Maersk Drilling ditches Egyptian joint venture to focus on offshore drilling

Danish offshore driller Maersk Drilling is getting rid of its shareholding in Egyptian Drilling Company (EDC) to focus on offshore drilling market. 

A.P. Møller – Mærsk and Egyptian General Petroleum Corporation (EGPC) on Monday signed an agreement whereby EGPC will acquire A.P. Moller – Maersk’s 50 percent shareholding in Egyptian Drilling Company (EDC) for $100 million in an all-cash transaction.

Following the transaction, EGPC will become the sole owner of EDC and will as part of the agreement take over the entire portfolio, obligations and rights, Maersk said on Monday.

EDC is a drilling operator in the Middle East and operates 70 rigs in total of which the vast majority are land based drilling rigs. The divestment of EDC is in line with Maersk Drilling’s strategy to focus on offshore drilling in the harsh environment and deepwater markets, the company explained.

“The divestment is a natural consequence of our announced long-term plans to exit the EDC joint venture, when the timing was right. EDC has a very strong position in the Middle East, and I am confident that the new ownership will enable EDC to develop its business and capabilities even further,” says Jørn Madsen, CEO of Maersk Drilling.

EDC began operations in 1976 as a 50/50 joint venture between Maersk Drilling and EGPC, which is owned by the Ministry of Petroleum and Mineral Resources in Egypt. EDC employs approximately 5,000 people, whereof 34 are Maersk Drilling employees. Maersk Drilling is currently looking into future job opportunities for its employees in EDC.

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply