Hamilton, Bermuda | January 12, 2022 - Seadrill Limited ("Seadrill" or the
"Company") (OSE: SDRL, OTCPK: SDRLF)  and the Issuer today announce that the
Issuer has successfully received approval from the U.S. Bankruptcy Court for the
Southern District of Texas (the "Court") for its "one-day" chapter 11
restructuring.  The Court confirmed the Issuer's chapter 11 plan of
reorganization (the "Plan"), which received nearly unanimous support from
existing stakeholders.  The Plan provides the Issuer with financial and
strategic flexibility and stability by amending and extending the Issuer's
secured notes, effectuating a transfer of majority ownership of the Issuer from
the wider Seadrill group to the secured noteholders, and facilitating the entry
into management agreements with Seadrill for the continued provision of
management services and operational support to the Issuer and its subsidiaries. 
The Plan also provides for the satisfaction of all trade, customer, and other
non-funded debt claims in full in the ordinary course of business.  Benefitting
from both the new ownership structure and the continuity provided by the
Seadrill group, the Issuer expects to continue to focus on maximizing value for
all stakeholders from its portfolio of investments including the Seabras Sapura
JV and the SeaMex group. 

The key terms of the Plan include:

o the release by the holders of the Issuer's 12.0% Senior Secured Notes due 2025
(the "Noteholders" and the "Notes", respectively) of all existing guarantees and
security and claims (if any) with respect to Seadrill and its subsidiaries
(excluding the Issuer and certain of its subsidiaries);
o the Noteholders receiving 65% of pro forma equity in the Issuer, with Seadrill
Investment Holding Company (a subsidiary of Seadrill) retaining the remaining
35% of pro forma equity in the Issuer, which shall effect a separation of the
Issuer and its subsidiaries (including the Seabras Sapura assets and the SeaMex
group) from the consolidated Seadrill group;
o the Noteholders will have appointment rights in respect of 4 out of 5 of the
Issuer's directors on the board of the restructured Issuer's group, with the
remaining director to be appointed by Seadrill;
o new notes will be issued pro rata to Noteholders on amended terms including: 
   o maturity date: July 15, 2026
   o interest: either (a) 9.0%, consisting of (i) 3.00% cash interest plus (ii)
6.00% PIK interest, or (b) 10.0% PIK, in each case payable quarterly
   o call protection: redemption price:
      o prior to July 15, 2022: 105%
      o on or after July 15, 2022: 102%
      o on July 15, 2023 and thereafter: 100%;
o the Noteholders will have a first priority right to fund any additional
liquidity needs of the Issuer or its affiliates; and
o Seadrill will continue to provide certain management services to the Issuer's
group.

Confirmation of the Issuer's Plan brings the Seadrill group one step closer to
finalizing the comprehensive restructuring of the Seadrill group.  The Issuer
expects to emerge from chapter 11 in the near term.  Seadrill's chapter 11 plan
of reorganization was confirmed by the Court in October 2021 and is anticipated
to go effective in the first quarter of 2022.

Copies of the Plan and Disclosure statement are available at the following
website: https://cases.primeclerk.com/SeadrillNewFinance/.

Kirkland & Ellis LLP and Slaughter and May are serving as legal advisors to the
Issuer in connection with the restructuring.  Akin Gump Strauss Hauer & Feld are
serving as legal advisors to an ad hoc group of the Noteholders (the "Ad Hoc
Group"), and Ducera Partners LLC are serving as the Ad Hoc Group's financial
adviser.  

This announcement relates to Seadrill New Finance Limited and is not expected to
impact the recoveries existing shareholders of Seadrill Limited will receive
under the Seadrill Limited Plan.  Consummation of the Seadrill Limited Plan is
subject to a number of customary terms and conditions, including court approval,
which was obtained on October 26, 2021.

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 37 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.

For further information, please contact:

Media questions should be directed to: 
Sara Dunne
Director of Communications
communications@seadrill.com 
+ 1 281 630 7064

Analyst questions should be directed to:
Hawthorn Advisors 	
seadrill@hawthornadvisors.com	
+44 (0) 203 7454960

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© Oslo Bors ASA, source Oslo Stock Exchange