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In 2016, the company split its business into one focused on shipping and logistics and another in the oil and gas sector, with the ultimate goal of selling its oil and gas related business enterprises.
Working towards its goal, Maersk has so far sold its oil business – Maersk Oil – to French oil giant Total in March this year. Previously, it sold Maersk Tankers to APMH Invest A/S, leaving it up to Maersk Drilling and Maersk Supply Service to find a solution.
The transport giant said on Friday: “Having evaluated the different options available to Maersk Drilling, AP Moller-Maersk concluded that listing Maersk Drilling as a stand-alone company presents the best prospects for its shareholders, offering them the opportunity to participate in the value. creation of an industry-leading pure offshore drilling company with long-term development prospects. ”
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Maersk Drilling will be spun off from AP Moller – Maersk through a separate listing, subject to AP Moller – Maersk maintaining investment grade rating. Shares listed in Maersk Drilling will be distributed to AP Moller-Maersk shareholders pro-rata, Maersj said.
AP Møller Holding has confirmed its intention to retain a significant stake in a separately listed Maersk Drilling.
The process to ensure Maersk Drilling is operationally and organizationally ready to stand alone and for a separate listing in 2019 has started, he added.
Backlog of 2,7 billion
“Maersk Drilling has the position, people, assets and expertise to meet the demanding drilling requirements for a diverse group of oil and gas customers around the world. We deliver superior, safe drilling performance in some of the world's toughest 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 managed a backlog of USD 2,7 billion. Maersk also said it is in the process of ensuring Maersk Drilling is operationally and organizationally ready for a 2019 listing.
“As part of the preparation, debt financing of US$1,5 billion from a consortium of international banks was secured for Maersk Drilling to ensure a strong capital structure following a listing,” Maersk said.
In a statement released on Friday, Maersk said Maersk Drilling's "modern fleet" consisted of 24 drilling rigs, of which 21 are aggressive and floating in deep water. The company is located 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 at 31 July, Maersk Drilling had 16 lifting platforms, four semi-submersibles and four drillships.
Despite previously saying that a structural solution for Maersk Drilling and Maersk Supply Service would be found by the end of 2018, this appears to no longer be the case.
“For Maersk Supply Service, the search for a solution will continue. However, due to challenging markets, the timing for defining a solution is difficult to predict,” Maersk said on Friday.
Total shares
Maersk also took the opportunity to share some financial details on the results achieved so far with the divestments of its energy business.
Net cash is transferred to AP Moller-Maersk from a separation of Maersk Oil and Maersk Tankers, and now Maersk Drilling is around $5 billion, Maersk said, adding that separate funding from Maersk Drilling is expected to free up $1,2 billion. XNUMX billion for AP Moller – Maersk.
Additionally, AP Moller-Maersk sold Total SA shares for an aggregate amount of around $1,2 billion during July 2018.
“This represents the increase in value since the signing of the sale of Maersk Oil in August 2017. AP Moller – Maersk owns 78,3 million shares of Total SA with a current aggregate value of around $5 billion.”
Following the spin-off of Maersk Drilling, a substantial portion of the remaining Total SA shares will be distributed to AP Moller-Maersk shareholders in cash dividends, share buybacks or as a direct distribution of Total SA shares, Maersk said.
