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SeaDrill Ltd Announces Organizational Changes in Seadrill Management AS

Tuesday, 2 Oct 2012 06:45pm EDT 

SeaDrill Ltd (SeaDrill) announced that it has made plans to implement a new management structure to ensure continued operations and support its global strategy. Since acquiring Smedvig ASA in 2006, SeaDrill has operated its management service company, Seadrill Management AS out of Stavanger, Norway. In June 2012, North Atlantic Drilling Limited was separated from Seadrill Management AS to create an operational center for the North Atlantic, managed out of Stavanger. As a consequence, the Board has reviewed the future management structure. Two areas for consideration have emerged: Firstly, the company can further improve its efficiency by reducing the size of Seadrill Management AS and by moving several of the functions to the operating regions. Secondly, Seadrill Management AS's location in Stavanger may constrain SeaDrill's growth plans. Furthermore, the Norwegian cost level and distance from SeaDrill's core markets makes travel and logistics cumbersome when managing world-wide operations. The Board has decided to explore establishing a new management service function in an alternative location. Several locations are under consideration. A final decision can be expected before year end. The Board has, after discussions with the Chief Executive Officer (CEO) of Seadrill Management AS, Mr. Alf C. Thorkildsen, mutually agreed to terminate his contract. Mr. Fredrik Halvorsen, currently CEO of Archer Limited, will succeed Mr. Thorkildsen. 

Company Quote

-0.355 -1.26%
11:19am EDT