Maersk Drilling completes sale of jack-up rig

Maersk Drilling has completed the sale of jack-up rig Giant, formerly Maersk Giant, to Poland’s LOTOS Petrobaltic Group.

The new owners will use the rig for drilling solely in the Baltic Sea for jobs involving the LOTOS Petrobaltic Group and other contracting parties.

“After reviewing different options, we believe that a sale of Giant creates the highest shareholder value. The rig was built in 1986 and the sale is part of our fleet optimisation in line with our strategic priority of maintaining a fleet of modern, high-quality assets,” said Jesper Ridder Olsen, cfo of Maersk Drilling.

Maersk Drilling is expected to recognise “a single-digit USD million pre-tax gain on the sale”.

The rig Maersk Giant is currently stacked in Esbjerg, Denmark.

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Posted 24 June 2019

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Lee Hong Liang

Asia Correspondent