Hamilton, Bermuda, August 5, 2024 - Seadrill Limited ("Seadrill" or the
"Company") (NYSE & OSE: SDRL) today reports its second quarter 2024 results.

Quarterly Highlights
o	Delivered Operating Profit of $288 million and Adjusted EBITDA(1) of $133
million on $375 million of Total Operating Revenues for an Adjusted EBITDA
Margin(1) of 35.5%
o	Completed sale of three jack-up rigs and associated interest in the Gulfdrill
joint venture, supporting fleet refinement and capital return program
o	Repurchased total of $566 million of shares, or more than 15% of its issued
share count, since initiating repurchase program in September 2023

Financial Highlights
	Three months ended
Figures in USD million, unless otherwise indicated	June 30, 2024	March 31, 2024
Total Operating Revenues		375			367	
Contract Revenues		267			275	
Operating Profit		288			80	
Adjusted EBITDA (1)		133			124	
Adjusted EBITDA Margin (1)		35.5	%		33.8	%
Diluted Earnings Per Share ($)		3.49			0.81	

"Seadrill delivered a strong second quarter and generated a combined $257
million in Adjusted EBITDA(1) during the first half of year. Strong supply-side
fundamentals underpin our faith in a long and enduring upcycle. However, we
continue to see volatility that can affect financial outcomes," Johnson
continued. "Now, as ever, through-cycle resiliency matters. As a company, we
continue to benefit from a highly standardized fleet strategically positioned in
advantaged geographies, a strong balance sheet, a disciplined management team,
and a pursuit of operational excellence that allows us to deliver on our promise
of safe, efficient operations for the benefit of all our stakeholders."

Financial and Operational Results

Second quarter 2024 operating revenues totaled $375 million, a sequential
increase of $8 million. Contract revenues were $267 million, a decrease of $8
million, primarily due to fewer operating days on the West Auriga and the West
Polaris and lower utilization, partially offset by increased days on the Sevan
Louisiana. Management contract revenues were $65 million, a $7 million
sequential improvement reflecting an increased management fee received on the
three drillships Seadrill operates through Sonadrill, its 50:50 joint venture
with Sonangol, applied retroactively to January 1. Leasing revenues were $26
million, compared to $11 million the prior quarter. The increase is attributable
to a new bareboat charter rate, applied retroactively to January 1, for the West
Gemini, which Seadrill charters to Sonadrill, as the joint venture partners
began receiving additional income proportional to their rig contributions.

Second quarter 2024 operating expenses totaled $290 million, a sequential
decrease of $13 million. Vessel and rig operating expenses were $165 million, a
decrease of $15 million, primarily due to lower operating expenses on the West
Auriga and West Polaris as the rigs underwent preparation for upcoming Brazil
contracts for the duration of the quarter. Management contract expense was $41
million, a $3 million increase, reflecting the timing of repair and maintenance
expenses on the Sonadrill rigs. Selling, general, and administrative expenses
were $24 million and included $2 million of non-recurring costs associated with
the consolidation of the Company's corporate offices to Houston. Other operating
items included a gain on sale of $203 million, associated with the Company's
sale of three jack-up rigs and associated interest in its Gulfdrill joint
venture, which closed on June 25, 2024, for cash proceeds of $338 million. 

Adjusted EBITDA(1) was  $133 million, compared to $124 million the prior
quarter. Adjusted EBITDA Margin(1) was 35.5%.

Cash Flow and Balance Sheet
Cash flow from operations during the second quarter of 2024 was $79 million,
including $60 million of long-term maintenance costs. Capital upgrades captured
in investing cash flows were $43 million. Resulting Free Cash Flow(1) was $36
million. 

In the second quarter of 2024, Seadrill made $125 million of share repurchases.
On June 25, 2024, the Company initiated the first $200 million tranche of its
second $500 million share repurchase authorization. Since initiating its
repurchase program in September 2023, the Company has returned a total of of
$566 million to shareholders and repurchased a total of 12.3 million shares, or
15% of issued share count.

At quarter-end, Seadrill had gross principal debt of $625 million and $862
million in cash and cash equivalents, including $27 million in restricted cash,
for a net cash position of $237 million.

Operational and Commercial Activity
As of August 5, 2024, Seadrill's Order Backlog(2) was approximately $2.5
billion. During the quarter, the Sevan Louisiana secured a one-well contract
with an independent operator in the U.S. Gulf of Mexico, that began in direct
continuation of its previous contract and secured the rig into August. The
Company today provided an updated fleet status report on the Investor Relations
section of its website, www.seadrill.com.

Outlook
Seadrill revised full year 2024 guidance based on the completion of the
Gulfdrill sale