Maersk Drilling, part of A.P. Moller-Maersk, announced earlier this week that it agreed to sell its 50% stake in Egyptian Drilling Company (EDC) to Egyptian General Petroleum Corporation (EGPC) for $100 million in an all cash transaction.
After the agreement, EGPC will be the only owner of EDC and will manage the whole portfolio, obligations and rights, as the agreements suggests.
As far as EDC is concerned, the company operates 70 rigs, of which the majority are land-based drilling rigs.
Maersk Drilling’s decision to sell half of its EDC stake to EGPC is a part of the company’s plan ton concentrate on offshore drilling and deepwater markets, Reuters said.