Seadrill’s operational headquarters to be moved away from Norway

Offshore drilling company Seadrill (OSE: SDRL, NYSE: SDRL), which has quickly grown into a major international player, is moving its management team away from Stavanger, Norway. While the rather deceiving press release released few days ago firstly claims the changes made are intended to ensure safe and efficient operations, once the increasingly confusing (and typically Fredriksen-esque) corporate structure is explained in detail, the main reasons for the move are given. Those are costs of travel and overall cost level in Norway, the difficulty to attract top personnel in Stavanger and global focus of the formally Bermuda-headquartered company.

The options for new operational headquarters include London, Dubai, Singapore and Houston. A recently separated and majority owned North Atlantic Drilling Limited will continue to manage North Atlantic operations from Stavanger. It is said to be seeking U.S.-listing later on and is currently quoted N-OTC list in Norway CEO of Seadrill Management, Alf C. Thorkildsen stepped down as a result of the decision. He is being replaced by young Archer Limited (OSE: ARCHER) CEO Fredrik Halvorsen.