Seadrill Limited (“Seadrill” or the “Company”) (NYSE: SDRL) announced today that Seadrill Finance Limited, an exempted company limited by shares incorporated under the laws of Bermuda and a wholly owned subsidiary of Seadrill (“Seadrill Finance”), has priced its offering (the “Offering”) pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), of $700 million in aggregate principal amount of 6.750% Senior Notes due 2034 (the “Notes”). The Offering was upsized to $700 million from the original offering size of $600 million. The Notes mature on July 15, 2034 and will be issued at par. The Offering is expected to close on June 30, 2026, subject to customary closing conditions.

Seadrill Finance intends to use a portion of the net proceeds from the Offering to redeem all of Seadrill Finance’s outstanding 8.375% Senior Secured Second Lien Notes due 2030 (the "2030 Notes") and satisfy and discharge the indenture governing the 2030 Notes. Seadrill Finance intends to use the remaining net proceeds from the Offering to pay the fees and expenses incurred in connection with the Offering and for general corporate purposes.

The information contained in this news release is neither an offer to sell nor a solicitation of an offer to buy the securities described herein or any other securities, nor shall there be any sale of these securities or any other securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful absent registration or an applicable exemption from the registration requirements of the securities laws of any such jurisdiction. The securities being offered have not been registered under the Securities Act, any state securities laws, or any foreign jurisdiction. These securities are being offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act. This news release does not constitute a notice of redemption with respect to the 2030 Notes.