Seadrill Provides Commercial Updates on West Vela, West Capella, and West Auriga

January 29, 2024-- Seadrill Limited ("Seadrill" or the "Company") (NYSE & OSE: SDRL) announces multiple contract awards totalling approximately $97.5 million in value, in addition to an update on the West Auriga.

Talos Production Inc. has awarded the West Vela a contract with an estimated duration of 150 days in the U.S. Gulf of Mexico. The contract is expected to commence in the third quarter of 2024 and represents a total contract value of approximately $73.5 million, excluding managed pressure drilling (MPD) services.

The operator of the West Capella exercised a one-well option with the existing third-party manager, extending its operations by approximately two months. The contract is in direct continuation of the rig’s current program and represents a total contract value of approximately $24.0 million.

Seadrill has been advised by the current manager of the West Auriga that the rig will be released in February 2024 due to changes in their client's drilling sequence. This enables Seadrill to resume management of the rig in the first quarter of 2024, accelerate preparation for its previously-announced contract in Brazil beginning in the second half of 2024, and more quickly achieve synergies from the 2023 acquisition of Aquadrill.

Simon Johnson, Seadrill's President & Chief Executive Officer, remarked, “It is a pleasure to extend our contractual relationship with our longstanding client, Talos Energy. We also look forward to getting Seadrill coveralls back onboard the West Auriga.”

About Seadrill Limited

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-deepwater environments.

Forward-looking Statements

The new release includes forward-looking statements. All statements other than statements of historical facts included in this communication, including those regarding the Company’s plans, strategies, business prospects, changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These statements are 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 the new 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, dayrates, fluctuations in the price of oil, international financial market conditions, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, the review of competition authorities and other factors described from time to time in the reports filed or furnished by the Company with the U.S. Securities and Exchange Commission (“SEC”). 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. 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, 2022, filed with the SEC on April 19, 2023 (File No. 001-39327), and subsequent reports on Form 6-K. This announcement is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.