Seadrill has posted better than expected first-quarter profits as cost cuts help during the oil price decline.
The offshore driller, which is controlled by billionaire John Fredriksen, posted a net income of $427 million.
Chief executive Per Wullf said: “Seadrill continues to be focused on operational excellence and financial flexibility in order to manage through this downturn and thrive when the market recovers.
Seadrill has taken ownership of an ultra deepwater drillship in a $456million deal with Ship Finance.
The West Polaris was acquired by Ship Finance in 2008 and chartered to Seadrill with purchase options commencing in 2012.
A director with rig company Seadrill has stepped down from his position on the board.
Carl Erik Steen resigned from the board with immediate effect, and a successor has been chosen to take his place.