Grant Creed
About Grant Creed
Grant Creed is Executive Vice President and Chief Financial Officer of Seadrill Limited, appointed in May 2021. He joined Seadrill in 2013 and previously served as Chief Restructuring Officer, VP M&A, and VP Corporate & Commercial Finance; prior to Seadrill he held M&A Transaction Services and Audit roles at Deloitte. Creed is 44, a chartered accountant with a Bachelor of Commerce in Accounting from the University of Port Elizabeth, and holds South African, Australian, and British citizenship; he resides in Texas. The company’s incentive design ties his pay to financial and shareholder outcomes (Adjusted EBITDA, Levered Free Cash Flow, TSR/share price PRSUs) and safety/operational goals, aligning compensation with performance and shareholder interests .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Seadrill Limited | Executive Vice President & Chief Financial Officer | May 2021–present | Senior financial leadership overseeing reporting, controls, and capital structure . |
| Seadrill Limited | Chief Restructuring Officer | 2013–2021 (within tenure pre-CFO) | Led restructuring-focused responsibilities during prior periods . |
| Seadrill Limited | VP Mergers & Acquisitions | 2013–2021 (within tenure pre-CFO) | Corporate development and transaction execution . |
| Seadrill Limited | VP Corporate & Commercial Finance | 2013–2021 (within tenure pre-CFO) | Corporate and commercial finance responsibilities . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Deloitte | M&A Transaction Services and Audit | Prior to 2013 | Transaction diligence and audit foundation for CFO career . |
Fixed Compensation
- 2025 base salary: $465,000, effective September 15, 2025 .
- 2024 STIP target opportunity (plan-based award target): $357,120; 2024 base salary paid: $448,537 .
| Year | Base Salary ($) | STIP Target ($) | Notes |
|---|---|---|---|
| 2025 | 465,000 | — | Effective Sep 15, 2025 . |
| 2024 | 448,537 | 357,120 | Salary paid in USD (portion in GBP converted per proxy) . |
Performance Compensation
Short-Term Incentive Plan (STIP) – 2024
- Payouts reflect Company performance against Adjusted EBITDA and Levered Free Cash Flow metrics; thresholds were revised mid-year due to an early termination of a rig services contract assumed in the Aquadrill transaction .
- 2024 bonus paid to Creed: $457,913 .
| Year | Metric | Threshold / Target / Max (updated) | Actual Payout ($) | Notes |
|---|---|---|---|---|
| 2024 | Company Adjusted EBITDA | 334 / 418 / 502 (units per proxy) | 457,913 | Thresholds adjusted in July 2024 to reflect contract termination . |
| 2024 | Company Levered Free Cash Flow | -78 / -91 / -64 (units per proxy) | 457,913 | Thresholds adjusted; payout approved by committee . |
Long-Term Incentives – Grants of Plan-Based Awards (Grant Date: April 17, 2024)
| Award Type | Grant Date | Threshold (#) | Target (#) | Maximum (#) | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| PRSUs (program block 1) | 04/17/2024 | 5,418 | 10,835 | 21,670 | 539,691 |
| PRSUs (program block 2) | 04/17/2024 | 8,127 | 16,253 | 32,506 | 1,026,865 |
| TRSUs | 04/17/2024 | — | — | — | 899,519; 18,059 units |
Outstanding Equity Awards (FY-end 2024 snapshot; market values at $38.93/share)
| Category | Unvested Units (#) | Market Value ($) |
|---|---|---|
| Initial ExCo TRSUs (vest Aug 6, 2025) | 6,233 | 242,651 |
| 2023 ExCo TRSUs (vest Sep 25, 2025) | 7,705 | 299,956 |
| 2024 ExCo TRSUs (ratable vest) | 18,059 | 703,037 |
| Initial ExCo PRSUs (share-price based) | 32,724 | 1,273,945 |
| 2023 ExCo CFCF PRSUs (earned) | 15,037 | 585,390 |
| 2023 ExCo CFCF PRSUs (potential) | 9,590 | 373,339 |
| 2023 ExCo TSR PRSUs (threshold) | 10,788 | 419,977 |
| 2024 ExCo CFCF PRSUs (earned) | 4,105 | 159,808 |
| 2024 ExCo CFCF PRSUs (potential) | 14,448 | 562,461 |
| 2024 ExCo TSR PRSUs (threshold) | 8,127 | 316,384 |
Vesting Schedules
- 2024 ExCo TRSUs vest one-third on April 17, 2025, April 17, 2026, and April 17, 2027 .
- 2023 ExCo TRSUs vest on September 25, 2025; Initial ExCo TRSUs vest on August 6, 2025 .
- 2023 and 2024 ExCo CFCF PRSUs: earned portions for 2023/2024 measurement periods vest subject to continued employment through December 31, 2025; additional potential units may be earned for remaining measurement periods (per plan) .
- Initial ExCo PRSUs: earned based on maintaining/exceeding set share price levels for at least 45 consecutive trading days between August 6, 2022 and August 6, 2025; earned units vest subject to continued employment .
- Company does not grant stock options; no options outstanding or repricing history .
Total Compensation (Multi-Year)
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2024 | 448,537 | — | 2,466,075 | 457,913 | 255,249 | 3,627,774 |
| 2023 | 458,307 | — | 3,123,321 | 468,294 | 102,266 | 4,152,188 |
| 2022 | 433,970 | 30,293 | 1,443,958 | 376,558 | 43,385 | 2,328,164 |
Equity Ownership & Alignment
- Beneficial ownership (Form 3, filed Jan 2, 2025): 8,356 common shares directly owned; RSU holdings disclosed across initial, 2023, and 2024 programs (see below) .
- RSU inventory (Form 3 summary): Initial TRSUs (Aug 6, 2022 grant) 6,233; 2023 TRSUs 7,705; 2024 TRSUs 18,059; Initial PRSUs 43,632; 2023 CFCF PRSUs earned 9,588 (Form 3 figure — proxy shows refined earned/potential counts); settlement in cash or shares at Committee election .
- 2024 vesting realized: 13,938 TRSUs vested for Creed, value realized $586,145 on vest date pricing .
- Anti-hedging/pledging: Officers and directors are prohibited from hedging, margin loans, and pledging company securities .
- Ownership guidelines: Named executive officers must hold Company shares equal to 2x annual base salary within five years from the later of January 1, 2023 and the date becoming subject to the guidelines; until met, must retain at least 50% of after-tax net shares from company awards. Unvested time-based RSUs and vested but unsettled RSUs count; unearned PRSUs and options do not .
| Ownership Snapshot | Units / $ |
|---|---|
| Common shares owned (direct) | 8,356 |
| 2024 TRSUs vested (shares; value) | 13,938; $586,145 |
| Unvested TRSUs (initial/2023/2024) | 6,233; 7,705; 18,059 |
| PRSUs (initial; 2023 CFCF earned/potential; 2023 TSR; 2024 CFCF earned/potential; 2024 TSR) | 32,724; 15,037/9,590; 10,788; 4,105/14,448; 8,127 |
Employment Terms
- Employment Agreement dated November 21, 2023; relocation from London to Houston; agreement becomes effective upon Houston relocation; supersedes prior UK agreement .
- Term: One-year terms that automatically renew for one-year periods unless either party gives 30 days’ written notice of non-extension .
- CIC Amendment (October 8, 2024): If terminated without cause or resigns for good reason within 24 months following a change in control (double trigger), Creed receives 2x base salary + target annual bonus + 12 months COBRA; plus pro rata bonus for the year of termination; payment timing defined with 60-day release window; includes “best net” 280G cutback (no tax gross-up) .
- Clawback: Company maintains Dodd-Frank-compliant incentive compensation recovery policy for current/former executive officers over three prior fiscal years in event of accounting restatement .
Severance and Change-in-Control Economics (illustrative values; assuming trigger on 12/31/2024 at $38.93/share per proxy)
| Scenario | Bonus Payment ($) | Cash Severance ($) | COBRA ($) | TRSUs ($) | PRSUs ($) | Total ($) |
|---|---|---|---|---|---|---|
| Voluntary Resignation / Termination for Cause | — | — | — | — | — | — |
| Death or Disability | — | — | — | 155,876 | 1,809,557 | 1,965,433 |
| Termination without Cause | 457,913 | 669,600 | 36,868 | 155,876 | 1,809,557 | 3,129,814 |
| Resignation for Good Reason | 457,913 | 669,600 | 36,868 | 74,979 | 818,711 | 2,058,071 |
| Change in Control: No Termination | — | — | — | 1,245,643 | 3,959,687 | 5,205,330 |
| Change in Control: Qualifying Termination | 457,913 | 1,607,040 | 49,157 | 1,245,643 | 4,384,336 | 7,744,089 |
Additional Context: Company Performance Data Points
| Operating Revenues ($mm) | Q3 2024 | Q3 2025 |
|---|---|---|
| Total Operating Revenues | 354 | 363 |
- Legal proceeding update: High Court judgment in July 2025 related to Sonadrill JV negotiations; management estimates liability unlikely to exceed ~$53 million (plus potential legal fees), and ~($10) million impact to Adjusted EBITDA for full-year 2025; Company evaluating appeal options .
Say-on-Pay & Shareholder Feedback
- 2025 advisory vote to approve 2024 NEO compensation passed; vote totals: For 37,474,953; Against 2,406,251; Abstentions 2,001,185; Broker Non-Votes 9,774,230. Frequency vote outcome: Annual (1 year) supported; company will hold annual advisory votes .
Investment Implications
- Equity-heavy pay with multi-year PRSU and TRSU schedules drives alignment; Creed’s 2024 stock awards ($2.47m) significantly exceed base salary ($0.45m), indicating high at-risk, equity-linked compensation .
- 2025–2027 vesting cadence (Initial TRSUs Aug 6, 2025; 2023 TRSUs Sep 25, 2025; 2024 TRSUs ratable Apr 17 in 2025/2026/2027; PRSUs vest Dec 31, 2025 subject to continued employment) can create periodic trading-window supply from award settlements; hedging/pledging bans mitigate alignment risks from leverage or synthetic exposures .
- CIC protection increased in October 2024 (double-trigger 2x base + target bonus + 12 months COBRA and pro-rata bonus), raising change-of-control cost but standard in sector; 280G “best net” treatment (no gross-ups) is shareholder-friendly .
- Mid-year STIP metric adjustments (due to contract termination) highlight committee discretion and sensitivity of bonuses to operational disruptions; investors should monitor evolving Adjusted EBITDA/FCF profiles and litigation outcomes (e.g., Sonadrill case impact) for forward incentive realizations .
- Ownership guidelines (2x salary within five years; 50% net share retention until met) and prohibition on margin/pledging reduce retention risk and enhance long-term alignment; 2025 say-on-pay approval supports program credibility with shareholders .