Hamilton, Bermuda, 30 December 2020 -Seadrill Limited ("Seadrill" or the
"Company") (OSE:SDRL, OTCQX:SDRLF) announces that it has entered into a
forbearance agreement with certain creditors in respect of nine out of the
group's twelve senior secured credit facility agreements.

The purpose of the forbearance agreement is to allow the Company and its
stakeholders more time to finalise negotiations on the head terms of a
comprehensive restructuring of its balance sheet. Such a restructuring may
involve the use of a court-supervised process. The Company continues to evaluate
capital structure proposals from its financial stakeholders; whilst no agreement
has been reached at this point it is expected that potential solutions will lead
to significant equitization of debt which is likely to result in minimal or no
recovery for current shareholders.

Pursuant to the forbearance agreement, the consenting creditors have agreed not
to exercise any voting rights to, or otherwise take actions, in respect of
certain events of default that may arise under those senior secured credit
facility agreements as a result of the group not making certain interest
payments, until and including the earlier of 29 January 2021 and any termination
of the forbearance agreement. 

Forbearance has not yet been agreed with respect to certain events of default or
termination events that may arise under the three remaining senior secured
credit agreements, the Company's New Secured Notes, leasing arrangements for the
West Hercules, West Linus and West Taurus and a bilateral guarantee facility
with Danske Bank. Without a forbearance in respect of these arrangements, a
non-payment of interest or other amounts due under the senior secured credit
agreements, the Company's New Secured Notes and/or the leasing arrangements
could result in the creditors under these arrangements having the right to
accelerate or otherwise enforce their rights under them.


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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