Seadrill elects new CEO as Dibowitz exits

Offshore drilling contractor Seadrill Limited has appointed Stuart Jackson as its new Chief Executive Officer (CEO).

West Linus rig; Source: Seadrill

Seadrill said on Thursday that Stuart Jackson, currently Chief Financial Officer, will succeed Anton Dibowitz as Chief Executive Officer with immediate effect.

Dibowitz is standing down as Chief Executive Officer with immediate effect but will remain as an advisor to the company until the end of 1Q 2021.

Following Jackson’s appointment, the role and responsibilities of the Chief Financial Officer will be divided into two new roles.

Namely, Grant Creed will become Chief Restructuring Officer and Neil Gilliver will become Chief Accounting Officer.

Glen Ole Rodland, Seadrill Chairman, commented: “On behalf of the Board, I would like to recognize the significant contribution Anton has made to Seadrill during 12 years with the company, heading our commercial activities for many years and for the past three years as Chief Executive Officer”.

He added: “Stuart has consistently been a strong advocate for addressing the broader industry issues summarized in having too many rigs and too much debt. With a strong restructuring and transaction-based experience across the energy sector, the Board view Stuart as the ideal candidate for the next phase of Seadrill’s development.”

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Rodland continued: “Seadrill’s strategy is to restructure our balance sheet and radically change our operational model and cost level. The energy market is changing and so must Seadrill. The strengthening of the financial organization with the promotion of Grant and Neil should be viewed within this context, and we welcome them to their new roles.”

Stuart Jackson, Chief Executive Officer, commented: “We are in a new market and we must adapt and adjust. This means eliminating the carrying costs of assets which will never return to the market, addressing the cost base of productive assets and all delivered within a simplified organizational structure.

“Achieving this alongside establishing a long term, sustainable capital structure will see Seadrill well placed to participate in the industry consolidation that is well overdue. We are looking forward to tomorrow but recognize the challenge of today”.

In related news, Seadrill’s subsidiary in Brazil, Seadrill Serviços de Petroleo, has recently been served with a search and seizure warrant from the Federal Police in Rio de Janeiro, Brazil as part of the latest phase of Operation Car Wash (Lava Jato).