Seadrill announces West Neptune extension

08 Mar 2023 00:48 CET

Hamilton, Bermuda, March 07, 2023 - Seadrill Limited ("Seadrill" or the
"Company") (NYSE & OSE: SDRL) announces that the West Neptune has executed
approximately six months of term extensions with LLOG Exploration Offshore,
L.L.C ("LLOG") in the US Gulf of Mexico. The extensions will commence in direct
continuation of the existing term, and will keep the rig busy until Q3 2024,
furthering Seadrill and LLOG's long-term association. Total contract value for
the extension is approximately $79 million.

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 from
shallow to ultra-deepwater environments.

Forward-Looking Statements

The new 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 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 the new 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.  This information is subject to
the disclosure requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.

Seadrill Contact Information

David Warwick
Director of Investor Relations
David.Warwick@Seadrill.com

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