Seadrill Limited  announced that, subject to market conditions, Seadrill Finance Limited, an exempted company limited by shares incorporated under the laws of Bermuda and a wholly owned subsidiary of Seadrill , intends to offer for sale to eligible purchasers in an offering  pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended , $600 million in aggregate principal amount of senior unsecured notes due 2034 .

Seadrill Finance intends to use the net proceeds from the Offering, together with cash on hand, 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. In connection with the Offering, Seadrill Finance delivered a notice to redeem the 2030 Notes, conditioned only upon the consummation of a financing transaction that results in gross proceeds of at least $600 million. As of March 31, 2026, approximately $575 million aggregate principal amount of the 2030 Notes remained outstanding.

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 to be offered have not been registered under the Securities Act, any state securities laws, or any foreign jurisdiction. These securities will be 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