Technical Amendment Credit Agreement

Following discussions with TLB lenders representing the majority of TLB`s outstanding capital (the «ad hoc group»), an agreement was reached to remove the risk of default from non-payment of interest at the end of the additional period and to make available a super senior loan instead of receiving cash interest on interest payments. The opportunity to participate is offered on a pro-rata basis to all TLB lenders. However, the closure does not require participation beyond the ad hoc group. Assuming a 100% stake in TLB`s lenders, a $66 million super senior loan is created, maturing on February 21, 2021 and includes pik libor-1000 bps interest and a 10% exit premium. This report contains forward-looking statements. These statements are generally not historical and include statements about the company`s plans, strategies, business prospects, changes and trends and the markets in which it operates. In particular, but without restriction, statements of an agreement with lenders under the company`s term loan B, which would deal with the payment of interest in that agreement and possible payments and other matters, are considered forward-looking statements. These statements are based on management`s current plans, expectations, assumptions and beliefs regarding future events regarding the entity, and therefore involve a number of risks, uncertainties and assumptions that could lead to actual results being materially superior to the results expressed or implied in the forward-looking statements expressed only at the time of this press release. The main factors that could lead to actual results differing materially from those of the forward-looking statements are, among other things, offshore drilling market conditions, such as supply and demand, day-to-day rates, customer drilling programs and the impact of new drilling facilities on the market, public procurement and facility mobilizations. , arrears of orders, performance of drilling units in the company`s fleet, late payments or disputes with customers. , the result of an ongoing litigation, our ability to successfully use our drilling units, or access to financing, liquidity and adequacy of cash flows from operations, fluctuations in international oil prices, changes in government rules regarding the company`s business or operations, increased competition in the offshore drilling industry and economic conditions , general policies and trade around the world. Other important factors are Seadrill Limited`s operational reliance on certain management and technical assistance services, the company`s ability to continue to comply with credit agreements, and the entity`s ability to negotiate with its lenders to refinance its short-term debt maturities, and whether the terms of this refinancing would be as favourable or more favourable than the terms of the existing company`s long-term credit facility.