Danish offshore driller Maersk Drilling has made progress to ensure the company is ready for an independent listing on Nasdaq Copenhagen during 2019 by establishing a clear governance structure.
Maersk Drilling said on Monday it would release its first consolidated annual report as a standalone entity on February 7, 2019.
A.P. Moller – Maersk plans to separately list Maersk Drilling on Nasdaq Copenhagen during 2019, with the ambition of having the company ready to operate as an independent entity in due time before the listing.
All key management positions relevant for an independently listed company are now filled with CEO Jørn Madsen and CFO Jesper Ridder Olsen constituting the executive management.
The board of directors now consists of six members, whereof five will be proposed as members of the board of directors in the future listed company to be approved as part of the approval of the demerger. Maersk Drilling expects to expand the board, when additional qualified and independent candidates have been identified.
Current member, Mads Winther, Senior Vice President and Head of Strategy and M&A, Energy division, A.P. Moller – Maersk will not be proposed as member of the board of directors in the future listed company and will step down in connection with the listing.
Two employee representatives are expected to be elected prior to the planned listing for a term of four years and join the board of directors upon completion of the demerger.
Claus V. Hemmingsen, Chairman of the Board of Directors since 2016, will continue as Chairman. He was the CEO of Maersk Drilling from 2005 to 2016 and a member of the board since 2012. He is Vice CEO and on the Executive Board of A.P. Moller – Maersk and has been on the board of directors of DFDS A/S since 2012, serving as Chairman since 2017.
Robert M. Uggla will be appointed Vice Chairman of the board of directors. Uggla is CEO of A.P. Moller Holding and has more than 10 years of experience from CEO and management positions in the shipping and energy industries.
Together, Claus V. Hemmingsen and Robert M. Uggla, will constitute the chairmanship.
In addition to the chairmanship, three other directors have been appointed.
Kathleen McAllister, former Chief Executive Officer, Chief Financial Officer and board member of Transocean Partners, where she played an instrumental role in the formation of the company and led the company’s IPO.
Robert Routs, former Executive Director of Shell, brings with him extensive technical, commercial and managerial experience. Routs has been a member of the Board of Directors of A.P. Moller – Maersk since 2010.
Martin N. Larsen, CFO of A.P. Moller Holding, brings with him CFO and managerial experience from the offshore service industry, vast experience within corporate finance, M&A and treasury from previous and current corporate positions, as well as board experience from a broad spectrum of industries.