Maersk Drilling lands $300 million worth drilling contract with Inpex

Maersk Drilling-owned ultra-deepwater semi-submersible Mærsk Deliverer has been awarded a three-year contract by Inpex Australia and joint venture participants for drilling at the Ichthys gas and condensate field in the Browse Basin offshore Western Australia.

Mærsk Deliverer; Source: Maersk Drilling

The rig owner said on Wednesday that the estimated value (revenue) of the three-year contract is $300 million, including mobilization. This means that the rig’s dayrate is around $270,000.

The contract is expected to start in second quarter of 2020 and it also includes two one-year options.

Mærsk Deliverer, an ultra-deepwater semi-submersible rig delivered in 2010, is currently operating offshore Timor-Leste.

“We are very pleased to have secured long-term work for Mærsk Deliverer adding significantly to our contract backlog in the floater segment. Inpex-operated Ichthys LNG Project is one of Australia’s largest resources projects and we look forward to supporting a successful operation for Inpex and joint venture participants,” said Jørn Madsen, CEO of Maersk Drilling.

“With this contract award we retain a well-balanced forward coverage in the floater market with long-term contracts while maintaining exposure to a market recovery,” he added.

Demerger 

In related news, Danish shipping giant Maersk, the owner of Maersk Drilling, last February started a process to “demerge” the driller, living up to its August 2018 announcement it would split up with Maersk Drilling and list it as a standalone company, subject to shareholders’ approval.

The company has already proposed a new member for the board of directors of the new company. Alastair Maxwell is expected be elected as a member of the board of directors of Maersk Drilling which will be named The Drilling Company of 1972 following the demerger.

On Tuesday, April 2 at the annual general meeting of A.P. Møller – Mærsk A/S (APMM) it was resolved to complete the tax-exempt, partial demerger of APMM effected through a contribution of APMM’s holdings of shares in Maersk Drilling Holding as well as certain other assets and liabilities to a newly incorporated Danish limited liability company and, thus, The Drilling Company of 1972 A/S (Maersk Drilling) was incorporated and has been registered with the Danish Business Authority.

Maersk Drilling will submit its application for admission to trading and official listing of its shares on Nasdaq Copenhagen. The first day of trading and official listing of the shares in Maersk Drilling on Nasdaq Copenhagen is expected to take place on April 4, 2019 at 9.00 a.m. (CEST).

Offshore Energy Today Staff


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