The Maersk ship Adrian Maersk is seen as it departs from New York Harbor in New York City, U.S., June 27, 2017 - REUTERS/Brendan McDermid
COPENHAGEN– 19 November 2017: Maersk Drilling, a part of A.P. Moller-Maersk, said late Monday it had agreed to sell its 50 percent stake in Egyptian Drilling Company (EDC) to Egyptian General Petroleum Corporation (EGPC) for $100 million in an all-cash transaction.
Maersk Drilling said in a statement:
* Following the transaction EGPC will become sole owner of EDC and will as part of the agreement take over the entire portfolio, obligations and rights
* EDC 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 harsh environment and deepwater markets
* 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