Shipping billionaire John Fredriksen reaffirmed on Friday its commitment to Seadrill, the world's largest rig company by market capitalisation, whose shares have fallen a quarter in value since the beginning of the year.
"I consider my stake in Seadrill a long term investment and investors can rest assured that no divestment is considered for foreseeable future," Fredriksen said in a statement.
Separately, Seadrill said Fredriksen's long-time collaborator Tor Olav Troeim will not seek re-election to the company's board.
"Tor Olav Troeim has decided not to stand for re-election to the Board of Directors in order to focus his efforts on developing (liquefied natural gas shipping firm) Golar LNG ," Seadrill said in a statement.
Reporting by Gwladys Fouche