Anton Dibowitz will succeed Per Wullf as CEO of Seadrill Ltd., effective July 1, the company said in a news release.

The change is part of a succession planning process that was implemented in 2016.

Currently, Dibowitz serves as chief commercial officer and executive vice president for Seadrill.

“Anton has a strong industry track record and has taken roles of increasing responsibility during his 10 years at Seadrill, including the day to day business administration at Seadrill since 2016,” John Fredriksen, chairman of Seadrill’s board, said in the release. “We are confident that this succession plan provides Seadrill with the right combination of continuity and stability as the company works to complete its financial restructuring aimed at building a bridge to a recovery and achieving a sustainable capital structure.”

Wullf will remain a director for Seadrill, which Fredriksen said will allow the company to continue benefiting from his “in-depth industry experience, fleet knowledge and strong relationships.”