EX-99.1

Exhibit 99.1

SDRL—Launches Consent Solicitation for Proposed Amendments to 12.0% Senior Secured Notes due 2025 and Contingent Tender Offer

Hamilton, Bermuda, February 22, 2019—Seadrill Limited (the “Company”) has commenced a consent solicitation (the “Consent Solicitation”) process to amend certain terms of the indenture and the escrow agreement related to its outstanding 12.0% Senior Secured Notes due 2025 (the “Notes”). Contingent on the successful completion of the Consent Solicitation, the Company plans to launch a c.$340 million tender offer at a price of 107 plus accrued and unpaid interest shortly thereafter.

The main proposed amendments:

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Permit the use of asset sale proceeds remaining after a mandatory asset sale repurchase offer for open market purchases of the Notes.

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Permit c.$340 million (the “Tender Cap”) currently held as security for the Notes to fund a tender offer for the Notes at a price of 107 plus accrued and unpaid interest. The amount is comprised of c.$292 million of restricted cash and c.$48 million in unrestricted cash on the balance sheet.

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Revise the restriction in the subordinated capital redemption provision that requires a certain principal amount of Notes to be outstanding following a redemption of the Notes using permissible proceeds.

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Subject to amendments to the documents relating to our secured credit facilities, permit the use of unrestricted cash not provided as security for the Notes to redeem the Notes pursuant to the subordinated capital redemption provision under certain circumstances. Seeking amendments to our secured credit facilities is not currently contemplated.

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Eliminate the requirement for obtaining a public rating on the Notes.

The Consent Solicitation will expire at 5:00 p.m., New York City time, on March 8, 2019, unless extended or earlier terminated by the Company (the “Expiration Time”). Subject to the terms and conditions of the Consent Solicitation, only holders of Notes as of 5:00 p.m., New York City time, on February 21, 2019 (the “Record Time”) who validly deliver (and do not validly revoke) their consents prior to the Expiration Time will receive a consent fee equal to $2.50 per $1,000.00 in principal amount of Notes in respect of which a consent is validly delivered and not validly revoked. Consents may not be revoked after the time we enter into the proposed amendments.

The required majority of Note holders representing greater than 50% of the principal amount outstanding have agreed to consent to the proposed amendments. These majority Note holders have also agreed to tender all of their Notes, ensuring full take up of the Tender Cap.

The tender offer price will be $1,070 per $1,000 of aggregate principal amount of Notes tendered, plus accrued and unpaid interest thereon. All holders who participate in the tender offer will be subject to proration of their Notes actually accepted for purchase, because such purchase will be subject to the Tender Cap.

The completion of the Tender Offer will be subject to certain conditions. Under certain circumstances we may be required to delay or not proceed with the Tender Offer.

The complete terms and conditions of the Consent Solicitation are set forth in a Consent Solicitation Statement dated today (the “Consent Solicitation Statement”) that is being sent to holders of the Notes. The completion of the Consent Solicitation is contingent upon the satisfaction of certain conditions, including the minimum consent condition, as described in the Consent Solicitation Statement. The Consent Solicitation Statement can be found at www.seadrill.com. The Company’s website is not otherwise incorporated into this press release.