Seadrill Chairman Steps Down, Company In Talks Over Debt

Seadrill Chairman John Fredriksen, the oil rig firm’s top shareholder, is stepping down with immediate effect, the company said on Thursday, as it holds discussions with lenders about restructuring its massive debts, Reuters reported. The 75-year-old billionaire investor, who said his support for the company remained unchanged, will be replaced by Glen Ole Roedland, who has worked in shipping, oil, gas and other industries, Seadrill said. The company, which is listed in Oslo and New York, only emerged from U.S. Chapter 11 bankruptcy proceedings in July 2018, after converting unsecured bonds to equity and extending maturities on $5.7 billion (£4.4 billion) of bank loans. Read more