12:58AM Seadril's Board explores establishing new management service function and alternative location for more aggressive growth; replaces CEO Alf Thorkildsen with Fredrik Halvorsen as CEO
(SDRL) 40.15 : The Board announces plans to implement a new management structure to ensure continued efficient operations and support its global strategy. the co can further improve its efficiency by reducing the size of the Seadrill Management and by moving several of the functions to the operating regions. Also, the Board decided Seadrill Management's location in Stavanger may constrain Seadrill's aggressive growth plans. Furthermore, the Norwegian cost level and distance from Seadrill's core markets makes travel and logistics cumbersome when managing world-wide operations. As such, the Board 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. A final decision regarding the location of the new office can be expected before year end. The Board has after discussions with the CEO of Seadrill Management, Alf Thorkildsen, mutually agreed to terminate his contract. Thorkildsen will remain on the Board of North Atlantic Drilling; a majority owned subsidiary of co. Fredrik Halvorsen, currently the CEO of Archer (ARHVF), has been appointed by the Board to succeed Thorkildsen.