Seadrill chairman steps down

Seadrill Limited’s chairman Glen Ole Rødland will be stepping down from the board with immediate effect, having been chairman since 2019.

Rødland had been appointed Seadrill chairman after billionaire investor John Fredriksen stepped down from the role in November 2019.

“The board would like to thank Rødland for his leadership and counsel during his tenure as Chairman of Seadrill, and the work he has led to progress our current restructuring”, Seadrill said on Monday.

Stuart Jackson, CEO said, “We continue to make good progress with our lenders through productive discussions and our board and management team remain focussed on delivering a significant balance sheet deleveraging to support our safe and efficient operations”.

Glen Ole Rødland said: “For me, now is the right time to hand over the reins, the restructuring has been complex and multi-faceted and I have every confidence the board will guide the deal over the line”.

Seadrill has also recently elected a new CFO and a new COO as well as a new director to its board as the company prepares to take the next steps in its financial restructuring.

The company is currently under Chapter 11 bankruptcy protection and has reportedly asked creditors to write off more than 85 per cent of its debts in exchange for a 99 per cent stake in the reorganized company.

In an annual report on 19 March, the company’s debt stood at $6.2 billion at the end of 2020, including $5.7 billion in secured credit facilities and $515 million in secured notes due 2025.