Interserve PLC (CE) News - ISVJF

Chief financial officer (CFO) of offshore driller Seadrill Limited and chief executive officer (CEO) of Seadrill Partners has decided to step down from his positions.

Seadrill said that Mark Morris would step down from his roles in the end of June 2019 to enable the companies to find a suitable replacements.

The company added that he would resign from the CFO role following the completion of Seadrill’s financial restructuring.

Anton Dibowitz, CEO of Seadrill, said: “Mark has been a valuable partner to both the company and me and I would like to thank him for his contribution to Seadrill, in particular, his financial leadership through the restructuring process. We wish him every success in his future pursuits.”

Mark Morris became the Seadril CFO on September 1, 2015, after working for 28 years for Rolls-Royce. He succeeded former Seadrill CFO Rune Magnus Lundetrae. During the same month, he was appointed the CEO of Seadrill’s subsidiary – Seadrill Partners.

Regarding his decision, Morris said: “It has been a privilege to have led the restructuring of Seadrill through what was a very complicated set of negotiations and transactions. I have enjoyed my time here as CFO, and now is the right time to seek new and different challenges. I wish the company every success in the future.”

According to Seadrill, a formal search process for a new chief financial officer is already underway. Seadrill Partners said in a separate announcement that an internal and external search for a new CEO was also underway.

Harald Thorstein, chairman of Seadrill Partners, added: “Mark has been a valuable partner to both the company and the board and I would like to thank him for his leadership and insight through what has been a challenging period in the off-shore oil and gas sector.”

From a financial standpoint, it is worth reminding that the company was able to emerge from bankruptcy in mid-2018 after completing its reorganization under its Chapter 11 plan of reorganization.

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