Seadrill New Finance Limited (the “Issuer”) – Update on Consent Solicitation Launch

Hamilton, Bermuda | July 2, 2021 - Seadrill Limited (“Seadrill” or the “Company”) (OSE: SDRL, OTCPK:SDRLF) and the Issuer announce that, further to the announcement made by Seadrill and the Issuer on July 2, 2021, a consent solicitation process (the “Consent Solicitation”) has been launched to amend the indenture governing the Issuer’s outstanding 12.0% Senior Secured Notes due 2025, dated as of July 2, 2018, and as amended and supplemented by that certain first supplemental indenture dated as of March 11, 2019.

For further details on the amendment proposed by the Consent Solicitation, please refer to the announcement of the Issuer dated July 2, 2021 and titled “Seadrill New Finance Limited (the “Issuer”) – Update on Restructuring Discussions and Proposed Consent Solicitation Launch”.

The Consent Solicitation will expire at 5 p.m., New York City time, on July 9, 2021, unless extended or earlier terminated by the Issuer. Consents may not be revoked after the time the Issuer enters into the proposed amendment.

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 across the globe. Seadrill’s high quality, technologically advanced fleet spans all asset classes allowing its experienced crews to conduct its operations from shallow to ultra-deep-water environments. The company operates 43 rigs, which includes drillships, jack-ups and semi-submersibles.

Seadrill is listed on the Oslo Børs and OTC Pink markets. For more information, visit https://www.seadrill.com/.

FORWARD LOOKING STATEMENTS

This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon 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. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's regulatory filings and periodical reporting. 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 the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor 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.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.