Seadrill Limited - Award under Management Incentive Plan

21 Apr 2023 18:49 CEST

Hamilton, Bermuda, April 21, 2023 - Reference is made to the announcement made
by Seadrill Limited (NYSE & OSE: SDRL) ("Seadrill" or the "Company") on August
8, 2022, regarding the management incentive plan (the "Plan") for certain
members of the Company's management and other leading employees, as well as non
-employee directors. An award has been made under the Plan to primary insider
Todd Strickler (SVP & General Counsel), as further described in the attached
form.

This information is subject to 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.

Contact Information

For additional information, visit www.seadrill.com.

Benjamin Wiseman

Investor Relations

T: +44 (0)7867139312

E: benjamin.wiseman@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 from
shallow to ultra-deepwater environments.

Forward-Looking Statements

This communication includes forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act. All
statements other than statements of historical facts included in this
communication, including those regarding future guidance, including total
revenue, Adjusted EBITDA, Total Adjusted EBITDA and capital expenditures and
long-term maintenance, and statements about the Company's plans, strategies,
business prospects, changes and trends in its business and the markets in which
it operates are forward-looking statements. These forward-looking statements can
often, but not necessarily, be identified by the use of forward-looking
terminology, including the terms "assumes", "projects", "forecasts",
"estimates", "expects", "anticipates", "believes", "plans", "intends", "may",
"might", "will", "would", "can", "could", "should" or, in each case, their
negative, or other variations or comparable terminology. These statements are
based on 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 communication. 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, day rates, customer drilling programs
and effects of new rigs on the market, contract awards and rig mobilizations,
contract backlog, dry-docking and other costs of maintenance of the drilling
rigs in the Company's fleet, the cost and timing of shipyard and other capital
projects, the performance of the drilling rigs in the Company's fleet, delay in
payment or disputes with customers, Seadrill's ability to successfully employ
its drilling units, procure or have access to financing, ability to comply with
loan covenants, liquidity and adequacy of cash flow from operations,
fluctuations in the international price of oil, international financial market
conditions, inflation, changes in governmental regulations that affect the
Company or the operations of the Company's fleet, increased competition in the
offshore drilling industry, the impact of global economic conditions and global
health threats, pandemics and epidemics, our ability to successfully complete
any acquisitions, divestitures and mergers, our liquidity and the adequacy of
cash flows for our obligations, our liquidity and the adequacy of cash flows for
our obligations, our ability to satisfy the continued listing requirements of
the New York Stock Exchange ("NYSE") and the Oslo Stock Exchange ("OSE"), or
other exchanges where our common shares may be listed, or to cure any continued
listing standard deficiency with respect thereto, the cancellation of drilling
contracts currently included in reported contract backlog, losses on impairment
of long-lived assets, shipyard, construction and other delays, the results of
meetings of our shareholders, political and other uncertainties, including those
related to the conflict in Ukraine, the effect and results of litigation,
regulatory matters, settlements, audits, assessments and contingencies,
including any litigation related to the merger of the Company (the "Merger")
with Aquadrill LLC ("Aquadrill"), our ability to successfully integrate with
Aquadrill following the Merger, the concentration of our revenues in certain
geographical jurisdictions, limitations on insurance coverage, our ability to
attract and retain skilled personnel on commercially reasonable terms, the level
of expected capital expenditures, our expected financing of such capital
expenditures, and the timing and cost of completion of capital projects,
fluctuations in interest rates or exchange rates and currency devaluations
relating to foreign or U.S. monetary policy, tax matters, changes in tax laws,
treaties and regulations, tax assessments and liabilities for tax issues, legal
and regulatory matters, customs and environmental matters, the potential impacts
on our business resulting from decarbonization and emissions legislation and
regulations, the impact on our business from climate-change generally, and the
occurrence of cybersecurity incidents, attacks or other breaches to our
information technology systems, including our rig operating systems and other
important factors described from time to time in the reports filed or furnished
by us with the U.S. Securities and Exchange Commission ("SEC"). 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, 2022, filed with the SEC on April 19,
2023 (File No. 001-39327).

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 us to predict all of these factors.
Further, the Company cannot assess the impact of each such factors 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

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588254_Appendix.pdf