Seadrill Limited — Regulatory Filings 2021

May 14, 2021

SDRL - New Angola Contract for Seadrill Joint Venture Quenguela Drillship

SDRL - New Angola Contract for Seadrill Joint Venture Quenguela Drillship

Hamilton, Bermuda, 14 May 2021 - Seadrill Limited ("Seadrill") is pleased to

announce a new contract has been secured by Sonadrill Holding Ltd ("Sonadrill"),

the 50:50 joint venture with an affiliate of Sonangol E.P. ("Sonangol").

Sonadrill has secured a twelve well contract with one option for nine wells and

eleven one well options in Angola for the Sonangol Quenguela drillship. Total

contract value for the firm portion of the contract is expected to be

approximately $131 million (inclusive of mobilization revenue and additional

services) with commencement expected in Q1 2022 and running to Q3 2023. The

contract is contingent on National Concessionaire approval.

Sonangol Quenguela is the second of two Sonangol-owned drillships to be bareboat

chartered into Sonadrill. The drillship is a 7[th] generation, DP3, dual

activity, e-smart ultra-deepwater drillship delivered in 2019, capable of

drilling up to 40,000ft wells.

Sonadrill is a joint venture created between Sonangol, owner of Sonangol

Libongos and Sonangol Quenguela drillships, and Seadrill, which has extensive

drilling expertise both worldwide and in Angola.

A further two Seadrill-owned units are expected to be bareboat chartered into

Sonadrill. Seadrill will manage and operate the four units on behalf of

Sonadrill.

Seadrill's Chief Executive Officer, Stuart Jackson commented, "Sonadrill is a

strategic partnership in an important deepwater basin. The operational

excellence and experience of our team has driven this expansion of the joint

venture. Securing the contract for the Sonangol Quenguela drillship is a great

achievement, and is testament to the confidence that our partners and clients

have in the company and its staff."

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/ (https://eur03.safelinks.protection.outlook.com/?url=ht

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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