As previously disclosed, on 1 September 2022, Seadrill Limited (Seadrill) entered into a Share Purchase Agreement (the SPA) with subsidiaries of ADES Arabia Holding Ltd. (together, ADES) for the sale of the entities that own and operate seven jack-ups (the “Jack-up Sale”) in the Kingdom of Saudi Arabia. Seadrill announces today that the Jack-up Sale has been completed pursuant to the SPA.

As the Jack-up Sale has completed, the AOD I, AOD II, AOD III, West Callisto, West Ariel, West Cressida and West Leda are now owned by ADES, and ADES employs the crews operating the rigs and holds the drilling contracts related to the rigs. The total consideration for the Jack-up Sale is USD 628 million in cash, subject to adjustment for working capital and other items, and reimbursement to Seadrill for any project costs spent in relation to the reactivation of the three stacked jack-ups, namely the West Ariel, West Cressida and West Leda (“Reactivation Rigs”). The consideration translates into approximately USD 100 million per rig on a ready-to-drill basis. The proceeds from the Jack-up Sale enable Seadrill to significantly de-leverage its balance sheet and to eliminate outstanding capital expenditure for the Reactivation Rigs.

About Seadrill

Seadrill (NYSE & XOAS: SDRL) 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-deep-water environments.

About Ades

ADES Group is a leading oil & gas drilling and production services provider in the Middle East and Africa, offering offshore and onshore contract drilling, workover and offshore production services. Since its establishment in 2002, ADES has grown to become Egypt's largest offshore drilling operator by number of rigs, with a growing presence in the Kingdom of Saudi Arabia, Kuwait and Algeria and ongoing penetration into new MENA markets.