NODL: Seadrill Settlement

20 December, 2021 – Hamilton, Bermuda

Northern Drilling Ltd. (“NODL” or the “Company”) has signed a settlement agreement with Seadrill Ltd and its subsidiaries (“Seadrill”) relating to limited services for supervision, preservation and maintenance management services dating back to January 2018.

The settlement closes all outstanding balances and claims between the companies and is subject to approval by the United States Bankruptcy Court for the Southern District of Texas in Seadrill’s Chapter 11 bankruptcy case, In re Seadrill Limited, Case No. 20-30427. The Company anticipates that the effective date of this settlement will occur within four weeks.

Additional information about the Company can be found at: www.northerndrillingltd.com

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Forward Looking Statements Matters discussed in this release may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “plans”, “estimates” and similar expressions. The forward-looking statements contained in this release, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecasted developments. No obligations are assumed to update any forward-looking statements or to conform to these forward-looking statements to actual results.