Maersk pockets $100m and exits Egyptian drilling sector

Maersk pockets $100m and exits Egyptian drilling sector

A.P. Møller – Mærsk continues to divest itself of its energy holdings. The Danish conglomerate has just announced it has signed an agreement with Egyptian General Petroleum Corporation (EGPC) to sell its 50% stake in Egyptian Drilling Company (EDC) for $100m. Following the transaction EGPC will become sole owner of EDC.

EDC, founded in 1976, 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.

A.P. Møller – Mærsk has spent much of this year selling off its energy and drilling units to focus on containers and ports.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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