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SDRL – Joint Venture with Gulf Drilling International

Hamilton, Bermuda, August 15, 2019 - “Seadrill Limited ("Seadrill" or the “Company) refers to the announcements made on May 1, 2019 in connection with the award of  drilling contracts by Qatar Petroleum to Gulf Drilling International (“GDI”).

Seadrill and GDI have entered into a 50:50 joint venture, GulfDrill, which will initially manage and operate five premium jackups in Qatar with Qatar Petroleum commencing throughout 2020.

The five firm well based contracts will have staggered commencements throughout 2020 with initial terms concluding in 2023 & 2024 respectively. The total contract value is expected to be $656 million (including mobilization fees). Each contract has five single well options which could add up to an estimated 13.7 cumulative years of term and an additional contract value of $700 million.

GulfDrill will initially bareboat charter the West Telesto and West Castor from Seadrill and has secured bareboat charters for three additional units from a third-party shipyard.

Anton Dibowitz, CEO, commented: "We are excited to establish a significant presence in an important Jackup market and to partner with GDI. GulfDrill will give us the opportunity to improve our access to a market that is expected to show significant growth over the next years and strengthen our relationship with Qatar Petroleum."

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 filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 333-224459). 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 to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act