Disclosure of large shareholding – Seadrill Limited

05 Apr 2023 08:09 CEST

Reference is made to the stock exchange announcement published by Seadrill
Limited (NYSE & OSE: SDRL) ("Seadrill" or the "Company") on 3rd April 2023
regarding completion of the all-stock acquisition of Aquadrill LLC (the
"Merger").

In connection with completion of the Merger, Elliott International L.P. and
Elliott Associates L.P. received 5,115,245 and 2,298,154 common shares in
Seadrill, respectively, which represents approx. 6.405% and 2.877%,
respectively, of Seadrill’s share capital and votes following completion of the
Merger.

Both Elliott International L.P. and Elliott Associates L.P. are funds managed
and advised by Elliott Investment Management L.P., a registered investment
adviser with the U.S. Securities and Exchange Commission. The general partner
of Elliott Investment Management L.P. is Elliott Investment Management GP LLC.
Paul E. Singer is the sole managing member of Elliott Investment Management GP
LLC.

Following receipt of common shares in Seadrill in the Merger, funds managed and
advised by Elliott Investment Management L.P. have the following ownership
interest in Seadrill (following completion of the Merger):

• Elliott International L.P. holds 5,115,245 common shares in Seadrill, which
represents approx. 6.405% of Seadrill’s share capital and votes. In addition,
Elliott International L.P. holds cash settled equity swaps equivalent to 633,831
common shares in Seadrill, which represents approx. 0.794% of Seadrill’s share
capital.
• Elliott Associates L.P. holds 2,298,154 common shares in Seadrill, which
represents approx. 2.877% of Seadrill’s share capital and votes. In addition,
Elliott Associates L.P. holds cash settled equity swaps equivalent to 284,765
common shares in Seadrill, which represents approx. 0.357% of Seadrill’s share
capital.

As a result of this, if we attribute voting right to the cash settled equity
swaps (i) Elliott International L.P. has a total ownership interest of 5,749,076
common shares in Seadrill, which represents approx. 7.198% of Seadrill’s share
capital and votes (and thus exceeding the 5% disclosure threshold), and (ii) the
total aggregate ownership interest of both Elliott International L.P. and
Elliott Associates L.P. is 8,331,995 common shares in Seadrill, which represents
approx. 10.432% of Seadrill’s share capital and votes (and thus exceeding the
10% disclosure threshold).

This disclosure is made pursuant to section 4-2, cf. section 4-3, of the
Norwegian Securities Trading Act.

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