This transaction divests a non-core asset and significantly deleverages Maersk Drilling’s balance sheet. Per the terms of Maersk Drilling’s term loan agreement, the sale triggers a simultaneous loan repayment of US$80 million.
As part of the transaction, Repsol has assumed responsibility for the day-to-day operation of the rig on the Yme field, leasing the rig from Havila Sirius on behalf of the Yme licensees. 60 employees have been transferred from Maersk Drilling to Repsol in a transfer of undertaking, and to ensure operational continuity Maersk Drilling will continue to provide certain systems and logistics services for up to 12 months. In addition, Maersk Drilling will provide drilling management services for a period against payment of a management fee, which is not included in the proceeds.
As per the agreement, ownership was transferred after the rig was ready to receive hydrocarbons, which was achieved on 10 October 2021. The transaction has been approved by authorities.
This transaction will not impact Maersk Drilling’s financial guidance for 2021. As a result of the transaction, Maersk Drilling’s contract backlog will be reduced. As of 30 June 2021, Maersk Drilling’s contract backlog was US$1.6 billion of which approximately US$430 million relates to the Inspirer.
Inspirer is an ultra-harsh environment CJ70-150MC jack-up rig that was delivered in 2004 and converted to a dual drilling and production facility in 2007. In end-2020, it moved offshore to prepare for operations at the Yme field offshore Norway.
Havila Sirius is a 100% owned subsidiary of Havila Holding, a family-owned investment company with long-term industrial ownership within offshore supply vessels, ship technology, ferry operations, tourism, and real estate.
Read the latest issue of Oilfield Technology in full for free: Issue 3 2021
Oilfield Technology’s third issue of 2021 starts with a report from Wood Mackenzie focusing on the upstream industry’s fortunes in Asia-Pacific. The rest of the issue is dedicated to features covering offshore engineering, coiled tubing, frac technology, completion technologies, water management, well placement and much more.
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Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/28102021/maersk-drilling-sells-mrsk-inspirer-to-havila-sirius/