Seadrill announces new CEO amid talks with creditors

Debt-ridden rig company Seadrill promotes its CFO to CEO. The change happens in the middle of a large-scale restructuring of the group.

Antoin Dibowitz steps down as CEO of Seadrill but will remain with the company in an advisory role for a period. Photo: PR / Seadrill

Seadrill makes changes to its executive management amid negotiations about the future of the debt-ridden rig company.

Anton Dibowitz steps down as CEO of the company after holding the position for three years and is replaced by current CFO Stuart Jackson.

The change will have immediate effect and is done to get a fresh set of eyes on the restructuring the company is currently trying to land.

"Stuart has consistently been a strong advocate for addressing the broader industry issues summarized in having too many rigs and too much debt," says chairman Glen Ole Rødland in a press release, in which he calls Jackson the ideal candidate.

Instead of appointing a new chief financial officer, the function is split into two. Grant Creed will become the company's new Chief Restructuring Officer, while Neil Gilliver becomes Chief Accounting Officer. Dibowitz furthermore continues in an advisory role until the first quarter of 2021.

Seadrill has been negotiating with its creditors for several months and announced yesterday that it secured an extension on its forbearance until the end of October.

The oil price plunge in the spring, along with the coronavirus, forced Seadrill to once more negotiate with its creditors.

In 2017, the company also went through a major restructuring through the Chapter 11 process in the US, which could become necessary again.

English Edit: Ida Jacobsen

(This article was provided by our sister media, ShippingWatch)

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