o Delivered $159 million of Adjusted EBITDA(1) on $414 million of revenue,
resulting in an Adjusted EBITDA Margin(1) of 38.4%,
and net income of $94 million, or $1.16 per diluted share
o Closed Aquadrill transaction on April 3, increasing contracted floater count
for the quarter by four to 12
o After the quarter, successfully issued $575 million of 8.375% senior secured
second lien notes due 2030 and executed a new $225
million revolving credit facility with an accordion feature of up to $100
million
o On July 28, completed the sale of three tender-assist units for approximately
$85 million, as the Company focuses on deepwater
o Initiated shareholder return program with share repurchase authorization of up
to $250 million

Hamilton, Bermuda, August 15, 2023 - Seadrill Limited ("Seadrill" or the
"Company") (NYSE & OSE: SDRL) today reported strong second quarter 2023 results,
which reflect a full quarter's contribution from contracted rigs acquired as
part of the Aquadrill transaction,completed on April 3, 2023. Seadrill now owns
12 benign deepwater floaters, beyond the two it manages as part of a 50:50 joint
venture with Sonangol