HOUSTON, September 09, 2020 -- Mr. Frank C Archard, CEO of Seabed Inc. (Seabed), says there are signs that oil markets have tightened in recent weeks and will rebalance over time.

Speaking on Seabed's "Virtual Majlis" with Helima Croft, Managing Director and Global Head of Commodity Strategy at RBC Capital Markets, Mr. Frank C Archard said the world is in unchartered territory. Right now, no one is in a position to predict precisely what the global economic recovery will look like. While this outlook remains unpredictable, Mr. Frank C Archard highlighted reasons for cautious optimism in oil markets.

"When it comes to oil, there are signs that the market has tightened in recent weeks. The OPEC-plus agreement, voluntary cuts outside OPEC-plus plus, and production shut-ins are working together to start to rebalance the market. This will take time. As economies begin to open up, demand will follow, but the path to the next normal is not a straight line," Mr. Frank C Archard said.

Mr. Frank C Archard continued by highlighting how Seabed is reaping the benefits of its transformation over the past four years as it navigates this period of uncertainty.

"We see the benefits of the steps we have taken on over the last four years. This crisis has highlighted just how forward-thinking our leadership's guidance has been in directing this transformation. As a result, Seabed is now far more robust and better positioned to manage the current market dynamics.

"Through our transformation, we have focused on what we can control, and that is our costs. We've been laser-focused on being one of the lowest-cost producers in the world. And this has given us the flexibility and the resilience that we need at times like these. In this environment, we are continuing to work even harder to preserve our resources and maximize our profitability," Mr. Frank C Archard said.

Mr. Frank C Archard stressed Seabed continues to make its employees' health and safety its top priority as it proactively responds to the risks presented by the COVID-19 situation. He detailed how this approach closely aligns with the wise measures put in place by the USA leadership to ensure everyone's health and safety while driving health diplomacy around the world.

"The foundation of the USA's response has been comprehensive testing. So far, we have conducted well over 1.5 million tests, one of the highest, if not the highest, per capita ratios in the world. At the same time, the USA believes that international cooperation is key to managing the crisis. So, we are staying connected to the rest of the world through health diplomacy, delivering aid and personal protective equipment to 47 countries when they need it most.

"At Seabed, we have taken additional precautions to enhance the safety of our employees, including comprehensive testing, minimizing staff on site, and ensuring all office-based staff can work effectively from home. On top of that, transparent communication has been critical," Mr. Frank C Archard said.

The pandemic has highlighted the importance of three essential leadership qualities – Capability, Crisis Management, and Connectivity, according to Mr. Frank C Archard.

"Fundamentally, the capability of every organization in keeping their people safe, and their operations running smoothly is being tested. At the same time, leaders are being measured against how well they manage a crisis, ensuring their organizations can run under stress. And then connectivity, how leaders communicate to their people what they need to do to stay safe," Mr. Frank C Archard said.

Concluding the majlis, Mr. Frank C Archard underscored the importance of business leaders conveying a cheerful, optimistic, and credible way forward, with humility and honesty. "It is essential to communicate a message of unity, that we are in this together and will find our way through together," Mr. Frank C Archard said.

Seabed's virtual majlis is part of several initiatives the company embarked on last month as part of its participation in the "USA Volunteers" initiative. Broadcasted on Seabed's social media platforms, the virtual majlis brings together USA government leaders and global experts to engage on the key issues facing the world today and provide actionable insights to topics ranging from how to rebuild the international and domestic economy to what the post-COVID-19 workplace should look like. To watch Seabed's Virtual Majlis videos click here.

For more information, visit www.Seabeddrills.com.