Seadrill Limited — Report Publication Announcement 2018

Sep 27, 2018

SDRL - Files F-1 Registration Statement update to include interim financial results

SDRL - Files F-1 Registration Statement update to include interim financial results

Hamilton, Bermuda, September 27, 2018 - Seadrill Limited ("Seadrill or the

Company") has updated its Form F-1 Registration Statement to include its interim

financial results for the six months ended June 30, 2018.  Both the updated Form

F-1 and our Form 6-K interim financial results have been filed with the U.S.

Securities and Exchange Commission.

The Form 6-K interim financial results relates to Seadrill prior to its

emergence from Chapter 11 on July 2, 2018, and does not include the effects of

the reorganization or fresh start reporting.

The updated Form F-1 includes financial information as at June 30, 2018

presented pro-forma to illustrate the effects of the reorganization and fresh

start reporting. Under fresh start reporting, the fair values of assets and

liabilities are expected to differ materially from the values reflected in our

financial statements for periods prior to our emergence.

The reports filed today can be accessed on the Company's website,

www.seadrill.com, or on the website of the U.S. Securities and Exchange

Commission, www.sec.gov.

As previously announced, the Company will report its first set of financial

results post emergence for the third quarter during November 2018 which will

reflect the reorganization and fresh start reporting.

The table below summarizes key financial metrics reported in our interim report

on Form 6-K:

($ millions) Six months ended

June 30, 2018

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Total operating revenues 712

Contingent consideration realized 7

Loss on Impairment of Long Lived Assets(1) (414)

Total operating expenses (excluding impairments) (918)

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Operating loss (613)

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Depreciation and Amortization 391

Loss on Impairment of Long Lived Assets 414

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Adjusted EBITDA 192

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Notes:

1. As at June 30, 2018, we determined that the continuing downturn in the

offshore drilling market was an indicator of impairment on certain assets

and we have recognized an impairment of $414 million on three of our oldest

units. Of this amount, $340 million relates to our Floaters segment and $74

million relates to our Jack-ups segment.

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.

001-34667). 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 of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.