Oil rig company Seadrill's Chairman John Fredriksen to step down
OSLO - Seadrill Chairman John Fredriksen, the oil rig firm’s top shareholder, is stepping down with immediate effect and the company will write down asset values by more than $300 million.
The company, which is listed in Oslo and New York, emerged from U.S. Chapter 11 bankruptcy proceedings in July 2018, after converting unsecured bonds to equity and extending maturities on $5.7 billion bank loans. “While I have now decided to spend less time on board seats, my close involvement and strong support of Seadrill will remain unchanged,” Fredriksen said in a statement, adding he would continue to push for consolidation rig industry players.
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