Maersk Drilling, owner of the Maersk Deliever rig, has been awarded a three-year contract by Inpex Australia and joint venture participants to drill in the Ichthys gas and condensate field in the Western Australia region.
The rig owner said on Wednesday that the estimated value (revenue) of the three-year contract is $300 million, including mobilization. This means that the daily fee for the equipment is approximately $270.000. The contract is expected to start in the second quarter of 2020 and also includes two one-year options. The Mærsk Deliverer, an ultra-deepwater semi-submersible platform, delivered in 2010, is currently operating offshore Timor-Leste.
“We are delighted to have secured a long-term job for Mærsk Deliverer, significantly increasing our backlog of segment contracts in this segment. The Ichthys LNG Project, operated by Inpex, is one of Australia's largest resource projects and we look forward to supporting a successful operation for participants from Inpex and joint venture,” said Jørn Madsen, CEO of Maersk Drilling.
“With this contract premium, we maintain a well-balanced coverage in the floating market with long-term contracts, maintaining exposure to a market recovery,” he added.
Separation
In related news, Danish drilling giant Maersk, owner of Maersk Drilling, last February started proceedings to spin off its drilling rig, fulfilling its August 2018 announcement 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 to be elected as a member of Maersk Drilling's board of directors.
On Tuesday, April 2, at the annual general meeting of AP Møller – Mærsk A/S (APMM), it was decided to complete the partial, tax-free spin-off of APMM effected through a contribution of APMM's shares in Maersk Drilling Holding . as certain other assets and liabilities to a newly incorporated Danish joint-stock company and therefore The Drilling Company from 1972 A/S (Maersk Drilling) was incorporated and registered with the Danish Commercial Authority.
Maersk Drilling will submit its application for admission to trading and official listing of its shares on Nasdaq Copenhagen. The first day of official trading and listing of Maersk Drilling shares on Nasdaq Copenhagen is scheduled for April 4, 2019 at 9:00 am (CEST).
