Seadrill Limited (SDRL) – New contract in Angola for Seadrill Joint Venture

Hamilton, Bermuda, April 25, 2022 – Seadrill Limited (“Seadrill” or the “Company”) is pleased to announce that a new contract has been awarded by Sonadrill Holding Ltd (“Sonadrill”), Seadrill’s 50/50 joint venture with a subsidiary of Sonangol EP (“Sonangol”). Sonadrill got a ten wells
contract with options for up to eight additional wells in Angola for the West Gemini drillship.

The total contract value for the firm portion of the contract is expected to be approximately $161 million (including mobilization revenue and additional services), with the potential for significant incremental revenue through a performance bonus. The start-up is scheduled for the fourth quarter of 2022 with a firm duration of approximately 18 months, in direct continuity with the existing West Gemini contract.

The West Gemini is the third drillship to be chartered bareboat to Sonadrill, along with two units owned by Sonangol, the Sonangol Quenguela and the Sonangol Libongos. Seadrill will manage and operate the units on behalf of Sonadrill. The West Gemini is an ultra-deepwater drillship with an operational history off Africa. Together, the three units position the Seadrill joint venture as the premier rig operator in Angola and contribute to the goal of building an ultra-deepwater franchise in the Golden Triangle by maximizing the efficiency of rig consolidation. forms in the region.

Seadrill CEO Simon Johnson commented “We are grateful to the Seadrill crew aboard the West Gemini who deserve the lion’s share of the credit for this contract. Our strategic partnership with Sonangol is essential to the development of the Angolan oil and gas sector and to Seadrill’s position as the premier drilling operator in Angola.

About Seadrill

Seadrill is a leading offshore drilling contractor using advanced technology to unlock oil and gas resources for clients in challenging and benign locations around the world. Seadrill’s high-quality, state-of-the-art fleet spans all asset classes, enabling its experienced crews to conduct operations in shallow to ultra-deep water environments. The Company owns and/or operates 30 rigs, which include drillships, semi-submersibles and jack-ups.


This press release contains forward-looking statements. These 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 and the markets in which it operates. These statements are made based on management’s current plans, expectations, assumptions and beliefs regarding future events affecting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause that actual results differ materially from those expressed or implied by the forward-looking statements. statements, which speak only as of the date of this press release. Therefore, no forward-looking statement can be guaranteed. When reviewing these forward-looking statements, you should keep in mind the risks described from time to time in the Company’s regulatory filings and periodic reports. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unforeseen 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 of these factors on its business or the extent to which any one factor, or combination of factors, could cause actual results to differ materially from those contained in the forward-looking statements.

This information is subject to the disclosure obligations in accordance with section 5-12 Norwegian Securities Trading Act.


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