John fredriksen seadrill news by seeking

Billionaire John Fredriksen stepped down as chairman of Seadrill Ltd., the offshore-rig company he founded more than a decade ago and which is struggling with high debt amid a slow market recovery.

The Norwegian-born shipping tycoon, who owns 30% of the company and was instrumental in its financial restructuring last year, said his “strong support” would continue.

He will be succeeded by Glen Ole Rodland, who has 25 years in the shipping and oil industries and currently heads the board at Prosafe SE.

“While I have now decided to spend less time on board seats, my close involvement and strong support of Seadrill will remain unchanged,” Fredriksen said in a statement on Thursday.

“I will continue to push for business optimization, strategic initiatives such as the recent joint ventures with Sonangol and GDI, and consolidation in the sector.”

The departure is a milestone for the company that Fredriksen has chaired since its inception in 2005.

The 75-year-old Cypriot citizen has over