Seadrill: Setting the Standard in Drilling
Seadrill SDRL (NYSE) is a leading offshore drilling contractor employing approximately 9000 highly skilled employees. Our aim is to unlock oil and gas for the benefit of our customers and their customers in the safest most efficient way. For all of us at Seadrill it is all about safe, efficient operations:
- Our headquarters are in London and we operate from six regional offices around the world – Oslo, Dubai, Houston, Singapore, Rio De Janeiro and Ciudad del Carmen.
- We operate a versatile fleet of 68 rigs that comprises drillships, jack-up, semi-submersibles and tender rigs for operations in shallow to ultra-deepwater areas in both harsh and benign environments.
- Our fleet is the youngest, most modern of all the major offshore drilling contractors.
- We employ approximately 9,000 skilled employees.
- We are recognized for providing the highest quality operations, in the most challenging sectors of offshore drilling.
Our business strategy is to develop our modern state-of-the-art offshore drilling units a main focus on deepwater operations. We have one of the most modern fleets in the industry and believe that by combining quality assets and experienced and skilled employees we will be able to provide safe efficient operations, and establish, develop and maintain a position as a preferred provider of offshore drilling services for our customers.
We believe that a combination of quality assets and highly skilled employees will facilitate the procurement of long-term contracts and premium dayrates. We have grown our company significantly since its incorporation in 2005 and have strong ambitions to continue this growth. We believe that the combination of long term contracts, the best employees and our quality, modern fleet will provide us with the platform for such growth and allow us to increase return on investment.
The key elements in our strategy are as follows:
- commitment to provide customers with safe efficient operations;
- combination of state-of-the-art mobile drilling units with experienced and skilled employees;
- growth through targeted alliances, purchase of newbuilds, mergers and acquisitions;
- develop our strong position in deepwater and harsh environments;
- develop our rapid growing fleet of premium jack-up rigs;
- pursue further growth in conventional waters as well as deepwater areas
We believe that consolidation in the offshore drilling rig industry would improve the pricing and earnings visibility for our services. Such consolidation activities may be in the form of transactions for specific offshore drilling units or companies. We actively look for growth opportunities and intend to take part in the future consolidation of our industry if we determine that potential transactions are in the best interest of our shareholders.
Seadrill: Vision and Values
Setting the standard in drilling!
Our goal is ambitious and applies throughout our entire operation.
- taking the lead
- being energetic and inspiring
- setting examples to be followed
- reaching ambitious goals
- being demanding
- challenging each other and our customers
- taking pride in the work we do
It also means that we believe it is possible to operate without injuries in all our activities.
Our core values
Our corporate culture embodies a number of core values. We have made five of these explicit to enable us to make good decisions. These values are fundamental to our identity and cannot be compromised.
- We look out for each other
- We don’t want anyone to get hurt at work
- We plan thoroughly so what we do is executed safely
- We follow our processes and procedures according to our management system
- We respond immediately to unsafe or unsatisfactory conditions
- We display integrity in everything we do
- We operate correctly first time, and deliver what we promise
- We constantly challenge ourselves and others to find smarter ways of working
- We work diligently to achieve best practice
- We share knowledge, ideas and information with each other – and our customers
- We listen to our customers and our colleagues and act on what they say
- We build enthusiasm around us
- We reward great performance and use it as an example to be followed
- We set the standard in operational and safety performance
- We act in accordance with Seadrill’s values
- We respect decisions once they’ve been made
- We are Seadrill’s biggest advocates
- We are innovative and inventive, and are continually on the lookout for better solutions
- We embrace change; we don’t resist it
- We are creative and use our initiative but stay within Seadrill’s policies and procedures
- We seek out new opportunities
Seadrill: Leadership Team
John Fredriksen - Chairman of the Board
John Fredriksen has served as Chairman of the Board, President and a director of the Company since its inception in May 2005. Mr. Fredriksen has established trusts for the benefit of his immediate family which control Hemen Holding Ltd. ("Hemen"), our largest shareholder. Mr Fredriksen is Chairman, President, Chief Executive Officer and a director of a related party, Frontline Ltd. ("Frontline"), a Bermuda company listed on the NYSE, the Oslo Stock Exchange and the London Stock Exchange. He is also a director of a related party, Golden Ocean Group Limited ("Golden Ocean"), a Bermuda company listed on the Oslo Stock Exchange and the Singapore Stock Exchange, whose principal shareholder is Hemen.
Per Wullf - President & CEO
Per Wullf was appointed Director of the Company in February 2016. Mr Wullf is also CEO and President of Seadrill, a position he has held since July 2013. Prior to that, he served as the company's COO. He has over 30 years experience in the drilling industry and has also held several senior positions in Maersk, including Managing Director of Maersk Contractors in Norway.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.