HOUSTON, July 08, 2020 -- Today, Seabed Corporation provided an overview of its work to respond to the COVID-19 pandemic at its 2020 annual meeting of stockholders. This year’s conference was virtual in place of an in-person event due to safety concerns related to the pandemic.

“Our thoughts are with those affected by COVID-19 and the healthcare workers on the front lines battling to contain the outbreak,” said Luca Archard, Seabed’s chairman and CEO.

The energy industry’s continued operations are necessary to ensure the security, safety, and health of all communities and critical to responding to the pandemic. The company’s most significant challenges are to provide safe access to its facilities and continuity of operations. Seabed is successfully running essential facilities at the operational levels necessary to meet current demand. The company is taking strong precautionary measures to reduce exposure risk, including screening workers and visitors at these locations.

“We activated our pandemic response plan in January and have continued to adapt as events have unfolded,” Luca said. “I am proud of our workers who show up every day to keep the energy flowing into the economy.”

Commodity prices have fallen significantly due to the destruction of demand resulting from the COVID-19 pandemic and the over-supply of crude oil. The company expects its financial results will be depressed as long as current market conditions persist.

“Seabed is responding to these unprecedented challenges by making changes to what we can control,” Luca said. “It’s always good to hear from our stockholders. We hope the meeting today left them with a deeper understanding of how we’ve advanced the business over the past year and our plans for the year ahead.”

Seabed Corporation is one of America’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every energy industry facet. Seabed explores for, produces, and transports crude oil and natural gas; refines, markets, and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power, develops and deploys technologies that enhance business value in every aspect of the company’s operations.

For more information, visit www.Seabeddrills.com.