Maersk Drilling sells jackup rig Maersk Completer

Maersk Drilling has entered into an agreement with a subsidiary of Shelf Drilling to sell the jackup rig Maersk Completer for $38 million in an all-cash transaction. The transaction is subject to customary closing conditions, and the rig is expected to be delivered in January 2020.

Maersk Completer, which was delivered in 2007, has been stacked in Singapore since 2017.

“The sale is in line with our decision to concentrate our jackup activities in the harsh environments in the North Sea, where we have our strengths and a better competitive position,” Jesper Ridder Olsen, CFO of Maersk Drilling, said. “With limited prospects for our reactivation of Maersk Completer, we believe a sale creates the highest value for Maersk Drilling and our shareholders.”

The sale results in a pre-tax accounting loss of $34 million.

After the sale, Maersk Drilling’s rig fleet counts 14 jackup rigs, of which 13 are suited for operation in harsh environments, and eight floaters.