Seadrill Limited Initiates New Share Buy- back Program

December 14, 2023– Seadrill Limited(” Seadrill” or the” Company”)( NYSE & OSE SDRL) lately completed its$ 250 million share repurchase program which was blazoned in September 2023.

As blazoned on November 27, 2023, the Board of Directors of the Company authorized fresh share repurchases, allowing the repurchase of over to a further$ 250 million of its outstanding common shares. The Company isn’t obliged to rescue any shares under the program. The fresh authorization has no set time limit.

In headway of the November 2023 authorization, the Company blazoned moment that it has put in place an agreement with Fearnley Securities AS and its attachment, Fearnley Securities,Inc.(” Fearnley”), for the repurchase of the Company’s common shares in open request deals on the OSE and the NYSE. Under this agreement, Fearnley will make its own trading opinions singly of, and uninfluenced by, the Company, subject to instructions handed by the Company in the agreement.

In order to misbehave with the European request Abuse Regulation, the Company has handed the following required information( i) under the repurchase program, as may be effected under the Fearnley agreement, the Company may rescue up to$ 250 million of its common shares during the period from December 14, 2023 until no latterly than September 30, 2024( subject also to a maximum limit of 10 million shares), and( ii) the purpose of the repurchase program is to reduce the number of common shares of the Company outstanding and to give a return to Company shareholders. The Company can not prognosticate how numerous shares will be reacquired, if any, under the agreement with Fearnley, or the timing of any repurchase or the price that will be paid for any shares reacquired under the agreement.

The repurchase program will be completed in agreement with Regulation( EU)2016/1052.

This information is subject of the exposure conditions pursuant to section 5- 12 of the Norwegian Securities Trading Act and composition 5 of the European request Abuse Regulation.

About Seadrill Limited

Seadrill is a leading coastal drilling contractor exercising advanced technology to unlock oil painting and gas coffers for guests across harsh and benign locales around the globe. Seadrill’s high- quality, technologically-advanced line spans all asset classes allowing its educated crews to conduct operations across topographies, from shallow toultra-deepwater surroundings.

Forward- Looking Statements

This news release includes forward- looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of literal data included in this communication, including those regarding the timing and quantum of repurchases of the Company’s common shares under its repurchase program. These statements are grounded on operation’s current plans, prospects, hypotheticals and beliefs concerning unborn events impacting the Company and thus involve a number of pitfalls, misgivings and hypotheticals that could beget factual results to differ materially from those expressed or inferred in the forward- looking statements, which speak only as of the date of this news release. Important factors that could beget factual results to differ materially from those in the forward- looking statements include, but aren’t limited to, the Company’s liquidity and those other factors described from time to time in the reports filed or furnished by us with the SEC. Accordingly, no forward- looking statement can be guaranteed. When considering these forward- looking statements, you should also keep in mind the pitfalls described from time to time in the Company’s forms with the SEC, including its Annual Report on Form 20- F for the time ended December 31, 2022, filed with the SEC on April 19, 2023( trainNo. 001- 39327), and posterior reports on Form 6-K.

The Company undertakes no obligation to modernize any forward- looking statements to reflect events or circumstances after the date on which similar statement is made or to reflect the circumstance of unexpected events. New factors crop from time to time, and it isn’t possible for us to prognosticate all of these factors. Further, the Company can not assess the impact of each similar factors on its business or the extent to which any factor, or combination of factors, may beget factual results to be materially different from those contained in any forward- looking statement.

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