Hamilton, Bermuda, August 8, 2023 - Seadrill Limited ("Seadrill" or the
"Company") (NYSE & OSE: SDRL) and Seadrill Finance Limited ("Seadrill Finance"
or the "Issuer"), a wholly owned subsidiary of the Company, announced today that
Seadrill Finance issued an additional $75 million in aggregate principal amount
of 8.375% Senior Secured Second Lien Notes due 2030 (the "Incremental Notes") in
an offering (the "Offering") conducted pursuant to Rule 144A and Regulation S
under the Securities Act of 1933, as amended (the "Securities Act"). 

The Incremental Notes are governed by an Indenture, dated as of July 27, 2023
(the "Indenture"), as supplemented by the First Supplemental Indenture dated as
of August 8, 2023 (the "Supplemental Indenture"), entered into among the Issuer,
the Company and certain subsidiaries of the Company named therein (the
"Guarantors"), and GLAS Trust Company LLC, as trustee (the "Trustee") and
collateral trustee (the "Collateral Trustee"). The Incremental Notes have the
same terms and conditions as the $500 million aggregate principal amount of
8.375% Senior Secured Second Lien Notes due 2030 issued on July 27, 2023 (the
"Original Notes"). The Incremental Notes mature on August 1, 2030, and were
issued at 100.75% of par. The Incremental Notes were 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 and will constitute a
single series with the Original Notes. 

The net proceeds from the Offering will be used for general corporate purposes.

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 offered have not been registered under the Securities Act, any state
securities laws, or any foreign jurisdiction, and were offered and sold only to
persons reasonably believed by the Company 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 use of proceeds from the Offering,
the timing of the Exchange Date 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.