Oil Egypt accountACCOUNT King Tut

Maersk Exits Egyptian Drilling Company Joint Venture

Source: www.gulfoilandgas.com 12/18/2017, Location: Egypt

Share |
Maersk A/S [A.P. Moller - Maersk] and Egyptian General Petroleum Corporation [EGPC] has signed an agreement whereby EGPC will acquire A.P. Moller - Maersk’s 50 percent shareholding in Egyptian Drilling Company [EDC] for USD 100m in an all-cash transaction.

Following the transaction EGPC will become sole owner of EDC and will as part of the agreement take over the entire portfolio, obligations and rights.

EDC is one of the leading drilling operators in the Middle East and 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.

“I am very pleased with this agreement with EGPC. The divestment is a natural consequence of our announced long-term plans to exit the EDC joint venture, when the timing was right. EDC has a very strong position in the Middle East, and I am confident that the new ownership will enable EDC to develop its business and capabilities even further,” says J?rn Madsen, CEO of Maersk Drilling.

EDC began operations in 1976 as a 50/50 joint venture between Maersk Drilling and EGPC, which is owned by the Ministry of Petroleum and Mineral Resources in Egypt. EDC employs approximately 5,000 people, whereof 34 are Maersk Drilling employees. Maersk Drilling is currently looking into future job opportunities for its employees in EDC.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

Egypt >>  4/12/2018 - SDX Energy Inc. (SDX), the North Africa focused oil and gas company, is pleased to announce that a gas discovery has been made at its Ibn Yunus-1X ex...
Egypt >>  3/31/2018 - Three workers were killed in a gas pipeline fire in Suez’s Ain Sokhna in Egypt, Al-Ahram Arabic news website reported. ...

Egypt >>  3/28/2018 - Construction work on Egypt's Dabaa nuclear power plant could begin in the year of 2020, the CEO of Rosatom, the Russian state nuclear corporation, Ale...
Egypt >>  3/27/2018 - Fluor Corporation was awarded the front-end engineering design (FEED) contract by Egypt’s state energy firm Enppi for the offsites and utilities porti...

Egypt >>  3/26/2018 - SDX Energy Inc. (SDX), the North Africa focused oil and gas company, is pleased to announce that it has spud its Ibn Yunus-1X exploration well at Sout...
Egypt >>  9/25/2014 - Egypt's state-run Egyptian General Petroleum Corporation (EGPC) declared that Egypt received a share of the foreign partner’s oil and gas revenues of ...

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us