Seadrill Limited — Regulatory Filings 2021

Apr 27, 2021

SDRL - New Four-Year Contract for Seadrill's West Saturn Drillship with Equinor Brasil

SDRL - New Four-Year Contract for Seadrill's West Saturn Drillship with Equinor Brasil

Hamilton, Bermuda, 27 April 2021 - Seadrill Limited ("Seadrill" or the

"Company") (OSE:SDRL, OTCQX:SDRLF) has secured a four year firm contract with

four one year options, for the West Saturn drillship with Equinor Brasil Energia

Ltda for work on the Bacalhau field in Brazil.

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

$380 million (inclusive of mobilization, upgrades, and integrated services

revenue) with a performance bonus providing meaningful incremental opportunity.

The total contract value is contingent on the final investment decision by the

partnership for Bacalhau. Commencement is expected in 1Q 2022.

The West Saturn has Seadrill's existing, bespoke, managed pressure drilling

(MPD) system already installed and in conjunction with Equinor and our partners,

will receive further upgrades and enhancements in safety, efficiency, and

environmental control.

Human factor safety enhancements to red zone management will be automated

through the use of our AI-enabled safety technology Vision

IQ (https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.visioni

q.co%2F&data=04%7C01%7Cervs%40equinor.com%7Ccd88806d693a48511b4708d8cd078511%7C3a

a4a235b6e248d591957fcf05b459b0%7C0%7C0%7C637484779464353398%7CUnknown%7CTWFpbGZsb

3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdat

a=9MNnzMxDm0M8TOwPpuJthTeWBMU3PcIbRhQTT5A2TlA%3D&reserved=0). The efficiency of

the drillship will be further enhanced through Seadrill's Plato Performance

solution, driving continuous improvement in repetitive drilling activities

whilst delivering consistent process execution and optimization of the drilling

program with improved safety.

In line with our efforts to reduce emissions, the fuel consumption of the West

Saturn is expected to be reduced by between 10-15% with the introduction of a

combined hydrogen and methanol injection system along with other energy

efficiency upgrades. Emissions of carbon dioxide (CO\2\) are expected to reduce

by between 10-15%, and Nitrous Oxide (NOx) by between 30-80%.

This award, in collaboration with Equinor and their partners, demonstrates our

commitment to reducing our overall carbon footprint whilst setting the standard

in drilling through industry leading technological upgrades.

Seadrill's Chief Executive Officer, Stuart Jackson commented, "This further

broadening of our long-standing relationship with Equinor is a testament to the

experience and consistent operational excellence of our team. The West Saturn's

planned upgrades are a key development in Seadrill's innovation pipeline, as the

adoption of new technologies will improve drilling efficiency and reduce the

environmental footprint of Seadrill and our clients'."

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

tps%3A%2F%2Fwww.seadrill.com%2F&data=04%7C01%7Cervs%40equinor.com%7Ccd88806d693a4

8511b4708d8cd078511%7C3aa4a235b6e248d591957fcf05b459b0%7C0%7C0%7C6374847794643733

87%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLC

JXVCI6Mn0%3D%7C1000&sdata=5YSjxaiuTRLatDEWol8Q9tysaPOjGm4pSUSMMtf02HE%3D&reserved

\=0)

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