Seadrill fills board of directors seat

Offshore drilling contractor Seadrill Limited has named a new member of the company’s board of directors.

Seadrill said on Tuesday that Bjarte Bøe joined the board from 21 April 2020, replacing Birgitte Ringstad Vartdal who would step down following her recent appointment as executive vice president of European wind and solar at Statkraft.

Bøe brings extensive experience serving on boards and audit committees of public companies and has over thirty years of experience in the finance industry.

He currently serves as a director of the NYSE-listed Hermitage Offshore and is a member of its Audit Committee. Bøe also sits on the board of Norwegian venture capital company Agera and is a member of the Nomination Committee of BW Offshore.

He is the chairman of the investment committee at SEB Venture Capital, a subsidiary of Nordic financial services group Skandinaviska Enskilda Banken, where from 1995 to 2019, he held a range of senior management positions.

Glen Ole Rødland, chairman of Seadrill, said: “I would like to sincerely thank Birgitte for the valuable insight, experience and contribution she has brought to the board and audit committee of Seadrill since taking up these roles in 2018 following our restructuring. I wish her every success with her new appointment at Statkraft.

“We warmly welcome Bjarte to the Seadrill board. His significant career in the financial sector, together with his public company directorship and board committee experience, complement a board and management focused on further developing Seadrill’s position as the leading offshore driller”.

Seadrill was recently given a continued listing standard notice from the New York Stock Exchange (NYSE).

Namely, the company was not in compliance with the NYSE continued listing standard with respect to the minimum average share price required by the NYSE because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days.

The company has responded to the NYSE to confirm its intent to cure this non-compliance.