 HAMILTON, Bermuda, March 9, 2021 PRNewswire -- Seadrill Limited Seadrill or the Company OSE:SDRL, OTCQX:SDRLF announces that Seadrill New Finance Limited the Issuer, a subsidiary of the Company, has agreed to extend the existing forbearance agreement announced on 11 February 2021, and extended on 23 February 2021, with respect to the 12.0 senior secured notes due 2025 the Notes with certain holders of the Notes the Note Holders. Pursuant to the forbearance agreement, as extended, the consenting Note Holders have agreed not to exercise any enforcement rights with respect to the Issuer and any subsidiary of the Issuer which is an obligor under the Notes to, or otherwise take actions in respect of, certain events of default that may arise under the Notes as a result of, amongst other things, the Issuer not making the semi-annual 4 cash interest payment due to the senior secured noteholders on 15 January 2021 in respect of their Notes and the filing of Chapter 11 cases in the Southern District of Texas by the Company and certain of its consolidated subsidiaries excluding the Issuer and its consolidated subsidiaries until and including the earlier of 24 March 2021 and any termination of the forbearance agreement. 