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Oil & Gas

Seadrill replaces CEO, looks to relocate management

October 03, 2012
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OSLO, Norway -- Seadrill Ltd, the world''s biggest driller by market capitalization, said it plans to replace CEO Alf Thorkildsen with the head of its Archer Ltd affiliate, and is looking to relocate management outside Norway.

Seadrill said managing the company from the Norwegian city of Stavanger may constrain its aggressive growth plans, and said that Norwegian costs and the distance from Seadrill''s core markets make travel and logistics cumbersome.

Several locations including London, Dubai, Singapore and Houston are under consideration.

Incoming CEO Fredrik Halvorsen, who has been interim CEO at drilling and well service firm Archer since January 2012, has worked closely with Seadrill''s board and senior management, the statement said. He has also been CEO of Tandberg ASA, and has held senior positions at Cisco Systems Inc as well as McKinsey & Co.

Seadrill''s modern fleet is in high demand after the BP oil spill, and the overall market is booming as oil firms, encouraged by rising oil prices, have increased exploration and have been forced to compete for available drilling capacity.

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