Photo: West Vela drillship; Source: Seadrill

Seadrill positions for future with key executive changes

Offshore drilling contractor Seadrill Limited has elected a new CFO and a new COO as well as a new director to its board as the company prepares to take the next steps in its financial restructuring.

Seadrill on Thursday announced the appointment of Grant Creed as Chief Financial Officer and Leif Nelson as Chief Operating Officer, both effective immediately.

Creed is an experienced senior finance executive who joined Seadrill in 2013 and, prior to his appointment as Chief Financial Officer, was Chief Restructuring Officer leading Seadrill’s capital restructuring. During his time at Seadrill, Grant has held various positions including VP Mergers & Acquisitions and VP Corporate and Commercial Finance.

Prior to joining Seadrill, Creed held M&A Transaction Services and Audit positions at Deloitte and is a chartered accountant.

Reid Warriner, Chief Operating Officer, has taken the decision to step down and will support the company in delivering a smooth handover of activities in the coming months.

Leif Nelson, Seadrill’s current Chief Technology Officer will now also serve as the Chief Operating Officer. Having previously been Chief Operating Officer of Seadrill for a number of years, Nelson will ensure a smooth continuation of safe and efficient operations.

Stuart Jackson, CEO of Seadrill, said: “Grant has a breadth of experience and extensive expertise in capital market transactions, mergers and acquisitions and driving efficiencies that will be key for the future of Seadrill. His appointment positions the company strategically for the future as we prepare to take the next steps in our financial restructuring, which will see Seadrill solidify its position as a leading provider of offshore drilling services.

“I would like to thank Reid for his service and wish him every success for the future as I welcome Leif back into the role of Chief Operating Officer. The breadth and depth of Leif’s experience in our industry, coupled with a proven track record of delivering safe and efficient operations for our customers will be key to our future success”.

Seadrill has also appointed Svein Harald Øygard as a new board director. Øygard brings significant financial and sector expertise to the company, with decades of international experience in the government, financial and energy sectors.

He worked within the Norwegian Ministry of Finance and various other governmental agencies, including as State Secretary of Finance, where he led the work on the Norwegian Tax Reform 1992, the Norwegian Government’s Long-Term Program and the report on the economic effects of a possible EU membership.

In 1995, he joined global consultancy McKinsey in Norway, a business he ran from 2005 to 2007. In 2009, he was Interim Governor of the Central Bank of Iceland, before returning to McKinsey.

He served as Global Knowledge Leader Oil & Gas from 2010 to 2014 and led the firm’s oil and gas work in South America from 2013 to 2016.

Seadrill is currently under Chapter 11 bankruptcy protection. At the point of filing, Seadrill had approximately $650 million in cash and did not require debtor-in-possession financing.

Seadrill Partners, a limited liability company formed by Seadrill Limited to own, operate and acquire offshore drilling rigs, this week emerged from bankruptcy after successfully completing its reorganization under its Chapter 11 plan.