Seadrill Limited Announces New Contract in Angola for Seadrill Joint Venture

03 Nov 2022 07:00 CET

Hamilton, Bermuda, 03 November 2022 - Seadrill Limited ("Seadrill" or "the
Company") (NYSE & XOAS: SDRL) is pleased to announce a new extension has been
secured by Sonadrill Holding Ltd ("Sonadrill"), Seadrill's 50:50 joint venture
with an affiliate of Sonangol E.P. ("Sonangol"). Sonadrill has secured a 12-well
extension in Angola for the Libongos drillship at $402,500 per day.

Total contract value for the firm portion of the contract is approximately $327
million, inclusive of additional services. Commencement is expected in Q4 2022,
with a firm-term of approximately 25 months, in direct continuation to the
existing contract.

There are currently three drillships bareboat chartered into Sonadrill, a
Seadrill owned unit, the West Gemini and two Sonangol-owned units, the Quenguela
and Libongos. Seadrill manage and operate the units on behalf of Sonadrill.

Seadrill's Chief Executive Officer, Simon Johnson commented "Sonadrill remains
strategically important for the development of the Angolan oil and gas sector.
Sonadrill is the number one rig operator in Angola and this new contract will
generate significant free cash flow for the joint venture which will ultimately
flow to Seadrill and Sonangol as shareholders."

Seadrill Contact Information

David Warwick

Director of Investor Relations

David.Warwick@Seadrill.com

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
around the globe. Seadrill's high-quality, technologically-advanced fleet spans
all asset classes allowing its experienced crews to conduct operations across
geographies, from shallow to ultra-deep-water environments.

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 expectations about the 12-well extension described above, as well
as the Company's plans, strategies, business prospects, changes and trends in
its business and the markets in which it operates.

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. Important factors that could cause actual results to differ materially
from those in the forward-looking statements include, but are not limited to,
offshore drilling market conditions, including supply and demand, dayrates,
fluctuations in the price of oil, international financial market conditions,
changes in governmental regulations that affect the Company or the operations of
the Company's fleet, the review of competition authorities and other factors
listed in our public filings. 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.

Consequently, no forward-looking statement can be guaranteed. When considering
these forward-looking statements, you should also keep in mind the risks
described from time to time in the Company's filings with the SEC, including its
Annual Report on Form 20-F for the year ended December 31, 2021, filed with the
SEC on April 29, 2022 (File No. 001-39327).

This information is subject to the disclosure requirements pursuant to article
19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5
-12 of the Norwegian Securities Trading Act.

David Warwick

Director of Investor Relations

David.Warwick@Seadrill.com

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