Aquadrill Announces Charter Hire Agreement for the Auriga

London, United Kingdom, September 21, 2021 - Aquadrill LLC ("Aquadrill” or the “Company") has entered into a charter hire agreement with a subsidiary of Diamond Offshore Drilling, Inc. (the “Manager”) to provide the Auriga for a one year drilling contract plus a one year mutually agreed option for operations in the US Gulf of Mexico. The charter hire agreement will be extended if the parties mutually agree to exercise the optional term.

The terms of the charter hire agreement are consistent with the current management services agreements in place between the Company and the Manager. Further, the resulting financial benefits are as if the Company had entered into the drilling contract directly.

Under the drilling contract associated with the charter hire agreement, the Auriga will be upgraded with managed pressure drilling capabilities.

The total contract value for the firm portion of the drilling contract is expected to be $94 million and commencement is expected in February 2022 following reactivation, upgrade, contract preparation and system integration testing.

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.