Hamilton, Bermuda, May 23, 2023 - Seadrill Limited ("Seadrill" or the "Company")
(NYSE & OSE: SDRL), a leader in offshore drilling, provides financial results
for the three months ended March 31, 2023. 
 
Q1 2023 Highlights 
o	Seadrill added approximately $39 million of Order Backlog  during the quarter,
bringing the total as of March 31, 2023, to approximately $2.2 billion. The
addition related to the West Neptune drillship securing a three-month extension
with LLOG Exploration Offshore, L.L.C ("LLOG") in the U.S. Gulf of Mexico in
direct continuation of the existing term. 
o	Total Adjusted EBITDA  was $85 million in Q1 2023, a significant increase
compared to Q4 2022 primarily due to higher operating days overall across the
fleet, including notably with respect to our four drillships operating offshore
Brazil, and the West Neptune working at a higher dayrate with  LLOG.
o	Total Operating Revenues increased by 17% to $266 million in Q1 2023.
o	Strong operational performance in Q1 2023 with technical utilization of 96%.
o	On February 10, 2023, Seadrill made a voluntary payment of $118 million
(inclusive of principal, accrued interest and exit fee) under its secured second
lien debt facility (the "Second Lien Facility"). On March 15, 2023, Seadrill
made a further voluntary payment of $44 million (inclusive of principal, accrued
interest and exit fee) with respect to the Second Lien Facility.
o	On February 24, 2023, Seadrill completed the sale of its 35% shareholding in
Paratus Energy Services Ltd. ("PES") (formerly Seadrill New Finance Ltd.) and
certain other interests for total consideration of $44 million (the "PES Sale").
PES is the entity which holds investments in SeaMex Holdings Ltd. ("SeaMex"),
Seabras Sapura and Archer Ltd. In connection with the PES Sale, on March 14,
2023, Seadrill issued each of PES and SeaMex with a termination notice in
respect of the master service agreements under which Seadrill provides
management services. The terminations will take effect from July 12, 2023, and
September 10, 2023, respectively.
o	On January 25, 2023, Seadrill announced the appointment of Ana Zambelli as a
new member of the Board of Directors.

Subsequent Events
o	On April 3, 2023, Seadrill completed the all-stock acquisition of Aquadrill
LLC ("Aquadrill"), at which point Aquadrill became a wholly-owned subsidiary of
Seadrill (the "Aquadrill Acquisition"). As a result of the Aquadrill
Acquisition, Seadrill added $470 million in Order Backlog on April 3, 2023. The
operating results and assets and liabilities of Aquadrill will be consolidated
from April 3, 2023. As such, Seadrill's Q1 2023 interim financial statements do
not include the effects of the Aquadrill Acquisition. Conversely, Seadrill's
market guidance for its 2023 financial year contained in this Q1 2023 earnings
release includes the consolidation of Aquadrill from April 3, 2023.
o	In connection with the Aquadrill Acquisition, Harry Quarls and Jonathan
Swinney were appointed to serve on Seadrill's Board of Directors on April 3,
2023.
o	Gulfdrill LLC ("Gulfdrill"), a 50:50 joint venture between Seadrill and Gulf
Drilling International, was awarded contract extensions by a leading operator
for three jackup rigs working in Qatar. The West Castor jackup rig, which is
bareboat chartered to Gulfdrill by Seadrill, received a contract extension,
together with the two jackup rigs that are bareboat chartered to Gulfdrill by a
third-party shipyard. The total contract value of the three contract extensions
is approximately $343 million and extends these contracts until 2026. The
bareboat charter rates payable in connection with the associated extension
periods represent a significant increase relative to the existing rates.
Seadrill's Order Backlog as of May 23, 2023, is $2.6 billion.

Financial Highlights		                                            Change
Figures in USD million, unless otherwise indicated	 1Q23       4Q22         % 
Total Operating Revenues		                  266        228       17%
Adjusted EBITDA2		                           85         39      118%
Adjusted EBITDA Margin2		                        32.0%      17.1%       87%
Total Adjusted EBITDA2 -                                   85         41     
107%
continuing and discontinued operations	  
Operating Profit/(Loss)	                                   51         (7)    
829%


1 For a definition of Order Backlog, please see "Commercial Review" section.
2 Adjusted EBITDA, Total Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP
financial measures. For a definition of each such measure and a reconciliation
to the most comparable GAAP financial measure, please see the Appendices. 



Simon Johnson, President & CEO, commented: 

"Seadrill has started 2023 strongly, with a near-fully utilized fleet and the
closing of our Aquadrill acquisition in April. We are pleased with our
operational and financial performance as we move through the year, with our
technical utilization at 96% and our operating revenues and adjusted EBITDA
substantially increasing quarter-on-quarter. We benefited from our four
drillships offshore Brazil operating for the full quarter and the West Neptune
drillship working at a higher dayrate in the U.S. Gulf of Mexico. Furthermore,
during the quarter we were delighted to announce that LLOG had extended its
contract for the West Neptune, furthering Seadrill and LLOG's long-term
association.

We have a confident posture and remain constructive about this developing
upcycle. Seadrill has an enhanced fleet following our acquisition of Aquadrill,
which cemented our position as a key player in the offshore drilling sector, and
we are highly focused on maximizing the value that it can generate for our
shareholders."

--------------------------------------
 
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 future guidance, including total
revenue, Adjusted EBITDA, Total Adjusted EBITDA and capital expenditures and
long-term maintenance, 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 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.







May 23, 2023
The Board of Directors
Seadrill Limited
Hamilton, Bermuda

Questions should be directed to Seadrill Management Ltd. represented by:
Simon Johnson		President and Chief Executive Officer

Analyst and investor questions should be directed to:
Benjamin Wiseman	Investor Relations			+44 786 713 9312

Media questions should be directed to: 
Sara Dunne		Director of Communications 		+1 281 630 7064