Maersk Completer

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escveritas
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Maersk Completer

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Maersk Drilling sells jack-up rig Maersk Completer
18 December, 2019

Maersk Drilling has entered into an agreement with a subsidiary of Shelf Drilling, Ltd. to sell the jack-up rig Maersk Completer for USD 38m in an all-cash transaction. The transaction is subject to customary closing conditions, and the rig is expected to be delivered in January 2020.

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Maersk Completer, which was delivered in 2007, has been stacked in Singapore since 2017.

“The sale is in line with our decision to concentrate our jack-up activities in the harsh environments in the North Sea, where we have our strengths and a better competitive position. With limited prospects for our reactivation of Maersk Completer we believe a sale creates the highest value for Maersk Drilling and our shareholders,” says Jesper Ridder Olsen, CFO of Maersk Drilling.

The sale results in a pre-tax accounting loss of USD 34m.

After the sale, Maersk Drilling’s rig fleet counts 14 jack-up rigs, of which 13 are suited for operation in harsh environments, and eight floaters.
escveritas
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Re: Maersk Completer

Unread post by escveritas »

Dubai-based offshore drilling firm Shelf Drilling has completed the purchase of the jack-up drilling rig Maersk Completer from Maersk Drilling.

The rig, which has now been renamed, has been stacked in Singapore since 2017. The two companies originally announced the sale and purchase agreement in December 2019. Shelf agreed to pay $38 million in cash for the jack-up unit.

Oslo-listed Shelf Drilling on Tuesday said: "The company is pleased to announce that it has on January 7, 2020, completed the purchase and acceptance of the jack-up rig. The rig has been renamed Shelf Drilling Enterprise."

Similarly to its original announcement in December, Shelf Drilling on Tuesday did not disclose the deployment plans for the rig.

"The company will provide a further update on the expected deployment of this rig in the near-term," the Dubai-headquartered jack-up specialist said.

The seller, Denmark-based Maersk Drilling, said in December the sale of the Maersk Completer was in line with the company's decision to focus its activities on the harsh environments in the North Sea.

"With limited prospects for our reactivation of Maersk Completer we believe a sale creates the highest value for Maersk Drilling and our shareholders,” says Jesper Ridder Olsen, CFO of Maersk Drilling said in December 2019.

After the sale, Maersk Drilling’s rig fleet counts 14 jack-up rigs, of which 13 are suited for operation in harsh environments, and eight floaters.
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