Seadrill Limited says that Tor Olav Trøim has decided not to stand for re-election to the Board of Directors in order to focus his efforts on developing Golar LNG.
The Board would like to thank Mr Trøim for his many years of service and role in developing Seadrill into the world's leading offshore drilling contractor.
John Fredriksen, Chairman of the Board of Directors comments, "I consider my stake in Seadrill a long term investment and investors can rest assured that no divestment is considered for the foreseeable future. The Board has gone to great lengths to build a strong and independent management team and we are pleased with the results of our efforts. The team we have in place has a long history with the company and brings the energy and leadership required to drive results going forward. Although the market currently is challenging, the long term fundamentals of the offshore drilling business are well intact. I look forward to many years of growth and profitability with this world-class organization."