ADES International Buys Maersk Convincer Jack-Up Rig

ADES International Buys Maersk Convincer Jack-Up Rig
Maersk Drilling has entered into an agreement with ADES International to sell the jack-up rig Maersk Convincer for $42.5 million.

Offshore driller Maersk Drilling has entered into an agreement with UAE-based operator ADES International to sell the benign environment jack-up rig Maersk Convincer for $42.5 million in an all-cash transaction.

Maersk Drilling said that the transaction was subject to customary closing conditions, and the rig is expected to be transferred to ADES following the completion of its current drilling program with Shell subsidiary Brunei Shell Petroleum Company Sdn. Bhd.

Maersk Convincer is a Baker Pacific Class 375 cantilever jack-up rig that was delivered in 2008. It has been operating offshore Brunei Darussalam since 2017.

The offshore driller reached an agreement with Shell to release the rig from its current contract upon completion of Maersk Convincer’s current drilling program, which is expected to be completed in August 2022 and in any case not later than September 15, 2022.

“This transaction will contribute to the optimization of our fleet in line with Maersk Drilling’s strategic priorities of maintaining a fleet of modern, high-end assets and concentrating our jack-up activities in the harsh environments of the North Sea,” said CFO Christine Morris of Maersk Drilling.

“Though the sale marks the end of an era of proud operations and exemplary collaboration with BSP – a joint venture between the government of Brunei Darussalam and the Shell group of companies – during which our rigs have won multiple Shell Group Jack-up of the Year awards, the Southeast Asian jack-up market is not key to us,” Morris added.

After the sale, Maersk Drilling’s rig fleet will have 10 jack-up rigs, all of which are suited for operations in harsh environments. The fleet also includes eight floaters.

The company did state that the transaction does not change Maersk Drilling’s financial guidance for 2022.

This rig acquisition comes days after ADES agreed to buy four jack-up drilling rigs from Indian offshore driller Aban Offshore for $106 million. ADES is working on expanding its fleet as it also bought jack-up rigs from Noble Corporation and Vantage Drilling last year.

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