SDRL – Cancellation of Share Plans, Cash Payment to Primary Insiders

Hamilton, Bermuda, July 29, 2020 – Seadrill Limited ("Seadrill" or the "Company") announces that Performance Share Unit awards ("PSUs") and Restricted Share Unit awards ("RSUs", and together with the PSUs referred to as "Awards") granted to employees and other Award holders under the Company's incentive plans have been offered surrendered in exchange for a one-off compensatory cash payment to such holders (the "Payment"). 

The primary insiders of the Company have held in total 510,234 PSUs and 188,369 RSUs. The Payment to primary insiders of the Company amounted to in total USD 210,122, with a payment per PSU and RSU surrendered of USD 0.22353 and USD 0.51, respectively. The allocation of the Payment to primary insiders is set out below.

• Peter Sharpe (Director) had a holding of 0 PSUs and 47,457 RSUs (unvested), which were surrendered in exchange for a one-off cash payment of in total USD 24,203. Following Payment, Peter Sharpe holds 1,701 shares and no Awards in the Company.
• Kjell-Erik Ostdahl (Director) had a holding of 0 PSUs and 47,457 RSUs (unvested), which were surrendered in exchange for a one-off cash payment of in total USD 24,203. Following Payment, Peter Sharpe holds 1,701 shares and no Awards in the Company.
• Anton Dibowitz (CEO) had a holding of 297,339 PSUs and 60,038 RSUs (unvested), which were surrendered in exchange for a one-off cash payment of in total USD 97,084. Following Payment, Anton Dibowitz holds 15,846 shares and no Awards in the Company.
• Stuart Jackson (CFO) had a holding of 120,218 PSUs and 0 RSUs (unvested), which were surrendered in exchange for a one-off cash payment of in total USD 26,873. Following Payment, Stuart Jackson holds 0 shares and no Awards in the Company.
• Leif Nelson (COO) had a holding of 92,677 PSUs and 33,417 RSUs (unvested), which were surrendered in exchange for a one-off cash payment of in total USD 37,759. Following Payment, Leif Nelson holds 8,807 shares and no Awards in the Company.

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 filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 333-224459). 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 4-2 of the Norwegian Securities Trading Act.

seadrill@hawthornadvisors.com