Hamilton, Bermuda, June 26, 2023 - Seadrill Limited ("Seadrill" or the
"Company") (NYSE & OSE: SDRL) today announces that it is in active discussions
to sell (i) the jack-up rigs known as the West Castor, West Telesto and West
Tucana (the "Qatar Jack-Up Fleet"), which are bareboat chartered by Seadrill to
Gulfdrill LLC ("Gulfdrill"), a 50:50 joint venture between Seadrill and Gulf
Drilling International, and (ii) Seadrill's 50% equity interest in Gulfdrill.
Seadrill has not reached agreement yet on material terms, including price, with
any potential purchaser. Any transaction remains subject to additional due
diligence and the negotiation and execution of definitive agreements. There is
no certainty at this stage that the process will continue or that a transaction
will materialize.

This announcement is considered to contain inside information as defined in
article 7 of the EU Market Abuse Regulation, is subject to disclosure
requirements pursuant to section 5-12 of the Norwegian Securities Trading Act,
and was made public by Simon Woods at Hawthorn Advisors on the date and time
stated above.

Contact Information

For additional information, visit www.seadrill.com.

Benjamin Wiseman

Investor Relations

T: +44 (0)7867139312

E: benjamin.wiseman@seadrill.com

About Seadrill

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 communication 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 potential disposal of the Qatar
Jack-Up Fleet, the potential disposal of the Company's equity interest in
Gulfdrill, and the potential consideration received in such transaction, and
statements about the Company's plans, strategies, business prospects, changes
and trends in its business and the markets in which it operates are forward
-looking statements. These forward-looking statements can often, but not
necessarily, be identified by the use of forward-looking terminology, including
the terms "assumes", "projects", "forecasts", "estimates", "expects",
"anticipates", "believes", "plans", "intends", "may", "might", "will", "would",
"can", "could", "should" or, in each case, their negative, or other variations
or comparable terminology. 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 communication. Important factors that could cause actual
results to differ materially from those in the forward-looking statements
include, but are not limited to, the completion of due diligence, the
negotiation and execution of definitive agreements, the Company's ability to
achieve an acceptable sale price, a potential purchaser's ability to raise
necessary financing, customary closing conditions for a transaction of this
nature, and other important factors described from time to time in the reports
filed or furnished by us with the U.S. Securities and Exchange Commission
("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
filings.

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.

seadrill@hawthornadvisors.com