Hamilton, Bermuda, July 25, 2023 - Seadrill Limited ("Seadrill" or the
"Company") (NYSE & OSE: SDRL) and its wholly owned subsidiary, Seadrill Finance
Limited ("Seadrill Finance"), announced today the pricing of their offering
under Rule 144A and Regulation S (the "Offering") of the Securities Act of 1933,
as amended (the "Securities Act"), of an additional $75 million in aggregate
principal amount of 8.375% Senior Secured Second Lien Notes due 2030 (the
"Incremental Notes"). The Offering of the Incremental Notes is conditioned on
the closing of the offering of the Original Notes (as defined below).

The Incremental Notes will have the same terms and conditions as the $500
million aggregate principal amount of 8.375% Senior Secured Second Lien Notes
due 2030, which are expected to be issued on July 27, 2023 (the "Original
Notes"). The Incremental Notes mature on August 1, 2030, and will be issued at
100.75% of par. The Incremental Notes will initially be issued bearing temporary
ISINs and temporary common codes. On or before September 7, 2023 (the "Exchange
Date"), the Incremental Notes will be automatically exchanged for an equal
aggregate principal amount of U.S. dollar-denominated senior secured second lien
notes issued pursuant to the indenture. As of the Exchange Date, the Incremental
Notes will be fully fungible with the Original Notes, will constitute a single
series with the Original Notes and will be treated as additional notes under the
indenture.

The net proceeds from the Offering will be used for general corporate purposes
and to pay certain fees and expenses in relation to the Offering.

The information contained herein is neither an offer to sell nor a solicitation
of an offer to buy the securities described herein, nor shall there be any sale
of these securities in any jurisdiction in which such an offer, solicitation or
sale would be unlawful absent registration or an applicable exemption from the
registration requirements of the securities laws of any such jurisdiction. The
securities to be offered have not been registered under the Securities Act, any
state securities laws or any foreign jurisdiction.  The Company plans to offer
and sell the securities only to persons reasonably believed to be qualified
institutional buyers pursuant to Rule 144A under the Securities Act and to
persons outside the United States pursuant to Regulation S under the Securities
Act.

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 hereof.

Contact Information

For additional information, visit www.seadrill.com.

Lydia Mabry

Director of Investor Relations

T: +1 (832) 252-7064

E: lydia.mabry@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 closing of the offering of Original
Notes and the Incremental Notes, the use of proceeds therefrom, 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, market conditions, offshore drilling market conditions, including
supply and demand, dayrates, fluctuations in the price of oil, international
financial market conditions, changes in governmental regulations that affect the
Company or the operations of the Company's fleet, the review of competition
authorities, the performance of the drilling rigs in the Company's fleet, the
cancellation of drilling contracts currently included in reported contract
backlog, the impact of global economic conditions and global health threats,
pandemics and epidemics, political and other uncertainties, including those
related to the conflict in Ukraine, 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