NORWEGIAN TYCOON JOHN FREDERIKSEN STANDS DOWN AS SEADRILL CHAIRMAN
The Seadrill board of directors advised that John Fredriksen is to stand down as chairman of the drilling company with immediate effect.
Glen Ole Rødland is now chairman of Seadrill Limited. Mr Rødland also has considerable experience as a board member and chairman of several Norwegian public companies and other international companies. He is currently chairman of Prosafe and AqualisBraemar. He has 25 years’ experience in shipping, oil and gas and other industries. He has extensive experience as an analyst and in corporate finance from Investment banking, Private Office and Private Equity. Mr. Rødland’s qualifications include an MBA and Postgraduate Studies in Finance completed at the Norwegian School of Economics and Business Administration (NHH) and UCLA.
“While I have now decided to spend less time on board seats, my close involvement and strong support of Seadrill will remain unchanged.”
The Norwegian-born shipping tycoon Fredriksen who turned 75 in May said “he would continue to push for business optimization, strategic initiatives such as the recent joint ventures with Sonangol and GDI, and consolidation in the sector.”
Seadrill has one the most modern fleets of all the major offshore drillers. Its versatile fleet includes drillships, jackups, semi-submersibles and one tender rig, fit for shallow to ultra-deepwater areas, in both harsh and benign environments. Strong of 35 drilling rigs Seadrill manages 18 rigs on behalf of Seadrill Partners, Seamex and Northern Drilling.
Seadrill was incorporated as a Bermuda company on May 10, 2005 by John Fredriksen and listed on the Oslo Stock Exchange in November 2005.
• In July 2005, the company acquired jackup rigs from Odfjell Drilling.
• In September 2006, the company acquired a controlling share of Smedvig by outbidding Noble Corporation.
• In 2007, the company acquired Eastern Drilling.
• In May 2010, the company outbid Ensco (now Valaris plc) for Scorpion Offshore, valuing the company at $567 million.
• In 2014, Seadrill conducted an initial public offering of its North Atlantic Drilling subsidiary, which owns harsh environment rigs. Seadrill continued to own 70% of North Atlantic Drilling.
• In April 2013, the company sold the majority of its tender rig and semi-tender operation to SapuraKencana.
• In May 2013, the company sold Tender rigs T-15, T16 and the West Vencedor to Seadrill Partners LLC.
• In June 2013, the company acquired a majority interest in Sevan Drilling.
In September 2017, Seadrill filed bankruptcy and emerged in July 2018.
- NORWEGIAN TYCOON JOHN FREDERIKSEN STANDS DOWN AS SEADRILL CHAIRMAN 22nd November 2019
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