Seadrill Ponders Restructuring Plan
Bermuda based Seadrill is currently evaluating the structure of the Company’s harsh environment activities which include the six drilling rigs contracted in the North Sea area.
In order to maximise the value of Seadrill’s harsh environment operations, and to create a basis for further strengthening of this segment, the company today [Feb. 14] said it is evaluating the existing ownership structure of these activities.
One alternative that is under consideration is to organise this segment into a new public company where Seadrill will remain the majority shareholder. This will prepare the ground for further growth and consolidation in this market. It will further increase Seadrill’s ability to benefit from its unique experience and to further improve service to oil companies with safe and superior operations in these challenging environments.
Alf C Thorkildsen, CEO in Seadrill Management AS, says,”Seadrill has a leading market position in the harsh environment offshore drilling market. Our harsh environment fleet currently consists of six units; two deepwater units, two mid- water units and two ultra-large jack-up rigs. In response to higher oil prices and increased demand for oil, new frontier areas are opening up for offshore drilling. Seadrill expects these developments to offer attractive opportunities for expansion and further organic growth. We expect to make a decision with respect to a reorganization of our harsh environment activities shortly.”
SeaDrill Limited is a Bermuda-based company active within the oil and gas industry. Its activities are of an offshore drilling contractor. The company operates a fleet of 36 offshore drilling units, including eight units under construction, which consist of 10 jack-up rigs, 10 semi-submersible rigs, four drillships and 12 tender rigs. .
The company operates through subsidiaries in Bermuda, Norway, Cayman Islands, British Virgin Islands, Cyprus, Nigeria, Liberia, Hungary, Singapore, Brazil, Hong Kong, Panama, the United Kingdom, Denmark, Malaysia, Brunei and the United States.
Norwegian-born shipping tycoon John Fredricksen — who also heads up Bermuda-domiciled Front Line, which boasts one of the world’s largest fleet of crude oil tankers – is Seadrill’s president and chairman of its board.
