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In 2016, the company divided its business into one focused on shipping and logistics and another in the oil and gas sector, with the ultimate goal of selling its companies related to oil and gas.
Working towards its goal, Maersk has sold so far its oil business – Maersk Oil – to the French oil giant Total in March of this year. Previously, it sold Maersk Tankers to APMH Invest A/S, leaving it with Maersk Drilling and Maersk Supply Service to find a solution.
The transport giant stated on Friday: “Having evaluated different options available for Maersk Drilling, A.P. Moller-Maersk concluded that listing Maersk Drilling as a standalone company presents the best prospects for its shareholders, offering them the opportunity to participate in creating value. for a leading pure-play offshore drilling company, with long-term development prospects.”
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Maersk Drilling will be spun off from A.P. Moller – Maersk through a separate listing, subject to A.P. Moller – Maersk maintaining investment-grade classification. Shares listed in Maersk Drilling will be distributed to A.P. Moller-Maersk shareholders pro-rata, said Maersk.
A.P. Møller Holding confirmed its intention to maintain a significant stake in a separately listed Maersk Drilling.
The process to ensure that Maersk Drilling is operationally and organizationally ready to be standalone and for a separate listing in 2019 has begun, it added.
Backlog of $2.7 Billion
“Maersk Drilling has the position, people, assets, and expertise to meet the demanding drilling requirements of a diverse group of oil and gas customers worldwide. We provide superior and safe drilling performance in some of the world’s most challenging conditions. Through innovative technologies combined with new business models, we are optimizing drilling programs, reducing overall cost and risk, and shaping the future of offshore drilling,” says Jørn Madsen, CEO of Maersk Drilling.
According to Maersk, Maersk Drilling has secured a portfolio of $2.7 billion. Maersk also reported that it is in the process of ensuring that Maersk Drilling is operationally and organizationally ready for a listing in 2019.
“As part of the preparation, $1.5 billion in debt financing from a consortium of international banks has been secured for Maersk Drilling to ensure a strong capital structure following a listing,” said Maersk.
In a statement released on Friday, Maersk reported that the “modern fleet” of Maersk Drilling consisted of 24 drilling rigs, of which 21 are jack-up rigs and four are semi-submersible rigs. The company is based in Copenhagen, Denmark, and employs approximately 3,400 people worldwide and abroad.
It is worth noting that, according to the fleet update found on the Maersk Drilling website, as of July 31, Maersk Drilling owned 16 jack-up rigs, four semi-submersible rigs, and four drillships.
Despite having previously stated that a structural solution for Maersk Drilling and Maersk Supply Service would be found by the end of 2018, this no longer seems to be the case.
“For Maersk Supply Service, the search for a solution will continue. However, due to challenging markets, the timing to define a solution is difficult to predict,” Maersk said on Friday.
Total Shares
Maersk also took the opportunity to share some financial details about the results achieved so far with the divestitures of its energy businesses.
The net cash is transferred to A.P. Moller-Maersk from a separation of Maersk Oil and Maersk Tankers, and now Maersk Drilling is around $5 billion, Maersk said, adding that the separate financing for Maersk Drilling is expected to free up $1.2 billion for A.P. Moller – Maersk.
Additionally, A.P. Moller-Maersk sold shares of Total S.A. for an aggregate amount of about $1.2 billion during July 2018.
“This represents the increase in value since the signing of the sale of Maersk Oil in August 2017. A.P. Moller – Maersk holds 78.3 million shares of Total S.A. with a current aggregate value of about $5 billion.”
Following the spin-off of Maersk Drilling, a substantial portion of the remaining shares of Total S.A. will be distributed to A.P. Moller-Maersk shareholders in cash dividends, share buybacks, or as direct distribution of Total S.A. shares, said Maersk.
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