Hamilton, Bermuda, February 28, 2024 - Seadrill Limited ("Seadrill" or the
"Company") (NYSE & OSE: SDRL) today reported its fourth quarter and full year
2023 results.

Quarterly highlights
oDelivered full-year operating profit of $329 million and full-year Adjusted
EBITDA(1) of $495 million, in line with guidance
oReported fourth quarter Adjusted EBITDA(1) of $100 million, consistent with
management expectations
oSecured market-leading contracts in both Brazil and the U.S. Gulf of Mexico,
representing some of the highest dayrates achieved so far in this market cycle
oAs of February 27, 2024, completed $342 million of share repurchases,
representing 11% of its share capital, as part of its share repurchase program
initiated in September 2023 and expanded in December 2023

Financial highlights (Three months ended)
Figures in USD million, unless otherwise indicated	December 31, 2023    
September 30, 2023
Total Operating Revenues                               	408		      414	
Contract Revenues                                      	315		      324	
Operating Profit                      	                52	              117	
Adjusted EBITDA (1)	                                100	              151	
Adjusted EBITDA Margin (1)           	                24.5%		      36.5%
Diluted Earnings Per Share ($)	                        0.95		      1.10	


"We continued to simplify and strengthen our business through 2023, achieving
scale through the Aquadrill acquisition and delivering operational and financial
results that allowed us to make meaningful returns to shareholders through our
repurchase program," remarked President and Chief Executive Officer, Simon
Johnson. 

"We have long anticipated 2024 will be a year of transition. We have planned and
prepared for a busy inventory of shipyard stays and accompanying capital
expenditure. We continue to act proactively to manage and mitigate our exposure
to contracting gaps and cost inflation when these appear. Though 2024 will
certainly have some challenges, our optimism about the medium- and longer-term
outlook for the offshore deepwater drilling industry and our competitive
positioning within it remains positive and unchanged."

Financial and operational results
For the fourth quarter 2023, Seadrill recognized $408 million in total operating
revenues. The Company generated $315 million in contract revenues, compared to
$324 million the prior quarter, operating an average of 12 rigs at an economic
utilization of 92.4%. These figures exclude the three drillships (West Gemini,
Sonangol Quenguela, and Sonangol Libongos) the Company manages through
Sonadrill, its 50:50 joint venture with Sonangol E.P., which generated an
additional $73 million in management contract revenues. The Company earned an
additional $20 million in reimbursable and other revenues, which includes
bareboat charter income from Gulfdrill, a 50:50 joint venture between Seadrill
and Gulf Drilling International. Operating expenses increased sequentially to
$356 million from $304 million the prior quarter. The increase was primarily
attributable to a change in provisions, repair and maintenance projects,
severance, and personnel costs. Adjusted EBITDA(1) was $100 million, a $51
million decrease from the prior quarter. 

Net cash provided by operating activities was $140 million for the fourth
quarter, a $28 million, or 25%, sequential improvement compared to the third
quarter. Capital expenditures totaled $90 million in the fourth quarter,
compared to $61 million in the third quarter, and consisted of long-term
maintenance costs of $42 million, included in operating cash flows, and $48
million of capital upgrades, related to contract preparation and incremental
equipment spend. Resulting Free Cash Flow(1) for the fourth quarter was $92
million.

Full-year total operating revenues were approximately $1.5 billion, a 48%
increase from $1.0 billion the prior year. Full-year operating profit was $329
million and full-year Adjusted EBITDA(1) was $495 million, or 33.0% of revenues,
in line with guidance. The results reflect three quarters of earnings from rigs
acquired through the Company's Aquadrill transaction, which closed in April
2023.

Share repurchases
During the fourth quarter, Seadrill completed its initial $250 million buyback
program, which started on September 12, 2023, and commenced an incremental $250
million program, on December 14, 2023. As of February 27, 2024, Seadrill had
repurchased a total of eight million shares, equating to 11% of its share
capital, at an average price of $43.36 per share for a total of $342 million in
shareholder returns.

Balance sheet
As of December 31, 2023, Seadrill had gross principal debt of $625 million,
consisting of $575 million in aggregate principal amount of 8.375% senior
secured second lien notes due 2030 and $50 million in senior unsecured
convertible notes, and $728 million in cash and cash equivalents, including $31
million in restricted cash. The Company maintains an additional $225 million in
available borrowings under its undrawn senior secured revolving credit facility.

Operational and commercial activity
As of February 28, 2024 Seadrill's Order Backlog(2) stood at approximately $2.9
billion, including approximately $1.1 billion in contract additions and
adjustments since November 27, 2023. The Company previously announced notable
contracts in Brazil and the U.S. Gulf of Mexico that represent some of the
highest dayrates for those regions during this market cycle.

oIn December 2023, Seadrill announced it had secured $1.1 billion in Brazil
contracts, following a competitive bidding process. Petrobras awarded 1,064-day
fixed-term contracts to both the West Auriga and the West Polaris, representing
approximately $577 million and $518 million in respective contract value,
inclusive of additional services and mobilization fees. The Company expects the
contracts to commence in the fourth quarter of 2024, after which Seadrill will
be operating six drillships offshore Brazil.
oIn January 2024, Seadrill announced Talos Production Inc. had awarded the West
Vela a contract in the U.S. Gulf of Mexico with an estimated duration of 150
days and a total contract value of approximately $74 million, excluding managed
pressure drilling (MPD) services. The Company expects the contract to commence
following the completion of the rig's existing firm-term contracts with other
independent operators in the region.

Prior to beginning their new contracts, all three of these rigs will transition
from existing third-party managers to Seadrill, allowing the Company to capture
intended cost savings from its Aquadrill acquisition.

The Company today provided an updated fleet status report on its website,
www.seadrill.com/investors.

Conference call information
Seadrill will host a conference call to discuss its results on Thursday,
February 29, 2024 at 09:00 CST / 16:00 CET. Interested participants may join the
call by dialing +1 (888) 660-6819 (Passcode: 7310670) at least 15 minutes prior
to the scheduled start time. The Company will also webcast the call live on its
website, www.seadrill.com/investors, where a replay and prepared remarks, which 
includes guidance for fiscal year 2024 and a reconciliation of any non-GAAP
financial metrics in such guidance, will be available afterwards.

(1)Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow are non-GAAP
measures. The appendices to this press release include definitions of these
non-GAAP measures and reconciliations to the most comparable GAAP measure.
(2) Order Backlog includes all firm contracts at the contractual operating
dayrate multiplied by the number of days remaining in the firm contract period.
It includes management contract revenues and lease revenues from bareboat
charter arrangements and excludes revenues for mobilization, demobilization,
contract preparation, and other incentive provisions and backlog relating to
non-consolidated entities.

Seadrill contact information
Lydia Brantley Mabry
Director of Investor Relations
T: +1 (832) 252-7064
E: lydia.mabry@seadrill.com

About Seadrill
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
This news release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other than
statements of historical facts included in this news release, including those
regarding the Company's outlook and guidance, plans, strategies, business
prospects, rig activity, share repurchases, 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 on 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.  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, day rates, customer drilling
programs and effects of new rigs on the market, contract awards and rig
mobilizations, contract backlog, dry-docking and other costs of maintenance of
the drilling rigs in the Company's fleet, the cost and timing of shipyard and
other capital projects, the performance of the drilling rigs in the Company's
fleet, delay in payment or disputes with customers, Seadrill's ability to
successfully employ its drilling units, procure or have access to financing,
ability to comply with loan covenants, liquidity and adequacy of cash flow from
operations, fluctuations in the international price of oil, international
financial market conditions, inflation, changes in governmental regulations that
affect the Company or the operations of the Company's fleet, increased
competition in the offshore drilling industry, the impact of global economic
conditions and global health threats, pandemics and epidemics, our ability to
maintain relationships with suppliers, customers, employees and other third
parties and our ability to maintain adequate financing to support our business
plans, our ability to successfully complete any acquisitions, divestitures and
mergers, our liquidity and the adequacy of cash flows for our obligations, our
liquidity and the adequacy of cash flows for our obligations, our ability to
satisfy the continued listing requirements of the New York Stock Exchange and
the Oslo Stock Exchange, or other exchanges where our common shares may be
listed, or to cure any continued listing standard deficiency with respect
thereto, the cancellation of drilling contracts currently included in reported
contract backlog, losses on impairment of long-lived fixed assets, shipyard,
construction and other delays, the results of meetings of our shareholders,
political and other uncertainties, including those related to the conflict in
Ukraine and the conflict in the Middle East, the effect and results of
litigation, regulatory matters, settlements, audit, assessments and
contingencies, including any litigation related to the merger of the Company
("Merger") with Aquadrill LLC ("Aquadrill"), our ability to successfully
integrate with Aquadrill following the Merger, the concentration of our revenues
in certain geographical jurisdictions, limitations on insurance coverage, our
ability to attract and retain skilled personnel on commercially reasonable
terms, the level of expected capital expenditures, our expected financing of
such capital expenditures, and the timing and cost of completion of capital
projects, fluctuations in interest rates or exchange rates and currency
devaluations relating to foreign or U.S. monetary policy, tax matters, changes
in tax laws, treaties and regulations, tax assessments and liabilities for tax
issues, legal and regulatory matters in the jurisdictions in which we operate,
customs and environmental matters, the potential impacts on our business
resulting from decarbonization and emissions legislation and regulations, the
impact on our business from climate-change generally, the occurrence of
cybersecurity incidents, attacks or other breaches to our information technology
systems, including our rig operating systems and other important factors
described from time to time in the reports filed or furnished by us with the
Securities and Exchange Commission (the "SEC") . 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.

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 us to predict all of these factors.
Further, the Company cannot assess the impact of each such factors 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 disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.