Seadrill Limited (SDRL) Announces Potential Sale of Qatar Jack-Up Fleet

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Seadrill Limited (SDRL) Announces Potential Sale of Qatar Jack-Up Fleet

Hamilton, Bermuda, June 26, 2023 – Seadrill Limited ("Seadrill" or the "Company") (NYSE & OSE: SDRL) today announces that it is in active discussions to sell (i) the jack-up rigs known as the West Castor, West Telesto and West Tucana (the “Qatar Jack-Up Fleet”), which are bareboat chartered by Seadrill to Gulfdrill LLC (“Gulfdrill"), a 50:50 joint venture between Seadrill and Gulf Drilling International, and (ii) Seadrill’s 50% equity interest in Gulfdrill. Seadrill has not reached agreement yet on material terms, including price, with any potential purchaser. Any transaction remains subject to additional due diligence and the negotiation and execution of definitive agreements. There is no certainty at this stage that the process will continue or that a transaction will materialize.

This announcement is considered to contain inside information as defined in article 7 of the EU Market Abuse Regulation, is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act, and was made public by Simon Woods at Hawthorn Advisors on the date and time stated above.