Maersk Exits Egyptian Drilling Joint Venture, Giving Sole Ownership to EGPC

Updated 3 years 9 months ago

Maersk and EGPC today signed an agreement whereby EGPC will acquire Maersk’s 50% stake in Egyptian Drilling Company (EDC) for $100 million in cash. Following the transaction, EGPC will become the sole owner of EDC.

34 joint venture employees are Maersk Drilling employees. Maersk Drilling is currently looking into future job opportunities for its employees in EDC.

“I am very pleased with this agreement with EGPC. The divestment is a natural consequence of our announced long-term plans to exit the EDC joint venture, when the timing was right. EDC has a very strong position in the Middle East, and I am confident that the new ownership will enable EDC to develop its business and capabilities even further,” says Jørn Madsen, CEO of Maersk Drilling.