Seadrill Limited agreed to acquire an unknown minority stake in Aquadrill LLC for approximately $920 million on December 22, 2022. The transaction values Aquadrill at an implied equity value of approximately $958 million. Upon completion of the transaction Seadrill shareholders and Aquadrill unitholders will own 62% and 38%, respectively. The transaction has been approved by the Boards of Directors of both Seadrill and Aquadrill. The required approval of Aquadrill's unitholders has also been obtained. The transaction does not require Seadrill shareholder approval. Seadrill Limited announces that it has filed a registration statement on Form F-4 that includes a prospectus of Seadrill with the U.S. Securities and Exchange Commission in connection with the issuance of common shares to certain Aquadrill unitholders and equity award holders in regard to the proposed all-stock acquisition of Aquadrill. The transaction is, however, subject to applicable regulatory approvals and other customary conditions, and is expected to close in mid 2023.

Citibank International Limited is serving as sole financial advisor and David Emmons, Clint Rancher, Tom Fina, Jeff Oliver, Paul Lugard, Derek Green and Robin Melman of Baker Botts L.L.P. and Advokatfirmaet Thommessen AS are serving as legal counsel to Seadrill. Intrepid Partners, LLC is serving as sole financial advisor and Akin Gump Strauss Hauer & Feld LLP and Advokatfirmaet Schjødt AS are serving as legal counsel to Aquadrill. Hillary H. Holmes of Gibson, Dunn & Crutcher LLP is acting as legal advisor to Intrepid Partners, LLC.