Hamilton, Bermuda, December 20, 2019 - Seadrill Limited ("Seadrill") has secured
a multiple well contract with Vår Energy AS for the West Phoenix for work on the
Balder re-development project in Norway. Total contract value for the firm
portion of the contract is expected to be approximately $302 million with
commencement expected at the end of 2Q 2021 and running through 3Q 2023. In
addition to the base rate a well based performance bonus mechanism is included
in the award giving potential for incremental revenue.  The contract is subject
to authority approval of the Balder Future plan for development and operations
(PDO). 

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
5-12 the Norwegian Securities Trading Act.

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