Seadrill Limited Announces Approval and Publication of Prospectus Supplement

Reference is made to the stock exchange announcement published by Seadrill Limited on 27 April 2022 regarding the approval and publication of a prospectus prepared in connection with the listing of the Company's shares on Euronext Expand and the contemplated subsequent transfer to, and listing on, the Oslo Stock Exchange's main list (the "Prospectus"), as well as the stock exchange announcement published on 29 April 2022 regarding the filing of the 2021 annual report on Form 20-F.

The Financial Supervisory Authority of Norway has today approved a prospectus supplement dated 12 May 2022 (the "Prospectus Supplement") to the Prospectus. The Prospectus Supplement has been prepared due to the Company's publication of its audited consolidated financial statements as of and for the fiscal year ended 31 December 2021 on 29 April 2022. The information contained in the Prospectus Supplement shall be considered an integral part of, and is to be read together with, the Prospectus.