Maersk Drilling has entered into an agreement with ADES to sell the benign environment jack-up rig Maersk Convincer for USD 42.5m in an all-cash transaction. The transaction is subject to customary closing conditions, and the rig is expected to be transferred to ADES following the completion of its current drilling programme with Brunei Shell Petroleum Company Sdn. Bhd. (“BSP”).

Maersk Convincer is a Baker Pacific Class 375 cantilever jack-up rig which was delivered in 2008. It has been operating offshore Brunei Darussalam since 2017, and Maersk Drilling has reached an agreement with BSP to release the rig from its current contract upon completion of Maersk Convincer’s current drilling programme, which is expected to be completed in August 2022 and in any case not later than 15 September 2022.

“This transaction will contribute to the optimisation of our fleet in line with Maersk Drilling’s strategic priorities of maintaining a fleet of modern, high-end assets and concentrating our jack-up activities in the harsh environments of the North Sea. Though the sale marks the end of an era of proud operations and exemplary collaboration with BSP – a joint venture between the government of Brunei Darussalam and the Shell group of companies – during which our rigs have won multiple Shell Group Jack-up of the Year awards, the Southeast Asian jack-up market is not key to us,” says CFO Christine Morris of Maersk Drilling.

After the sale, Maersk Drilling’s rig fleet counts 10 jack-up rigs, all of which are suited for operations in harsh environments, and eight floaters.

About Maersk Drilling

With more than 45 years of experience operating in the most challenging offshore environments, Maersk Drilling (CSE:DRLCO) provides responsible drilling services to energy companies worldwide. Maersk Drilling owns and operates a fleet of 19 offshore drilling rigs and specialises in harsh environment and deepwater operations. Headquartered in Denmark, Maersk Drilling employs around 2,400 people.

About ADES International

ADES International Holding extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and North Africa, offering onshore and offshore contract drilling as well as workover and production services. Its c.3,500 employees serve clients including major national oil companies (“NOCs”) such as Saudi Aramco and Kuwait Oil Company as well as joint ventures of NOCs with global majors including BP and Eni. While maintaining a superior health, safety and environmental record, the Group currently has a fleet of thirty-six onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit (“MOPU”), which includes a floating storage and offloading unit.