Shipowner John Fredriksen tells TradeWinds that he will continue to spend time on following up on the investment in the considerable drilling fleet of Seadrill.
The Oslo- and New York-listed company yesterday announced that Fredriksen is stepping down as chairman after having started the company 14 years ago.
Sources in the financial market in Norway say it is a very strong signal when Fredriksen decides he no longer wants to chair the rig giant.
He built up Seadrill through a series of purchases and thrived on the boom in the rig market until till the crash came with the oil crisis and the company had to be refinanced in 2018.
Fredriksen has on several occasions expressed frustrations over the challenges he faces in restoring Seadrill to profitability.
“It is a difference between working in a board and to work with business development and to assist in strategical processes from the ownership side,” Fredriksen says.
Seadrill operates a fleet of 55 drilling rigs and drilling ships, 35 of which are owned by Seadrill. Fredriksen holds in excess of 30% of the shares in the company.
Glen Rodland is now taking over as chairman after Fredriksen.
Fredriksen says he was very active in the selection of Rodland and the main person behind the choice.
