Maersk Drilling Signs $300 Million Drilling Contract With Inpex

Written by Paulo Nogueira

Published on 03/04/2019 at 05:42

Updated on 03/04/2019 at 05:44

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Maersk Drilling, Owner of the Maersk Deliverer Rig, Received a Three-Year Contract from Inpex Australia and Joint Venture Participants for Drilling in the Ichthys Gas and Condensate Field in Western Australia.

The platform owner said on Wednesday that the estimated value (revenue) of the three-year contract is US$ 300 million, including mobilization. This means the daily rate for the equipment is approximately US$ 270,000. The contract is set to commence in the second quarter of 2020 and also includes two one-year options. The Mærsk Deliverer, a deepwater semi-submersible platform, delivered in 2010, is currently operating in the Timor Sea.

“We are very pleased to have secured long-term work for the Mærsk Deliverer, significantly increasing our contract backlog in this segment. The Ichthys LNG Project, operated by Inpex, is one of the largest resource projects in Australia and we look forward to supporting a successful operation for Inpex and joint venture participants ,” said Jørn Madsen, CEO of Maersk Drilling.

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“With this contract award, we maintain a well-balanced coverage in the floating market with long-term contracts, maintaining exposure to a market recovery”, he added.

Spin-Off

In related news, Danish giant Maersk, owner of Maersk Drilling, initiated a process last February for a spin-off of its drilling unit, fulfilling the announcement from August 2018 that it would separate from Maersk Drilling and list it as an independent company, subject to shareholder approval.

The company has already proposed a new member for the board of directors of the new company. Alastair Maxwell is set to be elected as a member of the board of directors of Maersk Drilling.

On Tuesday, April 2, at the annual general meeting of AP Møller – Mærsk A/S (APMM), it was decided to complete the partial and tax-free spin-off of APMM carried out through a contribution of APMM’s shares in Maersk Drilling Holding, along with certain other assets and liabilities to a newly formed Danish public limited company, and therefore, The Drilling Company of 1972 A/S (Maersk Drilling) was established and registered with the Danish Business Authority.

Maersk Drilling will submit its application for admission to trading and official listing of its shares on Nasdaq Copenhagen. The first day of trading and official listing of Maersk Drilling’s shares on Nasdaq Copenhagen is scheduled for April 4, 2019, at 9:00 AM (CEST).

Maersk Drilling Signs $300 Million Drilling Contract With Inpex

Maersk Drilling, Owner of the Maersk Deliverer Rig, Received a Three-Year Contract from Inpex Australia and Joint Venture Participants for Drilling in the Ichthys Gas and Condensate Field in Western Australia.

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Maersk Drilling Signs $300 Million Drilling Contract With Inpex

Maersk Drilling, Owner of the Maersk Deliverer Rig, Received a Three-Year Contract from Inpex Australia and Joint Venture Participants for Drilling in the Ichthys Gas and Condensate Field in Western Australia.

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