Seadrill Limited refers to the announcements made on May 1, 2019 in connection with the award of drilling contracts by Qatar Petroleum to Gulf Drilling International (“GDI”).

Seadrill and GDI have entered into a 50:50 joint venture, GulfDrill, which will initially manage and operate five premium jackups in Qatar with Qatar Petroleum commencing throughout 2020.

The five firm well based contracts will have staggered commencements throughout 2020 with initial terms concluding in 2023 & 2024 respectively. The total contract value is expected to be $656 million (including mobilization fees). Each contract has five single well options which could add up to an estimated 13.7 cumulative years of term and an additional contract value of $700 million.

GulfDrill will initially bareboat charter the West Telesto and West Castor from Seadrill and has secured bareboat charters for three additional units from a third-party shipyard.

Anton Dibowitz, CEO, commented: "We are excited to establish a significant presence in an important Jackup market and to partner with GDI. GulfDrill will give us the opportunity to improve our access to a market that is expected to show significant growth over the next years and strengthen our relationship with Qatar Petroleum."

About Seadrill

Seadrill is a leading offshore deepwater drilling company, aiming to be our customers' most important partner in making oil and gas available in a safe and cost-effective manner.

The company operates a versatile fleet of 69 units that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh and benign environments.

About Gulf Drilling International Limited (GDI)

GDI is a World Class Drilling Company and a market leader in Qatar that focuses on providing safe, efficient & cost effective Drilling, Liftboat and Jack-up Accommodation services.