Seadrill Chairman Steps Down


Offshore drilling company Seadrill Limited said Monday that Glen Ole Rødland had informed it he would be stepping down from the Board "with immediate effect."

Glen Ole Rødland has been Chairman at Seadrill since November 2019. 

"The Board would like to thank Glen 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.

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.”

"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," said Glen Ole Rødland.

Seadrill last Thursday said that its subsidiary Seadrill New Finance Limited (the "Issuer") had agreed to further extend the existing forbearance agreement announced on April 19, 2021, and extended on May 17, 2021, with respect to the 12.0% senior secured notes due 2025  with certain holders of the Notes.

Under the forbearance agreement, as extended, the consenting Note Holders have agreed not to exercise any enforcement rights or any actions against Seadrill's subsidiary which is an obligor under the Notes to, due to, among other things, Seadrill not making the semi-annual 4% cash interest payment due to the senior secured noteholders on January 15, 2021, and the filing of Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas by the company and certain of its consolidated subsidiaries until and including the earlier of June 4, 2021, and any termination of the forbearance agreement. 

"The purpose of the forbearance agreement is to allow the Issuer and its stakeholders more time to negotiate on the heads of terms of a comprehensive restructuring of its balance sheet. Such a restructuring may involve the use of a court-supervised process," Seadrill said at the time.

Seadrill last week also named new Chief Financial Officer and Chief Operating Officer. Read more here.

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