Hamilton, Bermuda, May 20, 2021 - Seadrill Limited ("Seadrill" or "the Company")
(OSE:SDRL, OTCPK:SDRLF), a world leader in offshore drilling, provides an update
for the first quarter of 2021.

We continue to sign high-quality and high-value contracts, reflecting depth of
customer relationships. The quarter update includes:
	West Tellus - contract for two wells and additional intervention work plus two
optional wells with Shell Brazil in direct continuation to the Petrobras
contract, backlog contribution of $23m.
	West Hercules - options were exercised by Equinor in Norway, backlog
contribution of $34m. 

Post quarter end updates include backlog additions of $374m:
	West Saturn - four-year firm contract, with four one year options, with
Equinor Brasil Energia. The contract is expected to commence in April 2022,
backlog contribution of $354m.
	West Neptune - contract signed with Talos, for one well firm with one well
option which commenced in May 2021, and a further contract was signed with
Kosmos for one well firm commencing in direct continuation of the Talos
contract. 
	West Tellus - Petrobras has provided notice that the rig will conclude
operations in September 2021 earlier than was originally expected in December
2021.  The rig is anticipated to work in direct continuation with Shell Brazil. 

Total backlog of $2.1bn as of 20 May 2021, which is one of the highest across
our peers. Seadrill is contracted to work across all major oil and gas basins in
the world: 13 rigs in operation globally, including in the Arabian Gulf, the
Americas, and Norway. This lays the foundation for Seadrill to continue in a
strong position as the market recovers this year and beyond.

Seadrill's financial restructuring continues to make good progress through
productive discussions with all parties involved. It is likely that the
comprehensive restructuring plan will require a substantial impairment and
losses for current shareholders. As a result, the Company currently expects that
shareholders are likely to receive minimal recovery for their existing shares.

The fleet status report can be viewed at: https://www.seadrill.com/fleet/

-ENDS-

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 43 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:  
Iain Cracknell		 
Director of Communications 		 
+44 (0)7765 221 812 


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

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