Seadrill Ltd’s board chairman has stepped down.

Glen Ole Rødland had been chairman of the Bermudian-based offshore drilling outfit since November 2019. His resignation is effective immediately.

Seadrill commenced Chapter 11 cases in Texas on February 10 under the section of the US Bankruptcy Code that covers court-supervised restructurings of businesses.

The company said the board “would like to thank Glen for his leadership and counsel during his tenure as chairman of Seadrill, and the work he has led to progress our current restructuring”.

Stuart Jackson, chief executive officer of Seadrill, said: "We continue to make good progress with our lenders through productive discussions and our board and management team remain focused on delivering a significant balance sheet deleveraging to support our safe and efficient operations."

Mr Rødland said: "For me, now is the right time to hand over the reins, the restructuring has been complex and multifaceted and I have every confidence the board will guide the deal over the line."