Seadrill

Seadrill is a deepwater drilling contractor for the petroleum industry. It is incorporated in Bermuda and managed from London. The company operates semi-submersible platforms, jackup rigs and drillships.

Seadrill Limited
Public limited company
Traded asOSE: SDRL
ISINBMG7945E1057 
IndustryPetroleum industry
FoundedMay 10, 2005 (2005-05-10)
HeadquartersHamilton, Bermuda
Key people
 John Fredriksen, Chairman
Anton Dibowitz, CEO
Mark Morris, CFO
ServicesOffshore drilling
Revenue $1.253 billion (2018)
-$4.490 billion (2018)
Total assets $10.848 billion (2018)
Total equity $3.035 billion (2018)
Number of employees
4,780 (2016)
Websitewww.seadrill.com
Footnotes / references
[1]

History

Seadrill was incorporated as a Bermuda company on May 10, 2005 by John Fredriksen, a Norwegian-born shipping tycoon, and listed on the Oslo Stock Exchange in November 2005.

In July 2005, the company acquired jackup rigs from Odfjell Drilling.[2]

In September 2006, the company acquired a controlling share of Smedvig by outbidding Noble Corporation.[2]

In 2007, the company acquired Eastern Drilling.[3]

In May 2010, the company outbid Ensco (now Valaris plc) for Scorpion Offshore, valuing the company at $567 million.[4]

In 2014, Seadrill conducted an initial public offering of its North Atlantic Drilling subsidiary, which owns harsh environment rigs.[5] Seadrill continued to own 70% of North Atlantic Drilling.[6]

In April 2013, the company sold the majority of its tender rig and semi-tender operation to SapuraKencana.[7]

In May 2013, the company sold Tender rigs T-15, T16 and the West Vencedor to Seadrill Partners LLC.[8]

In June 2013, the company acquired a majority interest in Sevan Drilling.[9]

In November 2014, the company suspended dividend payments as a result of a downturn in the industry.[10]

In September 2017, the company filed bankruptcy.[11][12][13] The company emerged from bankruptcy in July 2018.[14] However, the company had its shares delisted from the New York Stock Exchange in June 2020.[15]

Controversies

Bribery allegations

In 2015, Petrobras alleged bribery in the negotiations of rig contracts signed by Sevan Drilling, a subsidiary of Seadrill, in 2005-2008.[16]

Environmental damage due to rig fire
Main article: Montara oil spill

In November 2009, Seadrill's West Atlas jackup rig, which was located on Montara field, about 690 kilometers offshore of Darwin, Australia, caught fire after the field had been leaking oil for ten weeks. The rig was operated by the Thai firm PTTEP. For 74 days, gas and oil ran into the Timor Sea, in what was one of the worst environmental disasters in Australian history.[17]

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References
  1. "Seadrill Limited 2018 Form 20F Annual Report".
  2. Helman, Christopher (April 19, 2006). "Viking Attacks". Forbes.
  3. "Seadrill Now Controls Nearly All Eastern Shares, Votes". RigZone. May 21, 2007.
  4. "Seadrill beats Ensco in Scorpion battle". Reuters. May 28, 2010.
  5. "North Atlantic Drilling Ltd. Announces Pricing of its Initial Public Offering of its Common Shares" (Press release). GlobeNewswire. January 28, 2014.
  6. "Norway's Seadrill says to remain top NADL owner". Reuters. May 26, 2014.
  7. "Seadrill completes the integration of the tender rig business into SapuraKencana". Maritime executive (Press release). April 30, 2013.
  8. "Seadrill Limited sells the tender rig T15 to Seadrill Partners LLC". The Maritime Executive. May 7, 2013.
  9. "SEVAN DRILLING ASA: ANNOUNCEMENT FROM THE INDEPENDENT DIRECTORS" (Press release). GlobeNewswire. June 27, 2013.
  10. Holter, Mikael (November 26, 2014). "Seadrill Plunges on Dividend Suspension as Rig Market Sours". Bloomberg News.
  11. "Seadrill Limited Restructuring Update" (Press release). GlobeNewswire. September 12, 2017.
  12. Church, Steven; Holter, Mikael; Rascouet, Angelina; Casiraghi, Luca (September 13, 2017). "Seadrill Files for Bankruptcy in Bid to Shrink Debt Burden". Bloomberg L.P.
  13. Pulsinelli, Olivia (September 13, 2017). "Offshore drilling co. files Ch. 11 in Houston to restructure about $10B in debt". American City Business Journals.
  14. Adomaitis, Nerijus (July 2, 2018). "Seadrill emerges from Chapter 11 bankruptcy". Reuters.
  15. "Seadrill to Delist from NYSE". Rigzone. June 2, 2020. Retrieved June 12, 2020.
  16. "SEVAN DRILLING LTD: PRESS RELEASE" (Press release). GlobeNewswire. October 16, 2015.
  17. SMITH, ROHAN (August 31, 2015). "Six years after the Montara oil spill, those who suffered most still seek compensation". News.com.au.
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