Hamilton, Bermuda ,April 18, 2024 - OnApril 17, 2024 , theJoint Nomination and Remuneration Committee (the "Committee") of the Board of Directors (the "Board") ofSeadrill Limited ("Seadrill " or the "Company") (NYSE & OSE: SDRL) made awards under the Company's amended and restated management incentive plan (the "Restated Plan") including (1) a total of 175,135 Time-vested Restricted Stock Units ("TRSUs") for management and other employees, vesting ratably annually on each of the first, second and third anniversaries of the grant date, subject to continued employment through such date, and (2) a total of 221,658 Performance-vested Restricted Stock Units ("PRSUs") for management and other employees, to vest in a cliff at the end of a performance period endingDecember 31, 2026 , subject to continued employment through such date and achieving certain performance objectives linked to (a) the total shareholder return ("TSR") on the Company's common shares as compared to (i) certain absolute TSR targets and (ii) the TSR of a compensation peer group (60% weighting), and (b) achievement of certain free cash flow metrics (40% weighting). Additionally, at the Company's 2024 Annual General Meeting of Shareholders held onApril 17, 2024 (the "Meeting"), shareholders approved the proposed remuneration in respect of each director's service on theBoard for the period from the date immediately following the Meeting until the later to occur ofDecember 31, 2024 and the date of the 2025 Annual General Meeting of Shareholders (the "Next Meeting"). Such remuneration includes the grant of a total of 22,283 TRSUs that vest either (i) on the Next Meeting, if the Next Meeting occurs at least 50 weeks from the grant date, or (ii) if earlier or the Next Meeting occurs less than 50 weeks from the grant date, on the first anniversary of the grant date. Of the awards made by the Committee onApril 17, 2024 , the primary insiders of the Company,Simon Johnson (President and Chief Executive Officer),Grant Creed (EVP, Chief Financial Officer),Torsten Sauer-Petersen (EVP, Human Resources),Samir Ali (EVP, Chief Commercial Officer),Todd Strickler (SVP, General Counsel),Marcel Wieggers (SVP, Operations),Julie Robertson (Director),Jean Cahuzac (Director), Jan Kjærvik (Director),Mark McCollum (Director), Harry Quarls (Director),Andrew Schultz (Director),Paul Smith (Director),Jonathan Swinney (Director) andAna Zambelli (Director) received a total of 132,441 TRSUs and a total of 165,236 PRSUs, as further described in the attached forms. This information is subject to disclosure requirements pursuant to article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act. Contact InformationLydia Brantley Mabry Director of Investor Relations ir@seadrill.com AboutSeadrill Limited Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe.Seadrill's high-quality, technologically-advanced fleet spans all asset classes allowing its experienced crews to conduct operations across geographies, from shallow to ultra-deepwater environments.
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