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SEVAN DRILLING ASA: Proposed new board and nomination committee members

Reference is made to the announcement and notice of 19 December 2011 concerning the Extraordinary General Meeting in Sevan Drilling ASA to be held at 1.00 pm (CET) on Monday 9 January 2012, at the Company's premises in Tordenskioldsgate 6, Oslo, Norway.

At the time of notice, the proposed new board composition and new members for the nomination committee were not finalized. Following discussions with and between Seadrill Ltd and certain other large shareholders, a proposal has now been made that the Extraordinary General Meeting, under item 4 on the agenda, appoints the following new board:

- Erling Lind (chairman) (new)
- Kitty Hall
- Anne Breive
- Per Wullf (new)
- Kristian Johansen (new)

Erling Lind is a partner at Wiersholm, an Oslo based leading law firm. Mr. Lind practices primarily finance law, company law and mergers and acquisitions, and i.a. act as external legal counsel to Seadrill. Mr. Lind is ranked amongst Norway's most prominent lawyers in his fields of expertise. He is ranked as highly recommended in the category Shipping - Finance and as leading in the category Shipping - Corporate in Chambers Europe. Mr Lind received his law degree in 1982 from University of Oslo. Mr. Lind is a Norwegian citizen.

Per Wullf is COO of Seadrill. Mr Wullf started working for Seadrill in February 2009. He has some 30 years of experience from the drilling industry and has held several senior positions in Maersk, most recently as Managing Director of Maersk Contractors in Norway. Mr Wullf's extensive experience includes 11 years of international offshore operations and 17 years onshore. Mr Wullf is a Danish citizen and resides in Stavanger, Norway.

Kristian Johansen is CFO of TGS, a geophysical company listed on Oslo Børs. Mr. Johansen joined TGS in 2010 as Chief Financial Officer. Prior to joining TGS, Mr. Johansen was the Executive Vice President and CFO of EDB Business Partner in Oslo, which is one of the largest IT groups in the Nordic region.  Mr. Johansen also has experience in the construction, banking and oil industries. Mr. Johansen is a Norwegian citizen.

It is further proposed that the Extraordinary General Meeting, under item 5 on the agenda, appoints a new nomination committee consisting of Harald Thorstein (Frontline Management), Jarle Sjo (ODIN Forvaltning) and Geir Tjetland (Skagen Fondene)

For further information, please contact:

Scott Kerr, CEO, Sevan Drilling ASA
+47 99283890 mobile

Jon H. Wilmann, CFO, Sevan Drilling ASA
+47 90560406 mobile

Sevan Drilling ASA is an international offshore drilling contractor specializing in the ultra deepwater segment. Sevan Drilling ASA is listed on Oslo Axess.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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