Seadrill Limited — Regulatory Filings 2021

May 17, 2021

SDRL - Seadrill New Finance Limited Announces Extension of Forbearance Agreement

SDRL - Seadrill New Finance Limited Announces Extension of Forbearance Agreement

Hamilton, Bermuda, 17 May, 2021 - Seadrill Limited ("Seadrill" or the "Company")

(OSE:SDRL, OTCQX:SDRLF) announces that Seadrill New Finance Limited (the

"Issuer"), a subsidiary of the Company, has agreed to extend the existing

forbearance agreement announced on 19 April 2021, with respect to the 12.0%

senior secured notes due 2025 (the "Notes") with certain holders of the Notes

(the "Note Holders").

Pursuant to the forbearance agreement, as extended, the consenting Note Holders

have agreed not to exercise any enforcement rights with respect to the Issuer

and any subsidiary of the Issuer which is an obligor under the Notes to, or

otherwise take actions in respect of, certain events of default that may arise

under the Notes as a result of, amongst other things, the Issuer not making the

semi-annual 4% cash interest payment due to the senior secured noteholders on 15

January 2021 in respect of their Notes and the filing of Chapter 11 cases in the

Southern District of Texas by the Company and certain of its consolidated

subsidiaries (excluding the Issuer and its consolidated subsidiaries) until and

including the earlier of 28 May 2021 and any termination of the forbearance

agreement.

The purpose of the forbearance agreement is to allow the Issuer and its

stakeholders more time to negotiate on the heads of terms of a comprehensive

restructuring of its balance sheet. Such a restructuring may involve the use of

a court-supervised process.

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 OTCQX. 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