Seadrill Limited (OSE: SDRL, OTCPK: SDRLF) has announced that its chairman, Glen Ole Rødland, has notified the company that he will be stepping down from the board with immediate effect.
Rødland, who served as the company’s chairman since November 2019, has considerable experience as a board member and chairman of several Norwegian public companies and other international companies, Seadrill’s website highlights. The outgoing Seadrill chairman has 25 years of experience in shipping, oil and gas, and other industries.
In a statement posted on Seadrill’s website, the company said the board would like to thank Rødland for his leadership and counsel during his tenure as chairman and the work he has led to progress the company’s current restructuring.
“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” Rødland said in a company statement.
Stuart Jackson, the company’s chief executive officer, said, “we continue to make good progress with our lenders through productive discussions and our board and management team remain focused on delivering a significant balance sheet deleveraging to support our safe and efficient operations”.
Last week, Seadrill Limited announced the appointment of Grant Creed as Chief Financial Officer and Leif Nelson as Chief Operating Officer, both effective immediately. Creed joined Seadrill in 2013 and previously held the role of Chief Restructuring Officer leading Seadrill’s capital restructuring. Nelson was previously serving as Seadrill’s Chief Technology Officer.
Seadrill Limited commenced Chapter 11 cases, which is the section of the U.S. Bankruptcy Code that covers court supervised restructurings of businesses, on February 10 this year. The company, which describes itself as a leading offshore drilling contractor, operates 43 rigs, including drillships, jack-ups, and semi-submersibles.
To contact the author, email andreas.exarheas@rigzone.com
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