10,000		Options	Undisclosed	Mar-21	Dec-21	Undisclosed
West Tellus	7th-BE	2013	12,000	40,000	Brazil	Petrobras	Nov-19	Nov-21	232,600	an adjustment to the dayrate.
West Neptune	7th-BE	2014	12,000	40,000	GoM	LLOG	Dec-19	Dec-20	202,000
West Saturn	7th-BE	2014	12,000	40,000	Trinidad	-	-	-	-
West Jupiter	7th-BE	2014	12,000	40,000	Tenerife	-	-	-	-
West Carina		2015		40,000	Malaysia	PTTEP	Mar-20	Jun-20	Undisclosed
	7th-BE		12,000		Options	PTTEP	Jul-20	Feb-21	Undisclosed

Dayrate partly received in foreign currency. Fluctuations in exchange rates may result in

A mobilization fee of US\$24 million will be taken to income over the initial 5 year contract

RIG NAME	GENERATION / TYPE	BUILT	WATER DEPTH (FEET)	DRILLING DEPTH (FEET)	LOCATION	CLIENT	START	EXPIRE	DAYRATE US\$	COMMENTS
Jack-ups
West Epsilon	Heavy-duty - HE	1993	400	30,000	Norway	-	-	-	-
					Norway	ConocoPhillips	Oct-18	Apr-20	195,000
West Elara	Heavy-duty - HE	2011	450	40,000		ConocoPhillips	May-20	Sep-27	Market indexed rate	an adjustment to the dayrate.
West Linus	Heavy-duty - HE	2014	450	40,000	Norway	ConocoPhillips	Jun-19	Dec-28	Market indexed rate	an adjustment to the dayrate. period.
West Prospero	BE	2007	400	30,000	Malaysia	-	-	-	-
West Vigilant	BE	2008	350	30,000	Malaysia	-	-	-	-
West Ariel	BE	2008	400	30,000	UAE	-	-	-	-
West Cressida	BE	2009	375	30,000	Thailand	Medco Energi	Feb-20	Feb-20	85,000	Client previously named Ophir.
West Freedom	BE	2009	350	30,000	Colombia	-	-	-	-
West Callisto	BE	2010	400	30,000	Saudi Arabia	Saudi Aramco	Dec-19	Nov-22	79,500
West Leda	BE	2010	375	30,000	Malaysia	-	-	-	-
	BE	2013			Qatar	GulfDrill	Dec-19	Apr-22	Undisclosed	Bareboat charter receiveable from GulfDrill.
West Castor			400	30,000	Options	GulfDrill	May-22	Mar-29	Undisclosed	Bareboat charter receiveable from GulfDrill.
AOD l	BE	2013	400	20,000	Saudi Arabia	Saudi Aramco	Jul-19	Jun-22	75,000
					Saudi Arabia	Saudi Aramco	Jul-16	Apr-20	102,900
AOD ll	BE	2013	400	20,000	Saudi Arabia	Saudi Aramco	Apr-20	Apr-23	89,900
AOD lll	BE	2013	400	20,000	Saudi Arabia	Saudi Aramco	Jan-20	Dec-22	92,900
West Tucana	BE		400	30,000	Qatar	Gulf Drilling International	Oct-18	Apr-20	Undisclosed
		2013			Options	Gulf Drilling International	Apr-20	Dec-22	Undisclosed
West Telesto	BE	2013	400	30,000	Malaysia	IPC	Jan-20	Mar-20	92,900

HE - Harsh environment BE - Benign environment

Dayrate partly received in foreign currency. Fluctuations in exchange rates may result in

Seadrill Partners LLC¹

RIG NAME	GENERATION / TYPE	BUILT	WATER DEPTH (FEET)	DRILLING DEPTH (FEET)	LOCATION	CLIENT	START	EXPIRE	DAYRATE US\$	COMMENTS
Semi-submersibles
West Aquarius	6th-HE	2009	10,000	35,000	Canada	Exxon	Jun-19	May-20	270,000
West Leo	6th-HE	2012	10,000	35,000	Norway	-	-	-	-
West Sirius	6th-BE	2008	10,000	35,000	GoM	-	-	-	-
West Capricorn	6th-BE	2011	10,000	35,000	GoM	-	-	-	-
Drillships
West Polaris	6th-BE	2008	10,000	35,000	Southern Asia	Undisclosed	Mar-20	Feb-21	Undisclosed
West Capella	6th-BE	2008	10,000	35,000	Malaysia	Petronas	Sep-19	May-20	Undisclosed
West Auriga	7th-BE	2013	12,000	40,000	GoM	BP	Oct-13	Oct-20	575,000	A mobilization fee of US\$37.5 million will be received over the contract period.
West Vela	7th-BE	2013	12,000	40,000	GoM	BP	Nov-13	Nov-20	575,000	A mobilization fee of US\$37.5 million will be received over the contract period.
Tender rigs
T15	Barge	2013	6,500	30,000	Singapore	-	-	-	-
T16	Barge	2013	6,500	30,000	Singapore	-	-	-	-

West Vencedor Semi-tender 2010 6,500 30,000 Malaysia - - - -

3150 21 14

SeaMex Limited¹

HE - Harsh environment BE - Benign environment

We are in discussions with PEMEX regarding potential discounts to the dayrates.

RIG NAME	GENERATION / TYPE	BUILT	WATER DEPTH (FEET)	DRILLING DEPTH (FEET)	LOCATION	CLIENT	START	EXPIRE	DAYRATE US\$	COMMENTS
Jack-ups
						PEMEX	Aug-14	Aug-19	116,000
West Defender	BE	2007	350	30,000	Mexico		Sep-19	Jan-23	155,500
West Courageous	BE	2007	350	30,000	Mexico	PEMEX	Sep-14	Aug-19	116,000
							Sep-19	Nov-23	155,500
	BE		2008	350			PEMEX	May-14	Aug-19	116,000
West Intrepid				30,000	Mexico		Sep-19	May-23	155,500
		BE 2013					May-14	Aug-19	130,000
West Oberon			400	30,000	Mexico	PEMEX	Sep-19	Oct-22	171,500
		BE 2014		30,000			Jan-15	Aug-19	130,000
West Titania			400		Mexico	PEMEX	Sep-19	Oct-21	171,500

COMMENTS

Northern Ocean Ltd¹

Sonadrill Holding Ltd¹

HE - Harsh environment BE - Benign environment

Footnote:

1) Non-consolidated units managed by Seadrill Limited.

The information contained in this Fleet Update report (the "Information") is as of the date of the report only and is subject to change without notice to the recipient. Seadrill Limited assumes no duty to update any portion of the Information.

DISCLAIMER. NEITHER SEADRILL LIMITED NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED "AS IS."

Neither Seadrill Limited nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of use, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting there from.

RIG NAME	GENERATION / TYPE	BUILT	WATER DEPTH (FEET)	DRILLING DEPTH (FEET)	LOCATION	CLIENT	START	EXPIRE	DAYRATE US\$	COMMENTS
Semi-submersibles
					Norway	Wintershall	Nov-19	Oct-21	Undisclosed
West Mira	7th-HE	2019	10,000	35,000	Options	Wintershall	Nov-21	Oct-22	Undisclosed
West Bollsta	7th-HE	2019	10,000		Norway	-	-	-	-
				35,000	Norway	Lundin	Apr-20	Mar-22	Undisclosed
					Options	Lundin	Mar-22	Nov-22	Undisclosed

No Unauthorized Publication or Use. All information provided by Seadrill Limited in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Seadrill Limited.

RIG NAME	GENERATION / TYPE	BUILT	WATER DEPTH (FEET)	DRILLING DEPTH (FEET)	LOCATION	CLIENT	START	EXPIRE	DAYRATE US\$	COMMENTS
Drillships
Libongos	7th-BE	2019	12,000	40,000	Angola	Undisclosed	Oct-19	Feb-21	Undisclosed	Dayrate partly received in foreign currency. Fluctuations in exchange rates may result in an adjustment to the dayrate.
Quenguela	7th-BE	2019	12,000	40,000	Namibia	-	-	-	-

Client Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the client contracts are estimates only, and client contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Seadrill Limited. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Seadrill Limited. Our client contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in previous prospectus. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.