Seadrill will close its UK office in London, instead moving to ‘consolidate’ its corporate activity in Houston.
Seadrill (NYSE:SDRL) confirmed the decision on Thursday alongside news of the departure of Executive Vice President and Chief Operating & Technology Officer, Leif Nelson.
The move leaves Stavanger as the company’s only North Sea and European location.
The firm said the closure would see it “consolidate” its corporate office in Houston, Texas, while Mr Nelson “will not relocate to Houston and instead will be departing Seadrill.”
He has been with the drilling group since 2011, serving first as operations director and later as COO.
in connection with his departure, Seadrill management said it has promoted Marcel Wieggers to Senior Vice President for Operations. Mr. Wieggers has been with Seadrill since 2009, most recently serving as VP for Operations.
He will report directly to president and CEO Simon Johnson.
In its Q3 results the firm reported operating profit of $117m and launched another round of share repurchases worth $250m which was completed this month.
The company claims to have “the most modern fleet” of all the major offshore drillers, with 21 drillships, semi-submersibles and jack-up assets listed on its website.
The closure of its UK presence comes amid wider warnings of an exodus of rigs from the North Sea, with challenging market conditions seeing rig operators leaving for regions which offer better rates and longer-duration contracts such as Australia.
More follows.