Seadrill Ltd (SDRL) Soars on Back of CEO Resignation

The Board of Directors of Seadrill Ltd (NYSE:SDRL) announced that Per Wullf has resigned as Chief Executive Officer. The Board has named Anton Dibowitz, previously Seadrill’s Chief Commercial Officer and Executive Vice President, as the company’s new CEO. Per Wullf will continue as CEO until the end of June, and will continue as a Director of the company.

Seadrill shares are rising nearly 13% to $0.665 in pre-market trading Wednesday.

John Fredriksen, Chairman of the Board, said: “Anton has a strong industry track record and has taken roles of increasing responsibility during his 10 years at Seadrill, including the day to day business administration at Seadrill since 2016. We are confident that this succession plan provides Seadrill with the right combination of continuity and stability as the company works to complete its financial restructuring aimed at building a bridge to a recovery and achieving a sustainable capital structure.

With Per remaining as a Director, Seadrill will continue to benefit from his in-depth industry experience, fleet knowledge and strong relationships. I would personally like to thank Per for his outstanding contribution as CEO of Seadrill and look forward to continuing to work with him for the years to come.”

Anton Dibowitz, CEO designate, said: “I am deeply honoured that the Board has appointed me to succeed Per as Chief Executive Officer of Seadrill. We have a world class business with high quality people, a young and modern fleet and strong client relationships. There are short term challenges to overcome in Seadrill and the industry but I look forward to playing my part in returning Seadrill to growth, together with the great team we have working here.”

Per Wullf, CEO and President of Seadrill said: “I am immensely proud of my time at Seadrill, first as Chief Operating Officer and for the past four years as Chief Executive Officer. After 37 years in this fascinating industry, I want to reduce my day to day work commitments and spend more time at home in Denmark. As Seadrill is approaching key milestones for the company’s restructuring, the time is right to inform all stakeholders that I will not lead Seadrill in the company’s next era and hand over to Anton, who will make an excellent CEO. I would like to thank everyone at Seadrill for their support, passion and tenacity over the years and I look forward to our continued journey together.”

Seadrill is an offshore drilling contractor providing offshore drilling services to the oil and gas industry. Its primary business is the ownership and operation of drillships, semi-submersible rigs, jack-up rigs, tender rigs for operations in shallow, mid, deep, and ultra deep-water areas, and in benign and harsh environments. It operates through the following segments: Floaters, Jack-up Rigs, and Tender Rigs.



Stay Ahead of Everyone Else

Get The Latest Stock News Alerts