John Fredriksen-backed Seadrill has a new chief executive officer as it works to complete a $7.4bn debt restructuring.
Chief financial officer Stuart Jackson will step up to the top job after Anton Dibowitz stood down with immediate effect on Thursday.
His focus will be on redrawing the balance sheet, seeking sector consolidation and scrapping idled assets that will never return to a depressed oil and gas market.
Jackson's previous role will be split into two new jobs. Grant Creed will become chief restructuring officer and Neil Gilliver will be chief accounting officer of the London and Houston-headquartered owner of drillships and rigs.
Chairman Glen Ole Rodland said: "On behalf of the board, I would like to recognise 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 has provided strong leadership in challenging market conditions; we thank him and wish him well in his future endeavours."
Available for advice
Dibowitz will remain as an advisor to the company until the end of the first quarter next year.
Jackson joined Seadrill in 2019, having previously held CEO roles in his career. He was CFO at UK shipowner Bibby Offshore between 2014 and 2018.
"Stuart has consistently been a strong advocate for addressing the broader industry issues summarised in having too many rigs and too much debt," Rodland added.
"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."
Costs to be cut
The idea is for Seadrill to "radically change" the operational model and cost level.
"The energy market is changing and so must Seadrill. The strengthening of the financial organisation with the promotion of Grant and Neil should be viewed within this context, and we welcome them to their new roles," Rodland said.
On Wednesday, Seadrill said it had extended forbearance agreements with certain creditors over debt repayments to 31 October as it pursues a long-term refinancing.
This may involve Chapter 11 restructuring in the US and a big debt to equity swap which could leave current shareholders with nothing.
The company emerged from a previous Chapter 11 process in 2018.
Time to change
Jackson said: "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 organisational 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."
Creed has served with Seadrill for over seven years and most recently has been a significant contributor to the capital restructuring project team, the company said.
Gilliver has been group financial controller at Seadrill since 2018.
