Seadrill Limited — Share Issue/Capital Change 2022

Feb 22, 2022

Key information regarding Seadrill Limited's emergence from Chapter 11

Key information regarding Seadrill Limited's emergence from Chapter 11

Hamilton, Bermuda | 22 February 2022: Reference is made to the stock exchange

announcement by Seadrill Limited (the "Company") earlier today, where the

Company announced its emergence from Chapter 11 after successfully completing

its reorganization pursuant to its Plan of Reorganization (the "Plan"). Pursuant

to the Plan, and as further set out in the stock exchange notice announced

earlier, the new parent company for the Seadrill group, whose name will be

changed on or about the date of emergence to Seadrill Limited, will have

approximately 50,000,000 new common shares issued and outstanding (the "New

Common Shares") on the Effective Date (as defined therein).

- Date on which the terms and conditions of the issuance of the New Common

Shares were announced: 22 February 2022

- Last day including: 22 February 2022

- Ex-date: 23 February 2022

- Record date: 24 February 2022

- Exchange ratio: 0.00124519 New Common Shares per existing common share of the

Company

- ISIN for the New Common Shares: BMG7997W1029

Delivery of the New Common Shares will be made as soon as possible, and subject

to appropriate arrangements being confirmed with Euronext Securities Oslo.

Subject to certain approvals, it is expected that New Common Shares will

initially be listed at the Euronext Expand market of the Oslo Stock Exchange in

the second quarter of 2022, and ultimately listed on the Oslo Stock Exchange and

New York Stock Exchange once all listing rules are satisfied. Further details in

respect of the New Common Shares will be set out in a listing prospectus which

will be approved by the Norwegian Financial Supervisory Authority and published

prior to such listing.

This information is subject to the disclosure requirements of the Oslo Stock

Exchange pursuant to Oslo Rule Book II - Issuer Rules.

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.

seadrill@hawthornadvisors.com

020 3745 4960