Demerger Between Maersk And Maersk Drilling

Demerger Between Maersk And Maersk Drilling

OilMaersk 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. Maersk Drilling owned ultra-Deepwater semi-submersible.

The rig owner stated the estimated revenue of the three-year contract is worth $300 million, including mobilization. The day rate is around $270,000

The contract is expected to start in the second quarter of 2020 with two one-year options.

Maersk 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.

In February Maersk the Danish shipping giant 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 for the new company. Alastair Maxwell is expected to 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) the tax-exempt was resolved with the partial demerger of APMM effected through a contribution of APPM’s holdings of shares in Maersk Drilling Holding as well as certain other assets and liabilities to a newly incorporated Danish limited liability company.

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).