Industry veteran Simon Johnson has been appointed president and chief executive officer of Seadrill Limited, the offshore drilling company based in Bermuda.

Mr Johnson replaces Stuart Jackson in the roles with immediate effect, the company said.

Julie Robertson, chairwoman of the board of Seadrill, said: "On behalf of the board of Seadrill, I would like to thank Stuart for his contribution in guiding the company through its Chapter 11 bankruptcy reorganisation.

“These have been difficult times and we appreciate his work in keeping the company operating in a safe and effective manner.”

She added: “Simon has significant experience in the offshore drilling industry, having previously served as chief executive officer of Borr Drilling, and in various roles with Noble Corporation, including most recently as senior vice-president, marketing and contracts, Diamond Offshore and Seadrill.

“We believe that Simon is well suited to lead the Seadrill team following its emergence from bankruptcy."

Mr Johnson said: "I am excited to be joining the Seadrill team at a fascinating time in the industry.

“As someone who was at the very beginning of the Seadrill story, I am proud to return in a leadership role and look forward to working with our shareholders, employees, customers and vendors to relaunch our investment proposition with a laser focus on value creation."

Seadrill owns and/or operates 32 rigs, which includes drill ships, jack-ups and semi-submersibles.