Moller-Maersk starts demerger of drilling business

Maersk Drilling
Maersk Drilling

Moller-Maersk has started the demerger of its drilling business, which will be listed separately on the stock exchange.

The Danish conglomerate has been planning the move in a bid to shift away from the energy sector and instead focus on transport and logistics.

It follows Moller-Maersk’s sale of Maersk Oil to Total last year.

Maersk Drilling will be listed on the Nasdaq Copenhagen subject to shareholder approval at the Moller-Maersk annual general meeting on April 2.

The anticipated first day of trading for the new firm is April 4.

Moller-Maersk investors will be entitled to shares in the drilling firm based on the value of their current stake in Moller-Maersk.

Claus Hemmingsen, vice CEO of A.P. Moller – Maersk and chairman of the Maersk Drilling board of directors, said: “Maersk Drilling is an industry leader in the global offshore drilling market, based on its well-reputed and safe operations and a fleet that is among the youngest and most advanced in the industry.

“The demerger will create a listed Danish-based offshore drilling company with a clear investment profile and long-term development prospects.

“Maersk Drilling is well-positioned to capitalise on the value creation opportunity of a globally leading pure play offshore drilling company to the benefit of both its long-term blue-chip customer base, as well as its investors.”

Maersk Drilling posted pre-tax profits of £756m last year.