Why SeaDrill (SDRL) Stock Is Down Today

NEW YORK (TheStreet) -- SeaDrill (SDRL) was falling 6.3% to $28.45 Friday after the drilling company announced that Tor Olav Troeim will not seek reelection to its board of directors.

The announcement came minutes before the company's annual general meeting. Troeim said he would step down in order to focus more on developing Golar LNG (GLNG) .

Troeim was often referred to as the "right-hand man" of SeaDrill chairman John Fredrikson, according to Reuters. Troeim announced in July that he would withdraw from the boards of several companies that Fredrikson is involved with.

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Follow the departure Fredrickson said, "I consider my stake in Seadrill a long term investment and investors can rest assured that no divestment is considered for the foreseeable future."

TheStreet Ratings team rates SEADRILL LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate SEADRILL LTD (SDRL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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