Seadrill Limited - Information regarding 2022 Annual General Meeting

Hamilton, Bermuda, March 16, 2023 - Reference is made to the notice of the 2022
Annual General Meeting of Seadrill Limited (NYSE & OSE: SDRL) ("Seadrill" or the
"Company") to be held on March 21, 2023. Following constructive discussions with
shareholders, the Board of Directors of Seadrill has decided to withdraw its
proposals to approve the management incentive plan (Proposal 4 of the Company's
notice and proxy statement) and amend the Bye-laws of the Company (Proposal 5 in
the Company's notice and proxy statement) pending further consideration of the
matters.  Subject to any applicable procedures, Proposals 4 and 5 of the
Company's notice and proxy statement will not be voted on at the 2022 Annual
General Meeting.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Contact Information

For additional information, visit www.seadrill.com.
David Warwick
Director of Investor Relations
T: [phone]
E: [e-mail]

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
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-deep-water environments.

Forward-Looking Statements

This announcement 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 and the markets in which it operates. These statements are based on
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. 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, day rates, customer drilling programs
and effects of new rigs on the market, contract awards and rig mobilizations,
contract backlog, dry-docking and other costs of maintenance of the drilling
rigs in the Company's fleet, the cost and timing of shipyard and other capital
projects, the performance of the drilling rigs in the Company's fleet, delay in
payment or disputes with customers, Seadrill's ability to successfully employ
its drilling units, procure or have access to financing, ability to comply with
loan covenants, liquidity and adequacy of cash flow from operations,
fluctuations in the international price of oil, international financial market
conditions, changes in governmental regulations that affect the Company or the
operations of the Company's fleet, increased competition in the offshore
drilling industry, the impact of global economic conditions and global health
threats, our ability to maintain relationships with suppliers, customers,
employees and other third parties and our ability to maintain adequate financing
to support our business plans following emergence from the Chapter 11
proceedings, factors related to the offshore drilling market, the impact of
global economic conditions, our liquidity and the adequacy of cash flows for our
obligations, political and other uncertainties, the concentration of our
revenues in certain geographical jurisdictions, limitations on insurance
coverage, our ability to attract and retain skilled personnel on commercially
reasonable terms, the level of expected capital expenditures, our expected
financing of such capital expenditures, and the timing and cost of completion of
capital projects, fluctuations in interest rates or exchange rates and currency
devaluations relating to foreign or U.S. monetary policy, tax matters, changes
in tax laws, treaties and regulations, tax assessments and liabilities for tax
issues, legal and regulatory matters, customs and environmental matters, the
potential impacts on our business resulting from climate-change or greenhouse
gas legislation or regulations, the impact on our business from climate-change
related physical changes or changes in weather pattern, and the occurrence of
cybersecurity incidents, attacks or other breaches to our information technology
systems, including our rig operating systems.

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, 2021, filed with the
SEC on April 29, 2022 (File No. 001-39327).

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 us to predict all of these factors.
Further, the Company cannot assess the impact of each such factors 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.

[e-mail]

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange