Hamilton, Bermuda, July 11, 2023 - Seadrill Limited ("Seadrill" or the
"Company") (NYSE & OSE: SDRL) announced today that, subject to market
conditions, it intends to offer (the "Offering") for sale to eligible purchasers
in an offering under Rule 144A and Regulation S of the Securities Act of 1933,
as amended (the "Securities Act"), $450 million in aggregate principal amount of
senior secured second lien notes (the "Notes") to be issued by Seadrill Finance
Limited, an exempted company limited by shares incorporated under the laws of
Bermuda and a wholly owned subsidiary of Seadrill ("Seadrill Finance").
The net proceeds from the Offering will be used to: (i) prepay in full the
outstanding amounts under its existing secured debt facilities and (ii) pay fees
associated with exiting such secured debt facilities. The remainder of the net
proceeds from the Offering will be used for general corporate purposes.
In connection with the offering of the Notes, Seadrill Finance entered into a
senior secured five-year revolving credit facility (which tenure may be reduced
to four years subject to certain financial tests) that provides for commitments
permitting borrowings of up to $225 million with an accordion feature of up to
$100 million and is governed by a credit agreement (the "New Credit
Agreement").  The obligations under the New Credit Agreement will be (i)
guaranteed by the Company and the same subsidiaries of the Company that
guarantee the obligations under the Notes and (ii) secured on a first lien basis
by the same assets that secure the Notes. The commitments under the New Credit
Agreement will become available to be borrowed upon the satisfaction of various
conditions, including (i) the consummation of the Offering