Seadrill Limited — Regulatory Filings 2021

Sep 2, 2021

Seadrill New Finance Limited (the "Issuer") - Update on SeaMex restructuring

Seadrill New Finance Limited (the "Issuer") - Update on SeaMex restructuring

Hamilton, Bermuda | September 2, 2021 - Seadrill Limited ("Seadrill" or the

"Company") (OSE: SDRL, OTCPK:SDRLF) and the Issuer announce, further to the

announcement made by Seadrill and the Issuer on August 31, 2021 (the "31 August

Announcement"), the entry into the share purchase agreement which effects the

sale of substantially all of the assets of SeaMex Ltd. (provisional liquidators

appointed) ("SeaMex") to a newly incorporated wholly owned subsidiary of the

Issuer. The completion of the sale is subject to certain customary conditions,

including certain antitrust approvals. For further details, please refer to the

31 August Announcement.

This announcement relates to the restructuring of SeaMex.  It remains the case

that under Seadrill Limited's plan of reorganisation (the "Plan") existing

shareholders of Seadrill Limited will receive 0.25% of the new equity, subject

to dilution, if classes 4 and 6 of Seadrill Limited's creditors vote to accept

the Plan, and otherwise will not receive any recovery. Consummation of the Plan

is subject to a number of customary terms and conditions, including court

approval.

FORWARD LOOKING STATEMENTS

This news release includes forward looking statements. Such statements are

generally not historical in nature, and specifically include statements about

the Company's plans, strategies, business prospects, changes and trends in its

business, the markets in which it operates and its restructuring efforts. These

statements are made based upon 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 news

release. Consequently, no forward-looking statement can be guaranteed. When

considering these forward-looking statements, you should keep in mind the risks

described from time to time in the Company's regulatory filings and periodical

reporting. 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 the Company to

predict all of these factors. Further, the Company cannot assess the impact of

each such factor 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.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

seadrill@hawthornadvisors.com

020 3745 4960