Aquadrill Provides Arbitration Update

London, United Kingdom, July 20, 2021 - Aquadrill LLC ("Aquadrill" or the “Company”) reports that the International Arbitration Tribunal in the matter of various Aquadrill subsidiaries (as Claimants) -v- BP Exploration and Production, Inc. (as Respondent) has decided that Aquadrill’s claims for breach of contract and related requests for relief and damages are denied in full.  According to the arbitration agreement between the parties, the arbitration was conducted in New York City in accordance with the Commercial Arbitration Rules of the American Arbitration Association and the result is binding upon the parties, subject to a limited right to appeal.

The Company is evaluating the tribunal’s ruling and considering its options, including its right to appeal.

FORWARD LOOKING STATEMENTS

This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's regulatory filings and periodical reporting. The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.