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.

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.

About Maersk Drilling A/S

Maersk Drilling designs, develops and operates a global fleet of advanced drilling rigs using cutting-edge technology and know-how. Our modern fleet counts 24 drilling rigs including drillships, deepwater semi-submersibles and high-end jack-up rigs. We create value with our customers through a unique service delivery concept where we customise safe, efficient and consistent drilling services. We build our service around our highly skilled and committed workforce, our state of the art offshore drilling rigs and our 40 years of experience operating in the most challenging.

About Shelf Drilling

Shelf Drilling ( OSE: SHLF) is a leading international shallow water offshore drilling contractor with rig operations across Middle East, Southeast Asia, India, West Africa and the Mediterranean. Shelf Drilling was founded in 2012 and has established itself as a leader within its industry through its fit-for-purpose strategy and close working relationship with industry leading clients. The company is incorporated under the laws of the Cayman Islands with corporate headquarters in Dubai, United Arab Emirates.
The company is listed on the Oslo Stock Exchange under the ticker “SHLF”.