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Oil & Gas

Maersk sells its 50% stake in Egyptian Drilling Company to EGPC for $100m

Posted: December 19, 2017 at 10:03 am   /   by   /   comments (0)

EDCMaersk Drilling agreed to sell its 50% stake in Egyptian Drilling Company to the EGPC for USD 100 million, Reuters reports. The cash transaction leaves the EGPC as the sole shareholder of Egyptian Drilling Company.

* MAERSK DRILLING, UNIT OF A. P. MOLLER-MAERSK, SAYS IT AND EGYPTIAN GENERAL PETROLEUM CORPORATION EGPC HAS SIGNED AN AGREEMENT WHEREBY EGPC WILL ACQUIRE A.P. MOLLER – MAERSK’S 50 PERCENT SHAREHOLDING IN EGYPTIAN DRILLING COMPANY FOR 100 MILLION DOLLARS IN AN ALL-CASH TRANSACTION.

* FOLLOWING THE TRANSACTION EGPC WILL BECOME SOLE OWNER OF EDC AND WILL AS PART OF THE AGREEMENT TAKE OVER THE ENTIRE PORTFOLIO, OBLIGATIONS AND RIGHTS.

(Sources: Enterprise.press & Reuters)