Maersk Drilling to sell Maersk Inspirer for $373 million
Maersk Drilling has entered into an agreement to divest the combined drilling and production unit Mærsk Inspirer to Havila Sirius for a price of $373 million. This transaction is in line with Maersk Drilling’s strategic objective of aligning its fleet to its core business, while also further strengthening Maersk Drilling’s balance sheet through a material reduction of net debt. Part of the proceeds from the transaction will be used for a partial repayment of the syndicated loan facility.
According to the agreement, Maersk Drilling will transfer
ownership of the rig to Havila Sirius in an all-cash transaction with cash
proceeds to be paid to Maersk Drilling upon closing of the transaction. As part
of the transaction, Repsol will, on behalf of the Yme licensees, lease the rig
from Havila Sirius and assume responsibility for the day-to-day operation of
the rig on the Yme field, Maersk Drilling will deliver certain transitional
services, and a transfer of undertaking will be completed whereby certain
employees are expected to be transferred from Maersk Drilling to Repsol.
Further, it has been agreed that, in the transitional period
post-closing and for a firm period of 12 months, Maersk Drilling will provide
drilling management services against payment of a management fee, which is not
included in the proceeds. It is expected that the transaction closing will take
place in the second half of 2021, subject to authorities’ approval and
completion of offshore (commissioning) activities for the rig to be ready to
receive hydrocarbons.
The transaction will not impact Maersk Drilling’s financial
guidance for 2021. As a result of the transaction, Maersk Drilling’s contract
backlog will be reduced. As of 31 March 2021, Maersk Drilling’s contract
backlog was USD 1.8bn of which approximately USD 440m relates to Mærsk
Inspirer.
Mærsk Inspirer was delivered in 2004, and following an
initial drilling campaign in UK, the rig was converted to provide simultaneous
drilling and production service on the Volve field offshore Norway for Equinor
in the period from 2007 to 2017. End-2020, after completing onshore
modifications at Egersund yard in Norway, Mærsk Inspirer moved offshore to
prepare for a five-year contract with additional options for combined drilling
and production activities at the Repsol-operated Yme field offshore Norway.
Havila Sirius is a 100% owned subsidiary of Havila Holding,
a family-owned investment company with long-term industrial ownership within
offshore supply vessels, ship-technology, ferry-operations, tourism, and real
estate.
”We are very pleased to enter this agreement with Havila
Sirius and Repsol who have a special interest in taking ownership of Mærsk
Inspirer’s production capabilities as part of the rig’s long-term commitment to
Yme. Operating a production module is not part of Maersk Drilling’s core
business and we believe that this is an attractive transaction which will
create value for Maersk Drilling’s shareholders while securing a good future
home for the rig,” says CEO Jørn Madsen, Maersk Drilling.
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