Maersk Contractors Acquires Six Drilling Barges

Maersk Contractors and ENSCO have entered into an agreement whereby Maersk Contractors will acquire ENSCO's fleet of drilling barges in Venezuela. A definitive contract has been signed and the parties expect to close the purchase in late June when the barges will be taken over by Maersk.

Built between 1994 and 1998 the six barges are similar in size and capacities to Maersk Contractors' existing fleet in Venezuela. With the acquisition Maersk Contractors will have 12 barge rigs on Lake Maracaibo.

"We expect the positive development in Venezuela to continue over the coming years. The production of oil is planned to increase significantly through extensive investments by PDVSA and foreign oil companies in exploration for new wells and workover of existing wells. This will lead to increased activity for drilling barges. With the new fleet Maersk Contractors will be in a good position to meet the increasing demand," said Claus V. Hemmingsen, CEO, Maersk Contractors. "We have been present in Venezuela since 1991 and this expansion of the fleet demonstrates our long term commitment to stay in the area".

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