COPENHAGEN, Dec 19 (Reuters) - Maersk Drilling, a part of A.P. Moller-Maersk MAERSKb.CO , said late Monday it had agreed to sell its 50 percent stake in Egyptian Drilling Company (EDC) to Egyptian General Petroleum Corporation (EGPC) for $100 million in an all-cash transaction.
Maersk Drilling said in a statement:
- Following the transaction EGPC will become sole owner of EDC and will as part of the agreement take over the entire portfolio, obligations and rights
- EDC operates 70 rigs in total of which the vast majority are land-based drilling rigs
- The divestment of EDC is in line with Maersk Drilling's strategy to focus on offshore drilling in harsh environment and deepwater markets
- EDC employs approximately 5,000 people, whereof 34 are Maersk Drilling employees. Maersk Drilling is currently looking into future job opportunities for its employees in EDC (Reporting by Jacob Gronholt-Pedersen, editing by Gwladys Fouche) Keywords: MAERSK DRILLING/EGYPTEGYPT