Company Name

SEADRILL

ISIN

BMG7998G1069

Market

Oslo Børs

Symbol

SDRL

Seadrill Limited (SDRL) ("Seadrill" or the "Company") (OSE:SDRL, OTCPK:SDRLF) is
pleased to announce the United States Bankruptcy Court for the Southern District
of Texas (the "Court") has approved the disclosure statement (the "Disclosure
Statement") for the Company's proposed plan of reorganization (the "Plan"),
paving the way for our emergence from Chapter 11 in Q4 2021.

The Court authorized the Company to distribute the Disclosure Statement and
solicit votes from all lenders on the Plan.  The Court also set a hearing to
consider approval of the Plan for October 26, 2021.

The Plan provides a clear pathway for Seadrill to restructure its balance sheet
with the Company having already secured support from the majority of its senior
secured lenders.

The Company's motion to approve the backstop commitment letter has been deferred
until a later hearing.

Grant Creed, CFO, commented: "We are pleased with these developments, which put
us firmly on track for Chapter 11 emergence.  The Court approved our timeline
for approval of the restructuring and authorized us to solicit lender votes.
This will pave the way for a significant balance sheet deleveraging."

Copies of the Plan and Disclosure Statement, as well as other information
regarding the Company's chapter 11 cases, are available at the following
website: https://cases.primeclerk.com/SeadrillLimited/.

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 42 rigs, which
includes drillships, jack-ups and semi-submersibles.

Seadrill is listed on the Oslo Børs and OTC Pink markets. For more information,
visit https://www.seadrill.com/

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

More information:
Access the news on Oslo Bors NewsWeb site