Maersk Sells EDC Drilling Stake
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.
Reporting by Jacob Gronholt-Pedersen
