Seawell Management President Steps Aside, Chairman Takes Helm

Seawell reports that Alf Ragnar Løvdal in the near future will resign as CEO of Seawell Management AS. Effective May 15, Mr Løvdal will assume a position in Seadrill as Senior Vice President in the Seadrill Tender Rig Division located in Singapore.

Jørgen P Rasmussen, Chairman in Seawell, will assume the position as acting Chief Executive Officer on an interim basis pending the Company's appointment of a successor CEO.

The Board of Seawell says in a comment, "We deeply regret to see Alf Ragnar Løvdal leave Seawell. The Board would like to thank him for his massive contributions over many years. He has been instrumental in the creation and development of Seawell and his high professional work standard has created a solid financial and operational platform to build further on. The Board wish Mr Løvdal the best in the future and is in no doubt that he will become a valuable leader for the tender rig division in Seadrill. In order to still draw on Mr Løvdal's large experience, a solution where he will continue to be involved in Seawell at the Board level is currently under consideration."