Hamilton, Bermuda, 19 April, 2021 - Seadrill Limited ("Seadrill" or the
"Company") (OSE:SDRL, OTCQX:SDRLF) announces that Seadrill New Finance Limited
(the "Issuer"), a subsidiary of the Company, has agreed to replace the existing
forbearance agreement announced on 11 February 2021, and extended on 23 February
2021, 9 March 2021 and 23 March 2021 with a new forbearance agreement, with
respect to the 12.0% senior secured notes due 2025 (the "Notes") with certain
holders of the Notes (the "Note Holders").

Pursuant to the new forbearance agreement, the consenting Note Holders have
agreed not to exercise any enforcement rights with respect to the Issuer and any
subsidiary of the Issuer which is an obligor under the Notes to, or otherwise
take actions in respect of, certain events of default that may arise under the
Notes as a result of, amongst other things, the Issuer not making the
semi-annual 4% cash interest payment due to the senior secured noteholders on 15
January 2021 in respect of their Notes and the filing of Chapter 11 cases in the
Southern District of Texas by the Company and certain of its consolidated
subsidiaries (excluding the Issuer and its consolidated subsidiaries) until and
including the earlier of 17 May 2021 and any termination of the forbearance
agreement.

The purpose of the new forbearance agreement is to allow the Issuer and its
stakeholders more time to negotiate on the heads of terms of a comprehensive
restructuring of its balance sheet. Such a restructuring may involve the use of
a court-supervised process. 

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 of 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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