Gulf Oil and Gas accountACCOUNT

Maersk Exits Egyptian Drilling Company Joint Venture

Source: www.gulfoilandgas.com 12/18/2017, Location: Africa

Maersk A/S [A.P. Moller - Maersk] and Egyptian General Petroleum Corporation [EGPC] has signed an agreement whereby EGPC will acquire A.P. Moller - Maersk’s 50 percent shareholding in Egyptian Drilling Company [EDC] for USD 100m in an all-cash transaction.

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 is one of the leading drilling operators 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.

“I am very pleased with this agreement with EGPC. 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 J?rn 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.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

Mergers and Acquisitions News in Egypt >>

United States >>  1/7/2019 - QEP Resources has confirmed that it has received a preliminary proposal from Elliott Management Corp to acquire the Company for $8.75 per share in cas...
Norway >>  1/4/2019 - DNO, the Norwegian oil and gas operator, has announced that on 3 January 2019 it acquired a further 2,754,110 Faroe Shares in the market at prices ran...

United States >>  1/2/2019 - Effective Jan. 1, 2019, as foreseen under the joint venture agreements, NOVA Chemicals Inc. (“NOVA Chemicals”), a leading supplier of polyethylene pro...
Indonesia >>  12/31/2018 - Statement regarding the potential acquisition of Ophir Energy plc (Ophir) by PT Medco Energi Global PTE Ltd (“Medco”) (a wholly-owned subsidiary of PT...

Saudi Arabia >>  12/31/2018 - Saudi Aramco, a world-leading integrated energy and chemicals company; and LANXESS AG, a leading German specialty chemicals company, announced the com...
United Kingdom >>  12/31/2018 - Hague and London Oil plc, the oil and gas company with a diverse portfolio of production, development, appraisal and exploration assets currently foc...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.