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.