OSLO–Norwegian oil services company Seadrill Ltd. (SDRL.OS) said Monday its management unit Seadrill Management AS will move to London from Stavanger, Norway, in early 2013 with the aim of cutting costs.
In the short term, the general and administrative costs will rise due to one-off costs during the transition, it added.
“All senior management have accepted an offer to move from Stavanger to London during early 2013,” the company said.
The company’s board said one of the main aims of the relocation was to “limit the size of the corporate organization” while strengthening regional competence centers.
“The board anticipates that such an organization will be able to work better with our customers, provide a better service, have tighter control, stimulate operational leadership and offer more dynamic work opportunities for our employees,” Seadrill said.
The board’s decision was contained in the company’s third-quarter report, which showed net profit rose to $189 million, from $58 million in the third quarter last year. Seadrill said fundamentals in the drilling industry are strong across all asset classes due to increasing oil demand and the depletion of mature oil fields.
At 1507 GMT, Seadrill shares were down 1.1% at NOK220.20.
– Kjetil Malkenes Hovland, (c) 2012 Dow Jones & Company
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
April 19 (Reuters) – A New York state agency on Friday said it had failed to reach final contract agreements with the developers of three major offshore wind projects, blaming a decision by General...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
April 19, 2024
Total Views: 2082
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.