The Board of Seadrill announced the appointment of Stuart Jackson as CEO. Stuart Jackson, who is currently Chief Financial Officer, will succeed Anton Dibowitz as CEO with immediate effect. Following Stuart’s appointment, the role and responsibilities of Chief Financial Officer will be divided into two new roles: Grant Creed will become Chief Restructuring Officer and Neil Gilliver will become Chief Accounting Officer.
“On behalf of the board, I would like to recognize the significant contribution Mr Dibowitz has made to Seadrill during 12 years with the company, heading our commercial activities for many years and for the past three years as CEO,” Glen Ole Rodland, Chairman, said. “He has provided strong leadership in challenging market conditions; we thank him and wish him well in his future endeavors. Mr Dibowitz is standing down as CEO with immediate effect but will remain as an advisor to the company until the end of Q1 2021.”
“Mr Jackson has consistently been a strong advocate for addressing the broader industry issues summarized in having too many rigs and too much debt,” Mr Rodland added. “With a strong restructuring and transaction-based experience across the energy sector, the board view Mr Jackson as the ideal candidate for the next phase of Seadrill’s development.”
“Seadrill’s strategy is to restructure our balance sheet and radically change our operational model and cost level. The energy market is changing and so must Seadrill. The strengthening of the financial organization with the promotion of Mr Creed and Mr Gilliver should be viewed within this context, and we welcome them to their new roles,” he concluded.
“We are in a new market and we must adapt and adjust,” Mr Jackson said. “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 organizational 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. We are looking forward to tomorrow but recognize the challenge of today.”