Hamilton, Bermuda, August 8, 2021 - Seadrill Limited ("Seadrill" or "the
Company") (OSE:SDRL, OTCPK:SDRLF) announces that the Company has reached a
settlement agreement with Northern Ocean Ltd. ("NOL") predominantly with respect
to balances outstanding from Seadrill's preparation of the West Mira and West
Bollsta rigs. The settlement agreement closes all outstanding balances, claims
and counter-claims between the companies and their respective subsidiaries by
way of set-off as full and final settlement. Further, the settlement agreement
sets out that Seadrill will provide certain transition services to any
prospective new managers in respect of NOL's rigs and requires Seadrill to
restart bareboat lease payments for the West Bollsta rig from August 10, 2021,
alongside Seadrill's continued operation of the rig on the Lundin contract.

The settlement agreement is subject to certain conditions, including, but not
limited to, obtaining approval by the US bankruptcy court under Seadrill's
Chapter 11 protection.

Grant Creed, Chief Financial Officer, commented "Conclusion of this uncertainty
around claims and counterclaims with NOL is an important pre-requisite to
Seadrill being able to proceed with its Chapter 11 filing.  Shareholders should
note the Plan of Reorganization filed with the Court on July 24, 2021 leads to a
substantial equitization of debt meaning existing shareholders receive virtually
no recovery for their existing shares."

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
across the globe. Seadrill's high quality, technologically advanced fleet spans
all asset classes allowing its experienced crews to conduct its operations from
shallow to ultra-deep-water environments. The Company operates 24 rigs, which
includes drillships, jack-ups and semi-submersibles.

Seadrill is listed on the Oslo Børs and OTC Pink markets. For more information,
visit https://www.seadrill.com/.

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 regulatory filings and periodical
reporting. 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 of the Norwegian Securities Trading Act.

seadrill@hawthornadvisors.com

020 3745 4960