Norwegian Seadrill Ltd, the world’s biggest driller by market capitalization, has decided to explore establishing a new management service function in an alternative location.
Several locations including London, Dubai, Singapore and Houston are under consideration, the Norwegian drilling major said.
“Our decision to consider moving Seadrill’s central management function should be seen as a dynamic decision to adapt to a changing market,” Norwegian-born shipping magnate and Seadrill’s Chairman John “Big Wolf” Fredriksen said.
The company believes that Seadrill Management’s location in Stavanger may constrain Seadrill’s aggressive growth plans, and said that Norwegian costs and distance from Seadrill’s core markets makes travel and logistics cumbersome.
As an consequence of the decision CEO Alf Thorkildsen will resign and Fredrik Halvorsen will replace him. After having discussions, the board and Thorkildsen mutually agreed to terminate his contract.
Thorkildsen has been the CEO of Seadrill for the past four years, under his leadership Seadrill overtook Transocean as the world’s top rig company by market value.
