Per Wullf News

Oslo-listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. Once the world's most valuable rig firm, Seadrill's business was hard hit when oil companies sharply cut investments and exploration in the wake of a 2014 crash in oil prices. Anton Dibowitz, current chief commercial officer, will take the top job from July 1, succeeding Per Wullf who will remain a board director, the company said. Dibowitz, a U.S. citizen, joined the company 10 years ago.

Shares have risen 8 days in a row; CEO says short-sellers are beginning to panic. Shares in Norwegian rig firm Seadrill shot up by a third on Monday and its chief executive said short-sellers were starting to panic at the prospect its refinancing plan would succeed. Per Wullf told Reuters the company was still working on the plan. "Nothing new has happened. We are in dialogue with our banks. We expect to have refinanced within the second quarter at some point," Wullf said. "It's a work in progress. We have 42 banks. Shares in Seadrill have nearly trebled since the company presented its fourth-quarter results on Feb. 25. On Monday they were up 33 percent at 38.83 crowns by 1133 GMT. Traders cited top shareholder John Fredriksen freeing up cash as a reason for the share price rise.

Rig company Seadrill, once the crown jewel in the business empire of shipping tycoon John Fredriksen, said the final quarter of 2015 was the year’s strongest in operational terms, but warned that 2016 would be tough and said it was working to strengthen its finances. Net income rose 82 percent to $285 million in the fourth quarter, beating the $238 million average estimate in a Bloomberg survey. “During the fourth quarter we experienced our best operational quarter of the year, while continuing to reduce our cost base,” Chief Executive Officer Per Wullf said in a statement. In addition to a falling market, Seadrill is struggling with a debt burden that by far exceeds that of its competitors. Total debt at the end of 2015 was $10.7 billion, according to the quarterly report.

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017. Rig rates have more than halved since the peak two to three years ago and in several cases are now below breakeven costs. "2015 is gone, 2016 is ugly but what we see is that some oil companies are asking for extensions in 2017," Chief Executive Per Wullf told the DNB investor conference in Oslo on Thursday. "The oil price is decisive," Wullf said.

David Sneddon is to succeed Robert Hingley-Wilson as Chief Accounting Officer and Senior Vice President of Seadrill Management Limited. Mr Sneddon joined Seadrill effective December 1, 2013 as Senior Vice President and Chief Accounting Officer. Prior to Seadrill he held several senior positions in Novelis Inc., most recently as VP Finance in Europe, and prior to that held various positions in Alcan. Per Wullf, CEO of Seadrill said, "Thanks to Robert for his contribution to Seadrill over the last two years.

Seadrill Limited has ordered tow high-specification jack up drilling rigs from Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore). The newbuild rigs are scheduled for delivery during the second and third quarters of 2016, and the total project price per rig is approximately US$230 million (including project management, capitalized interest, drilling and handling tools, spares and operation preparations), with tail-heavy payment terms. The two new units will be based on the F&G JU2000E design, with water depth capacity of 400ft and drilling depth of 30,000ft. Seadrill now has in total ten jack-ups under construction at DSIC Offshore of which two are scheduled for delivery in 2013, five in 2015 and three in 2016.

Seadrill secures commitment for newbuild ultra-deepwater unit 'West Tellus'. The company has signed a contract with Chevron China Energy Company for the newbuild ultra-deepwater drillship West Tellus in support of Chevron's affiliated global exploration program. The contract commences in China immediately upon shipyard delivery and thereafter relocates to Liberia. The agreement is for a period of 180 days with revenue potential of approximately US$150-million inclusive of bonus potential and mobilization. Additionally, Seadrill say they are currently engaged in advanced discussions with a major oil company for a multi-year contract commencing in direct continuation of the Chevron contract.

Per Wullf will succeed Fredrik Halvorsen (leaving to join technology venture Ubon Partners) as Chief Executive Officer of Seadrill Management Limited. Wullf has worked for Seadrill since February 2009 as Executive Vice President and Chief Operating Officer. Prior to Seadrill, he held several senior positions in Maersk, most recently as Managing Director of Maersk Contractors in Norway. He has 33 years of experience in the drilling industry, including 17 years in international and offshore operations. John Fredriksen, Chairman of the Board of Directors said, "The Board would like to express its thanks to Fredrik Halvorsen for his contribution to the Fredriksen group of companies since he joined us in 2010.