Director leaves Seadrill to focus on Golar LNG

Seadrill Limited, a Norwegian offshore drilling contractor, has announced today that Tor Olav Trøim has decided not to stand for re-election to the Board of Directors in order to focus his efforts on developing Golar LNG.

Director leaves Seadrill to focus on Golar LNG
A Seadrill drillship

The Board thanked Trøim “for his many years of service and role in developing Seadrill into the world’s leading offshore drilling contractor.”

Tor Olav Trøim has served as Vice-President and a director of the Company since its inception in May 2005. Mr Trøim graduated as M.Sc. Naval Architect from the University of Trondheim, Norway in 1985.

His careers include Equity Portfolio Manager with Storebrand ASA (1987-1990) and Chief Executive Officer for the Norwegian Oil Company DNO AS (1992-1995). Mr Trøim has also been a director of Archer Limited since its incorporation in 2007. Mr Trøim is also a director of Golar, Golar LNG Partners LP (listed on the Nasdaq Global Market), Golden Ocean (also listed on the Singapore Stock Exchange), Aktiv Kapital ASA and Marine Harvest ASA. He served as a director of Frontline from November 1997 until February 2008 and has served as a director of Frontline 2012 Ltd since December 2011.

John Fredriksen, Chairman of the Board of Directors comments, “I consider my stake in Seadrill a long term investment and investors can rest assured that no divestment is considered for the foreseeable future.

“The Board has gone to great lengths to build a strong and independent management team and we are pleased with the results of our efforts. The team we have in place has a long history with the company and brings the energy and leadership required to drive results going forward.
“Although the market currently is challenging, the long term fundamentals of the offshore drilling business are well intact. I look forward to many years of growth and profitability with this world-class organization.”
 September 19, 2014
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