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Seadrill Chairman John Fredriksen steps down

Credit: REUTERS/INTS KALNINS

Seadrill Chairman John Fredriksen will step down from his post with immediate effect, the company said on Thursday, while reporting third-quarter earnings that exceeded its own previous outlook.

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OSLO, Nov 21 (Reuters) - Seadrill SDRL.OLSDRL.N Chairman John Fredriksen will step down from his post with immediate effect, the company said on Thursday, while reporting third-quarter earnings that exceeded its own previous outlook.

The 75-year-old billionaire investor, who is also Seadrill's top shareholder, said his support for the oil rig company remains unchanged. Fredriksen will be replaced by Glen Ole Roedland, who has worked in shipping, oil, gas and other industries, the company said.

Oslo- and New York-listed Seadrill 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 will continue to push for consolidation rig industry players.

The company reported $85 million in quarterly adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), beating its outlook of $70 million-75 million from August.

In the fourth quarter, adjusted EBITDA is expected to decline to $40 million, the company said.

(Reporting by Nerijus Adomaitis and Terje Solsvik; Editing by Christian Schmollinger and Sherry Jacob-Phillips)

((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))

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