Seadrill is a deepwater drilling contractor for the

petroleum industry The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of hydrocarbon exploration, exploration, extraction of petroleum, extraction, oil refinery, refining, Petroleum transport, transportation (of ...

. It is incorporated in

Bermuda ) , anthem = " God Save the King" , song_type = National song , song = "Hail to Bermuda" , image_map = , map_caption = , image_map2 = , mapsize2 = , map_caption2 = , subdivision_type = Sovereign state , subdivision_name = , ...

for tax purposes and managed from

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and

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The company operates semi-submersible platforms,

jackup rig A jackup rig or a self-elevating unit is a type of mobile platform that consists of a buoyant hull fitted with a number of movable legs, capable of raising its hull over the surface of the sea. The buoyant hull enables transportation of the unit ...

s and

drillship A drillship is a merchant vessel designed for use in exploratory offshore drilling of new oil and gas wells or for scientific drilling purposes. In recent years the vessels have been used in deepwater and ultra-deepwater applications, equipped ...

History

Seadrill was incorporated as a Bermuda company on May 10, 2005 by John Fredriksen, a Norwegian-born shipping tycoon, and listed on the Oslo Stock Exchange in November 2005. In July 2005, the company acquired jack up rigs from Odfjell Drilling. In September 2006, the company acquired a controlling share of Smedvig by outbidding Noble Corporation. In 2007, the company acquired Eastern Drilling. In May 2010, the company outbid Ensco (now Valaris plc) for Scorpion Offshore, valuing the company at $567 million. In 2014, Seadrill conducted an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

of its North Atlantic Drilling subsidiary, which owns harsh environment rigs. Seadrill continued to own 70% of North Atlantic Drilling. In April 2013, the company sold the majority of its tender rig and semi-tender operation to SapuraKencana. In May 2013, the company sold Tender rigs ''T-15'', ''T16'' and the ''West Vencedor'' to Seadrill Partners LLC. In June 2013, the company acquired a majority interest in Sevan Drilling. In November 2014, the company suspended dividend payments as a result of a downturn in the industry. In December 2017, the company filed bankruptcy. The company emerged from bankruptcy in July 2018. However, the company had its shares delisted from the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

in June 2020. On October 1, 2020, Seadrill announced the appointment of new CEO Stuart Jackson, replacing Anton Dibowitz with immediate effect. In November 2020, Seadrill has collaborated with Forbearance. In December 2022, it was announced Seadrill had acquired the London-headquartered owner of offshore drilling units, Aquadrill LLC, in an all-stock deal worth $958 million USD.

Controversies

Bribery allegations

In 2015, Petrobras alleged bribery in the negotiations of rig contracts signed by Sevan Drilling, a subsidiary of Seadrill, in 2005-2008.

Environmental damage due to rig fire

In November 2009, Seadrill's West Atlas

, which was located on Montara field, about 690 kilometers offshore of

Darwin Darwin may refer to: Common meanings * Charles Darwin (1809–1882), English naturalist and writer, best known as the originator of the theory of biological evolution by natural selection * Darwin, Northern Territory, a territorial capital city i ...

, Australia, caught fire after the field had been leaking oil for ten weeks. The rig was operated by the Thai firm PTTEP. For 74 days, gas and oil ran into the Timor Sea, in what was one of the worst environmental disasters in Australian history.

References

External links

{{Authority control Companies formerly listed on the New York Stock Exchange Companies listed on the Oslo Stock Exchange Companies established in 2005 Petroleum industry in Norway Drilling rig operators Service companies of Norway Companies of Bermuda Companies that filed for Chapter 11 bankruptcy in 2017 Companies that filed for Chapter 11 bankruptcy in 2020