Seadrill Initiates Extension of Share Repurchase Program

26 Jun 2024 00:16 CEST

HAMILTON, Bermuda-- Seadrill Limited (“Seadrill” or the “Company”) (NYSE & OSE:
SDRL) today announced that it has continued progress on its share repurchase
program, as part of its ongoing commitment to deliver shareholder returns. The
Company completed the $250 million share repurchase program initiated in
December 2023 and will cancel the acquired shares. As previously announced, the
Company’s Board of Directors authorized a new $500 million share repurchase
program that will run for a period of two years from the completion of the 2023
program. As an initial step under the new repurchase program, the Board has
authorized the Company to purchase up to $200 million of the Company’s common
shares (the “First Tranche”) by September 30, 2024, and the Company has entered
an agreement with DNB Markets (“DNB”) to effect the First Tranche in open market
transactions on the OSE and the NYSE.

To comply with the European Market Abuse Regulation, the Company has provided
the following required information regarding the First Tranche. The Company will
commence the First Tranche on June 26, 2024, and will complete the First Tranche
by September 30, 2024; provided, however, that the Company may discontinue or
suspend the repurchases under the First Tranche at any time without notice.
Repurchases in the First Tranche will be conducted through a 10b5-1 plan and a
side-by-side discretionary plan set up through the agreement with DNB. Aggregate
repurchases under the First Tranche are capped at $200 million, with individual
caps of $200 million under the 10b5-1 plan and $100 million under the
discretionary plan. The Company cannot predict how many shares will be
repurchased or the timing of any shares repurchased under the First Tranche but
does not expect that it will exceed 8.0 million shares under the 10b5-1 plan and
4.0 million shares under the discretionary plan.

For the 10b5-1 plan, DNB will carry out the Company’s instructions on the
acquisition of shares, and will make its trading decisions independently of, and
uninfluenced by, the Company. The manner, timing, pricing and amount, if any, of
any repurchases by DNB under the discretionary plan will be subject to the
discretion of the Company and may be based upon a number of factors, including,
market conditions, the Company’s financial position and capital requirements,
financial conditions, competing uses for cash as informed by the Company’s
stated capital allocation principles, the restrictions in the Company’s credit
agreements, and other factors. The First Tranche will be completed in accordance
with Regulation (EU) 2016/1052.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act and article 5 of the European
Market Abuse Regulation.

About Seadrill

Seadrill is setting the standard in deepwater oil and gas drilling. With its
modern fleet, experienced crews, and advanced technologies, Seadrill safely,
efficiently, and responsibly unlocks oil and gas resources for national,
integrated, and independent oil companies. For further information, visit
www.seadrill.com.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other than
statements of historical facts included in this news release, including those
regarding the timing and amount of repurchases of the Company's common shares
under its repurchase program, 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 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 they are made. Important factors
that could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, the Company’s
liquidity and other factors described from time to time in the reports filed or
furnished by the Company with the U.S. Securities and Exchange Commission
(“SEC”). The Company undertakes no obligation to update any forward-looking
statement 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, 2023, filed with the SEC on
March 27, 2024, and subsequent reports on Form 6-K.

Contacts
Lydia Brantley Mabry
Director of Investor Relations
ir@seadrill.com


Source: Seadrill Limited

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