Seadrill Limited · NYSE:SDRL

Seadrill — Debt Investor Presentation (October 2020)

7 slides from Seadrill's debt investor presentation, Oct 13, 2020

  1. Slide 1: Project Paratus – Seadrill Response to NSN AHG Counter

    Project Paratus – Seadrill Response to NSN AHG Counter October 2020 Exhibit 99.1

  2. Slide 2: Seadrill Response to NSN AHG Counter

    Seadrill Response to NSN AHG Counter Subject Seadrill Revised Proposal (August 30, 2020) NSN AHG Counter (September 29, 2020) Seadrill Response (October 9, 2020) Transaction Structure NSNCo to be ringfenced from the current RigCo/IHCo structure with Seadrill retaining 100% of the equity and NSN hold

  3. Slide 3: Seadrill Response to NSN AHG Counter (cont.)

    Seadrill Response to NSN AHG Counter (cont.) Subject Seadrill Revised Proposal (August 30, 2020) NSN AHG Counter (September 29, 2020) Seadrill Response (October 9, 2020) NSNCo Governance [To be discussed] NSN holders to be given appointment rights in respect of 3 of the 4 directors at NSNCo (the “No

  4. Slide 4: Costs and Management Agreements

    Seadrill Response to NSN AHG Counter (cont.) Subject Seadrill Revised Proposal (August 30, 2020) NSN AHG Counter (September 29, 2020) Seadrill Response (October 9, 2020) Costs and Management Agreements Estimated [$20]mm of cash to remain at NSNCo post-transaction to fund NSNCo structure, possible ca

  5. Slide 5: Principal, Issuer, Maturity and Interest and Fees

    Seadrill Response to NSN AHG Counter (cont.) Subject Seadrill Revised Proposal (August 30, 2020) NSN AHG Counter (September 29, 2020) Seadrill Response (October 9, 2020) Principal [Current outstanding NSNCo debt remains, minus a $[TBD]mm cash paydown at par, resulting in a new [$TBD]mm balance(1)] [

  6. Slide 6: Mandatory Payment

    Seadrill Response to NSN AHG Counter (cont.) Subject Seadrill Revised Proposal (August 30, 2020) NSN AHG Counter (September 29, 2020) Seadrill Response (October 9, 2020) Mandatory Payment Any cash income, dividends, and collections generated from the collateral (examples include Seabras dividends, a

  7. Slide 7: Financial Covenants and Other Terms

    Seadrill Response to NSN AHG Counter (cont.) Subject Seadrill Revised Proposal (August 30, 2020) NSN AHG Counter (September 29, 2020) Seadrill Response (October 9, 2020) Financial Covenants N/A Minimum liquidity of [$5] million at all times No financial covenants Other Customary restrictive covenant

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