Key information regarding Seadrill Limited's emergence from Chapter 11

Hamilton, Bermuda - 22 February 2022

Reference is made to the stock exchange announcement by Seadrill Limited (the "Company") earlier today, where the Company announced its emergence from Chapter 11 after successfully completing its reorganization pursuant to its Plan of Reorganization (the "Plan").

Pursuant to the Plan, and as further set out in the stock exchange notice announced earlier, the new parent company for the Seadrill group, whose name will be changed on or about the date of emergence to Seadrill Limited, will have approximately 50,000,000 new common shares issued and outstanding (the "New Common Shares") on the Effective Date (as defined therein).

• Date on which the terms and conditions of the issuance of the New Common Shares were announced: 22 February 2022

• Last day including: 22 February 2022

• Ex-date: 23 February 2022

• Record date: 24 February 2022

• Exchange ratio: 0.00124519 New Common Shares per existing common share of the Company

• ISIN for the New Common Shares: BMG7997W1029

Delivery of the New Common Shares will be made as soon as possible, and subject to appropriate arrangements being confirmed with Euronext Securities Oslo. Subject to certain approvals, it is expected that New Common Shares will initially be listed at the Euronext Expand market of the Oslo Stock Exchange in the second quarter of 2022, and ultimately listed on the Oslo Stock Exchange and New York Stock Exchange once all listing rules are satisfied.

Further details in respect of the New Common Shares will be set out in a listing prospectus which will be approved by the Norwegian Financial Supervisory Authority and published prior to such listing.

This information is subject to the disclosure requirements of the Oslo Stock Exchange pursuant to Oslo Rule Book II - Issuer Rules.

Seadrill press release