By Dominic Chopping

Seadrill Ltd. (SDRL) said late Tuesday that chief financial officer, Mark Morris, will step down from his position following the completion of the company's financial restructuring.

Mr. Morris will remain in post until the end of June 2019 to enable the company to find a suitable replacement.

Seadrill, which operates a fleet of 35 drilling rigs and manages a further 18 on behalf of other companies, filed for bankruptcy protection in 2017 after it downscaled exploration plans on the back of tumbling oil prices, while it was also struggling to repay a mounting debt pile.

The company emerged from chapter 11 in July last year after completing a restructuring that saw it equitize $2.4 billion in unsecured bond obligations, over $1 billion in contingent new-build obligations, substantial unliquidated guarantee obligations, and $250 million in unsecured interest rate and currency swap claims. It also extended near-term debt maturities, providing the company with over $1 billion in fresh capital.

Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

January 16, 2019 02:07 ET (07:07 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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