Seadrill Limited — Regulatory Filings 2021

May 20, 2021

Seadrill Limited (SDRL) - First Quarter 2021 Update

Seadrill Limited (SDRL) - First Quarter 2021 Update

Hamilton, Bermuda, May 20, 2021 - Seadrill Limited ("Seadrill" or "the Company")

(OSE:SDRL, OTCPK:SDRLF), a world leader in offshore drilling, provides an update

for the first quarter of 2021.

We continue to sign high-quality and high-value contracts, reflecting depth of

customer relationships. The quarter update includes:

· West Tellus - contract for two wells and additional intervention work plus

two optional wells with Shell Brazil in direct continuation to the Petrobras

contract, backlog contribution of $23m.

· West Hercules - options were exercised by Equinor in Norway, backlog

contribution of $34m.

Post quarter end updates include backlog additions of $374m:

· West Saturn - four-year firm contract, with four one year options, with

Equinor Brasil Energia. The contract is expected to commence in April 2022,

backlog contribution of $354m.

· West Neptune - contract signed with Talos, for one well firm with one well

option which commenced in May 2021, and a further contract was signed with

Kosmos for one well firm commencing in direct continuation of the Talos

contract.

· West Tellus - Petrobras has provided notice that the rig will conclude

operations in September 2021 earlier than was originally expected in December

2021.  The rig is anticipated to work in direct continuation with Shell Brazil.

Total backlog of $2.1bn as of 20 May 2021, which is one of the highest across

our peers. Seadrill is contracted to work across all major oil and gas basins in

the world: 13 rigs in operation globally, including in the Arabian Gulf, the

Americas, and Norway. This lays the foundation for Seadrill to continue in a

strong position as the market recovers this year and beyond.

Seadrill's financial restructuring continues to make good progress through

productive discussions with all parties involved. It is likely that the

comprehensive restructuring plan will require a substantial impairment and

losses for current shareholders. As a result, the Company currently expects that

shareholders are likely to receive minimal recovery for their existing shares.

The fleet status report can be viewed at: https://www.seadrill.com/fleet/

-ENDS-

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

across the globe. Seadrill's high quality, technologically advanced fleet spans

all asset classes allowing its experienced crews to conduct its operations from

shallow to ultra-deep-water environments. The company operates 43 rigs, which

includes drillships, jack-ups and semi-submersibles.

Seadrill is listed on the Oslo Børs and OTC Pink markets. For more information,

visit https://www.seadrill.com/

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