John Fredriksen is to stand down as chairman of drilling rig company Seadrill with immediate effect, the company confirmed Thursday.
Shipping and oil and gas industry veteran Glen Ole Rodland has been named as his replacement at the Oslo and US-listed driller.
“I have been actively involved with Seadrill during the 14 years since its inception,” said John Fredriksen.
“While I have now decided to spend less time on board seats, my close involvement and strong support of Seadrill will remain unchanged.”
Fredriksen said he would “continue to push” for business optimization, strategic initiatives such as the recent joint ventures with Sonangol and GDI, and consolidation in the sector.
Seadrill said Rodland has “extensive experience” working in shipping, oil and gas and other industries for "more than 25 years".
While I have now decided to spend less time on board seats, my close involvement and strong support of Seadrill will remain unchanged
John Fredriksen
He is currently chairman of Prosafe and AqualisBraemar and is a former partner of the Norwegian investment companies Ferncliff and HitecVision.
Seadrill chief executive Anton Dibowitz described Fredriksen handing over the chairmanship to Rodland as “very much business as usual”.
“Hemen remains our anchor shareholder. I will continue to have a close dialogue with John and benefit from his input and perspectives," he said.
Fredriksen, who turned 75 in May, told TradeWinds in August that he hoped to hand his network of tanker, bulker and rig companies to a new generation of executives to run.
The Norwegian billionaire said he aimed to open the management and ownership of his empire to new people and investors in a bid to get back to his shipping roots in later life.
“Steering the management and ownership of his portfolio of large companies has required constant and demanding work,” he told TradeWinds.
“It would be nice eventually to transfer more responsibility and more of the ownership to others. I am looking for people who can take over.
“This has to be people who are more clever than me, think long term and who can take this further.”
Seadrill also confirmed that Harald Thorstein will step down as non-executive director of Seadrill also effective immediately.
Late last month TradeWinds reported that Thorstein, a key player in the John Fredriksen group of companies, was leaving after nine years.
He will continue in private management company Seatankers Management until May of next year.
Thorstein, 40, came to the group in 2009 from DNB Markets as the financial crisis was still hitting shipping markets.
News of the board shake-up came as Seadrill reported a third quarter loss of $521m as it took a $302m non-cash impairment in investments relating to Seadrill Partners.
