December 22, 2023-- Seadrill Limited ("Seadrill" or the "Company") (NYSE & OSE: SDRL) today announced that Petrobras has awarded 1,064-day fixed-term contracts to each of the West Auriga and the West Polaris following a competitive bidding process. The contracts are expected to commence in the fourth quarter of 2024 and represent total contract value of approximately $1.1 billion, inclusive of additional services and mobilization fees. The West Auriga and the West Polaris will transition to Seadrill from the existing third-party managers before undertaking the campaigns with Petrobras.

Commenting on the awards, Simon Johnson, Seadrill’s President & Chief Executive Officer, stated, “We have secured long-term contracts for the West Auriga and the West Polaris alongside our four high-specification drillships already working in Brazil. Petrobras are an important and longstanding customer for Seadrill. We are excited to expand our contractual relationship with them and increase our rig count in this key geography.”

In connection with these contract awards, today the Company published an updated fleet status report that can be found on its website, www.seadrill.com/investors.

For additional information, visit www.seadrill.com.

About Seadrill Limited

Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe. Seadrill's high-quality, technologically-advanced fleet spans all asset classes allowing its experienced crews to conduct operations across geographies, from shallow to ultra-deepwater environments.

Forward-looking Statements

The new release includes forward-looking statements. All statements other than statements of historical facts included in this communication, including those regarding the Company’s plans, strategies, business prospects, changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These statements are 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 the new release. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, offshore drilling market conditions, including supply and demand, dayrates, fluctuations in the price of oil, international financial market conditions, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, the review of competition authorities and other factors described from time to time in the reports filed or furnished by the Company with the U.S. Securities and Exchange Commission (“SEC”). 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. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should also keep in mind the risks described from time to time in the Company’s filings with the SEC, including its Annual Report on Form 20-F for the year ended December 31, 2022, filed with the SEC on April 19, 2023 (File No. 001-39327), and subsequent reports on Form 6-K.

This announcement is considered to contain inside information as defined in article 7 of the EU Market Abuse Regulation, is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act, and was made public by Benjamin Wiseman at the Company on the date and time stated above.

Benjamin Wiseman Corporate Finance Manager & Investor Relations +44 786 713 9312 benjamin.wiseman@seadrill.com

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