Seadrill Limited — Remuneration Information 2020

Jul 29, 2020

SDRL - Cancellation of Share Plans, Cash Payment to Primary Insiders

SDRL - Cancellation of Share Plans, Cash Payment to Primary Insiders

Hamilton, Bermuda, July 29, 2020 - Seadrill Limited ("Seadrill" or the

"Company") announces that Performance Share Unit awards ("PSUs") and Restricted

Share Unit awards ("RSUs", and together with the PSUs referred to as "Awards")

granted to employees and other Award holders under the Company's incentive plans

have been offered surrendered in exchange for a one-off compensatory cash

payment to such holders (the "Payment").

The primary insiders of the Company have held in total 510,234 PSUs and 188,369

RSUs. The Payment to primary insiders of the Company amounted to in total USD

210,122, with a payment per PSU and RSU surrendered of USD 0.22353 and USD 0.51,

respectively. The allocation of the Payment to primary insiders is set out

below.

· Peter Sharpe (Director) had a holding of 0 PSUs and 47,457 RSUs (unvested),

which were surrendered in exchange for a one-off cash payment of in total USD

24,203. Following Payment, Peter Sharpe holds 1,701 shares and no Awards in the

Company.

· Kjell-Erik Ostdahl (Director) had a holding of 0 PSUs and 47,457 RSUs

(unvested), which were surrendered in exchange for a one-off cash payment of in

total USD 24,203. Following Payment, Peter Sharpe holds 1,701 shares and no

Awards in the Company.

· Anton Dibowitz (CEO) had a holding of 297,339 PSUs and 60,038 RSUs

(unvested), which were surrendered in exchange for a one-off cash payment of in

total USD 97,084. Following Payment, Anton Dibowitz holds 15,846 shares and no

Awards in the Company.

· Stuart Jackson (CFO) had a holding of 120,218 PSUs and 0 RSUs (unvested),

which were surrendered in exchange for a one-off cash payment of in total USD

26,873. Following Payment, Stuart Jackson holds 0 shares and no Awards in the

Company.

· Leif Nelson (COO) had a holding of 92,677 PSUs and 33,417 RSUs (unvested),

which were surrendered in exchange for a one-off cash payment of in total USD

37,759. Following Payment, Leif Nelson holds 8,807 shares and no Awards in the

Company.

-ENDS-

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 filings with the Securities and

Exchange Commission, including its Annual Report on Form 20-F (File No. 333

-224459). 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 4

-2 of the Norwegian Securities Trading Act.

seadrill@hawthornadvisors.com