Hamilton, Bermuda, September 12, 2023 - As previously announced, the Board of
Directors of Seadrill Limited ("Seadrill" or the "Company") (NYSE & OSE: SDRL)
authorized a share repurchase program that allows the Company to repurchase up
to $250 million of its outstanding common shares. The Company is not obligated
to repurchase any shares under the program. The program has no set time limit. 

In furtherance of the program, Seadrill announced today that it has put in place
an agreement with Arctic Securities AS and its subsidiary, Arctic Securities LLC
("Arctic"), for the repurchase of the Company's common shares in open market
transactions on the OSE and the NYSE. Under this agreement, Arctic will make its
own trading decisions independently of, and uninfluenced by, Seadrill, subject
to instructions provided by Seadrill in the agreement.

In order to comply with the European Market Abuse Regulation, the Company has
provided the following required information: (i) under the repurchase program,
as may be effected under the Arctic agreement, the Company may repurchase up to
$250 million of its common shares during the period from September 12, 2023
until March 31, 2024 (subject also to a maximum limit of 10 million shares), and
(ii) the purpose of the repurchase program is to reduce the number of common
shares of the Company outstanding and to provide a return to Company
shareholders. The Company cannot predict how many shares will be repurchased, if
any, under the agreement with Arctic, or the timing of any repurchase or the
price that will be paid for any shares repurchased under the agreement.

The repurchase program 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.

Contact information

For additional information, visit www.seadrill.com.
Lydia Brantley Mabry
Director of Investor Relations
T: +1 (832) 252-7064
E: lydia.mabry@seadrill.com

About Seadrill Limited

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 across
geographies, from shallow to ultra-deepwater environments. 

Forward-Looking Statements

This news release 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 the repurchases of the Company's common
shares under its repurchase program. 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 news release. 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 maintain relationships with suppliers, customers,
employees and other third parties and our ability to maintain adequate financing
to support our business plans, 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 fixed 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, audit, assessments and contingencies, including
any litigation related to the Merger of the Company ("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 in the
jurisdictions in which we operate, 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, 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 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) and
subsequent reports on Form 6-K.

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.