Hamilton, Bermuda, November 20, 2020 - Seadrill Limited ("Seadrill" or the
"Company") (OSE:SDRL, OTCQX:SDRLF) announces that it has entered into
forbearance agreements with certain creditors in respect of the group's senior
secured credit facility agreements, as well as the leasing agreements for the
West Hercules, West Linus and West Taurus.

Pursuant to the forbearance agreements, the consenting creditors have agreed not
to exercise any voting rights to, or otherwise take actions, in respect of
certain events of default that may arise under the senior secured credit
facility agreements and leases as a result of the group not making certain
interest and charter hire payments under the group's senior secured credit
agreements and leasing arrangements, until and including the earlier of 14
December 2020 and any termination of the forbearance agreements. Forbearance has
not yet been agreed with respect to termination events that may arise under the
Company's New Secured Notes and a bilateral guarantee facility with Danske Bank.
Without a forbearance in respect of the New Secured Notes and the bilateral
guarantee facility with Danske Bank, a non-payment of interest under the
agreements covered by the forbearance agreements that have been agreed could
result in enforcement of a cross-default under such New Secured Notes and/or the
guarantee facility with Danske Bank.

The purpose of the forbearance agreements is to allow the Company and its
stakeholders more time to negotiate on the head terms of a comprehensive
restructuring of its balance sheet. Such a restructuring may involve the use of
a court-supervised process. The Company continues to evaluate capital structure
proposals from its financial stakeholders