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.
Carbon dioxide removal revenues worth £2bn a year by 2030
Carbon dioxide removal revenues could reach £2bn a year by 2030 in the UK with costs per megatonne totalling up to £400 million, according to the National Infrastructure Commission.
Engineered greenhouse gas removals will become "a major new infrastructure sector" in the coming decades - although costs are uncertain given removal technologies are in their infancy - and revenues could match that of the UK’s water sector by 2050. The Commission’s analysis suggests engineered removals technologies need to have capacity to remove five to ten megatonnes of carbon dioxide no later than 2030, and between 40 and 100 megatonnes by 2050.
The Commission states technologies fit into two categories: extracting carbon dioxide directly out of the air; and bioenergy with carbon capture technology – processing biomass to recapture carbon dioxide absorbed as the fuel grew. In both cases, the captured CO2 is then stored permanently out of the atmosphere, typically under the seabed.
The report sets out how the engineered removal and storage of carbon dioxide offers the most realistic way to mitigate the final slice of emissions expected to remain by the 2040s from sources that don’t currently have a decarbonisation solution, like aviation and agriculture.
It stresses that the potential of these technologies is “not an excuse to delay necessary action elsewhere” and cannot replace efforts to reduce emissions from sectors like road transport or power, where removals would be a more expensive alternative.
The critical role these technologies will play in meeting climate targets means government must rapidly kick start the sector so that it becomes viable by the 2030s, according to the report, which was commissioned by government in November 2020.
Early movement by the UK to develop the expertise and capacity in greenhouse gas removal technologies could create a comparative advantage, with the prospect of other countries needing to procure the knowledge and skills the UK develops.
The Commission recommends that government should support the development of this new sector in the short term with policies that drive delivery of these technologies and create demand through obligations on polluting industries, which will over time enable a competitive market to develop. Robust independent regulation must also be put in place from the start to help build public and investor confidence.
While the burden of these costs could be shared by different parts of industries required to pay for removals or in part shared with government, the report acknowledges that, over the longer term, the aim should be to have polluting sectors pay for removals they need to reach carbon targets.
Polluting industries are likely to pass a proportion of the costs onto consumers. While those with bigger household expenditures will pay more than those on lower incomes, the report underlines that government will need to identify ways of protecting vulnerable consumers and to decide where in relevant industry supply chains the costs should fall.
Chair of the National Infrastructure Commission, Sir John Armitt, said taking steps to clean our air is something we’re going to have to get used to, just as we already manage our wastewater and household refuse.
"While engineered removals will not be everyone’s favourite device in the toolkit, they are there for the hardest jobs. And in the overall project of mitigating our impact on the planet for the sake of generations to come, we need every tool we can find," he said.
“But to get close to having the sector operating where and when we need it to, the government needs to get ahead of the game now. The adaptive approach to market building we recommend will create the best environment for emerging technologies to develop quickly and show their worth, avoiding the need for government to pick winners. We know from the dramatic fall in the cost of renewables that this approach works and we must apply the lessons learned to this novel, but necessary, technology.”
The Intergovernmental Panel on Climate Change and International Energy Agency estimate a global capacity for engineered removals of 2,000 to 16,000 megatonnes of carbon dioxide each year by 2050 will be needed in order to meet global reduction targets.
Yesterday Summit Carbon Solutions received "a strategic investment" from John Deere to advance a major CCUS project (click here). The project will accelerate decarbonisation efforts across the agriculture industry by enabling the production of low carbon ethanol, resulting in the production of more sustainable food, feed, and fuel. Summit Carbon Solutions has partnered with 31 biorefineries across the Midwest United States to capture and permanently sequester their CO2 emissions.
Cory Reed, President, Agriculture & Turf Division of John Deere, said: "Carbon neutral ethanol would have a positive impact on the environment and bolster the long-term sustainability of the agriculture industry. The work Summit Carbon Solutions is doing will be critical in delivering on these goals."
McKinsey highlights a number of CCUS methods which can drive CO2 to net zero:
- Today’s leader: Enhanced oil recovery Among CO2 uses by industry, enhanced oil recovery leads the field. It accounts for around 90 percent of all CO2 usage today
- Cementing in CO2 for the ages New processes could lock up CO2 permanently in concrete, “storing” CO2 in buildings, sidewalks, or anywhere else concrete is used
- Carbon neutral fuel for jets Technically, CO2 could be used to create virtually any type of fuel. Through a chemical reaction, CO2 captured from industry can be combined with hydrogen to create synthetic gasoline, jet fuel, and diesel
- Capturing CO2 from ambient air - anywhere Direct air capture (DAC) could push CO2 emissions into negative territory in a big way
- The biomass-energy cycle: CO2 neutral or even negative Bioenergy with carbon capture and storage relies on nature to remove CO2 from the atmosphere for use elsewhere