Hamilton, Bermuda, November 20, 2020 - Seadrill Limited ("Seadrill" or "the
Company") (OSE:SDRL, OTCQX:SDRLF), a world leader in offshore drilling,
announces a trading update for its third quarter for the period ended September
30, 2020.
 
Highlights
o	Technical utilization1 of 94% and economic utilization2 of 92%
o	Total backlog stands at $2.1 billion
o	Cash and cash equivalents as at September 30, 2020 was $851m
o	Stuart Jackson appointed Chief Executive Officer
o	The role and responsibilities of the Chief Financial Officer are now divided
into two new roles: Grant Creed is Chief Restructuring Officer and Neil Gilliver
is Chief Accounting Officer

Subsequent Events
o	Following quarter end, approximately $52 million of backlog added:
o	The Sevan Louisiana was awarded a one firm, plus one optional, well contract
with Walter Oil & Gas in US Gulf of Mexico adding $17m backlog over the firm
term
o	The West Neptune has been awarded a one firm well contract with Kosmos Energy
in US-Gulf of Mexico, adding $9m backlog 
o	Equinor exercised additional wells on the West Hercules in Norway adding $26m
in backlog
o	Total Angola released the West Gemini from its obligations under the contract.
Seadrill is entitled to compensation in the form of a lump sum fee


Stuart Jackson, CEO, commented: 

"Seadrill continues to play its part in establishing a more viable market
environment - taking action on scrapping rigs, reducing the cost of operation
and support activities, and addressing our capital structure.  In doing so, we
remain committed to the delivery of safe and efficient operations for our
customers.  

"We continue to address the industry issue of too many rigs and too much debt. 
Managing our rig count is the necessary balance to bringing down our debt burden
and we are progressing plans to safely recycle some of our rigs, subject to the
approval of our lenders. We are engaged in constructive discussions with our
financial stakeholders as we look to carry out a comprehensive restructuring of
our balance sheet and our cash balance provides us with the necessary
flexibility to manage this process."

It should be noted that on conclusion of a comprehensive restructuring there is
a high probability that the current value of equity will be reduced
significantly or to zero value.