AP Moller – Maersk has announced plans to spin off its offshore drilling operation Maersk Drilling and list it on Nasdaq Copenhagen next year, following the evaluation of different options available for the business.
The company concluded that listing Maersk Drilling as a standalone company offers an opportunity for its shareholders to participate in the value creation of a pure play offshore drilling company.
Maersk Drilling provides safe drilling performance under some of the world’s most demanding conditions and has a stronghold in the North Sea.
AP Moller – Maersk vice CEO and Energy division CEO Claus Hemmingsen said: “Based on its well-reputed and safe operations and a fleet that is among the youngest and most sophisticated in the industry, Maersk Drilling has achieved one of the strongest contract backlogs in the market, as well as a superior financial profile.”
Maersk Drilling reported a revenue growth of 4.9% to $366m, while EBITDA increased by 2.3% to $159m in the second quarter of this year.
The company has secured competitive long-term debt financing of $1.5bn from a consortium of international banks to ensure a strong capital structure after a listing.
AP Moller – Maersk noted that the process to ensure Maersk Drilling is operationally and organisationally ready for a separate listing has been initiated.
Maersk Drilling CEO Jørn Madsen said: “Maersk Drilling has the position, the people, the assets and the expertise to meet the demanding drilling requirements for a diverse group of oil and gas customers worldwide.
“Through innovative technologies combined with new business models, we are optimising drilling programmes, reducing overall well cost and risk, and shaping the future of offshore drilling.”
Established in 1972, Denmark-based Maersk Drilling’s modern fleet comprises 24 drilling rigs, 21 of which are harsh environment jack-ups and deep-water floaters.