Maersk Drilling is to be demerged from parent AP Moller – Maersk and separately listed on Nasdaq Copenhagen.
AP Moller – Maersk announced it was initiating the demerger of Maersk Drilling from parent with the signing and publication of statutory documents anticipated to take place on 4 March this year, with the demerger proposed at AP Moller – Maersk’s agm on 2 April 2019.
Should shareholders approved the demerger Maersk Drilling would then be listed on Nasdaq Copenhagen on 4 April this year.
Shares in Maersk Drilling would be issued on a pro-rata basis to shareholders of AP Moller – Maersk with one share in Maersk Drilling per nominal A.P. Moller - Maersk DKK500 share and two shares in Maersk Drilling per nominal A.P. Moller - Maersk DKK1,000 share. AP Moller – Maersk has agreed to a 360-day lock-up on its shares in Maersk Drilling.
Maersk Drilling ceo Jørn Madsen and cfo Jesper Ridder Olsen, who will serve on the executive management team in the future listed company.
“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", said Claus V. Hemmingsen, vice ceo of AP Moller - Maersk and chairman of the Maersk Drilling board of directors.
The move to demerge Maersk Drilling is one of the last pieces of a jigsaw initiated from a restructuring announced in September 2016 with AP Moller – Maersk to focus on transport and logistics and solutions to be found its oil and energy businesses.
Read more: AP Moller - Maersk splits in two: separating transport & logistics and energy
Maersk Oil was sold to Total for $7.45bn, while Maersk Tankers was acquired by AP Moller Holding for $1.17bn. AP Moller - Mearsk said its annual results that it was still searching for a long term solution for offshore vessel owning arm Mearsk Supply Services.