Seadrill moves cost top job

Norwegian offshore drilling firm Seadrill has parted company with its chief executive after announcing plans to move its management team out of its home country.

The Stavanger-based company, the world’s largest driller by market value, said Alf Thorkildsen will be replaced by Fredrik Halvorsen, who currently heads up well services firm Archer.

Seadrill said high costs in Norway and the distance from its core markets had prompted it to look for a new base for its management. Locations under consideration include Dubai, Houston, London and Singapore.

Chairman John Fredriksen said: “The ultimate target is to secure access to the most skilled workforce, support our regional operations effectively, provide our customers with a first class service and ensure the company remains cost competitive.”