Maersk Drilling Sells Inspirer Rig

Maersk Drilling Sells Inspirer Rig
The all-cash transaction divests a non-core asset and significantly deleverages Maersk Drilling's balance sheet, Maersk Drilling said.

Maersk Drilling has closed the divestment of the combined drilling and production unit Maersk Inspirer to Havila Sirius for $373 million.

The all-cash transaction divests a non-core asset and significantly deleverages Maersk Drilling’s balance sheet, Maersk Drilling said. As part of the deal, Repsol has assumed responsibility for the day to day operation of the rig on the Yme field, leasing the rig from Havila Sirius on behalf of the Yme licensees.

Sixty employees have been transferred from Maersk Drilling to Repsol in a transfer of undertaking, Maersk Drilling highlighted. To ensure operational continuity Maersk Drilling will continue to provide certain systems and logistics services for up to 12 months, the company noted. In addition, Maersk Drilling revealed that it will provide drilling management services for a period against payment of a management fee, which it said is not included in the proceeds.

The transaction, which has been approved by authorities, will not impact Maersk Drilling’s financial guidance for 2021, the company confirmed. As a result of the deal, Maersk Drilling said its contract backlog will be reduced. As of June 30, this backlog was said to stand at $1.6 billion.

On May 27, Repsol announced that it had entered into an agreement to take over the day to day operations of the Maersk Inspirer from Maersk Drilling. In a company statement at the time, the transaction was said to be subject to certain conditions being satisfied, including relevant authorities’ approval.

Inspirer is an ultra-harsh environment CJ70-150MC jack-up rig which was delivered in 2004 and converted to a dual drilling and production facility in 2007, Maersk Drilling notes on its website. At the end of 2020, the rig moved offshore to prepare for operations at the Yme field offshore Norway.

In May this year, Maersk Drilling revealed that it had sold the jack-up rig Maersk Guardian to New Fortress Energy and that the parties had further entered into an agreement about the sale of the jack-up rig Maersk Gallant. The total sales price for the two rigs was said to be $31 million in a company statement at the time.

Maersk Drilling is a global leader in harsh environment and deepwater drilling, with one of the youngest and most advanced fleets in the industry, the company’s website states. The business has a fleet of 11 jack up rigs, four semi-submersibles and four ultra deepwater drillships capable of operating at depths up to 12,000 feet, according to its website.

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