Maersk to pursue a separate listing of Maersk Drilling on Nasdaq Copenhagen in 2019

A.P. Moller – Maersk has decided to pursue a demerger via a separate listing of Maersk Drilling on Nasdaq Copenhagen in 2019.

Having evaluated the different options available for Maersk Drilling, A.P. Moller – Maersk has concluded that listing Maersk Drilling as a standalone company presents the most optimal prospects for its shareholders, offering them the opportunity to participate in the value creation of an industry leading pure play offshore drilling company with long-term development prospects.

Maersk Drilling has a leading position within high-end harsh environment jack-ups and the modern deep-water floater segment, providing superior and safe drilling performance under some of the world’s most demanding conditions and with a unique stronghold in the North Sea, which is currently seeing a recovery in tender activity.

Recognised for its collaborative and innovative business approach, as well as its young fleet, which is amongst the most sophisticated in the industry, Maersk Drilling has achieved an industry leading backlog of USD 2.7bn with long-term customer relations counting some of the world’s leading
and most innovative oil and gas companies.

Maersk Drilling has a superior through-the-cycle financial profile based on best in class financials and a conservative balance sheet philosophy. In second quarter 2018, Maersk Drilling reported a revenue growth of 4.9% to USD 366m, while EBITDA increased by 2.3% to USD 159m.

Competitive long-term debt financing of USD 1.5bn has been secured from a consortium of international banks to ensure a strong capital structure after a listing.

“Maersk Drilling is an industry leader in the offshore market. Based on its well-reputed and safe operations and a fleet that is among the youngest and most sophisticated in the industry, Maersk Drilling has achieved one of the strongest contract backlogs in the market, as well as a superior financial
profile. A separate listing will ensure that Maersk Drilling can continue to uphold and develop its unique position to the benefit of both its longterm blue-chip customer base and its investors,” says Claus V.
Hemmingsen, Vice CEO of A.P. Moller – Maersk and CEO of the Energy division.

Maersk Drilling will be demerged from A.P. Moller – Maersk via a separate listing, subject to A.P. Moller – Maersk maintaining investment grade rating. Listed shares in Maersk Drilling will be distributed to
A.P. Moller – Maersk shareholders pro-rata. A.P. Møller Holding has confirmed its intent to uphold a significant shareholding in a separately listed Maersk Drilling. The process to ensure Maersk Drilling is operationally and organisationally ready to stand alone and for a separate listing in 2019 has been initiated.

“Maersk Drilling has the position, the people, the assets and the expertise to meet the demanding drilling requirements for a diverse group of oil and gas customers worldwide. We provide superior and safe drilling performance under some of the world’s most demanding conditions. Through innovative technologies combined with new business models, we are optimising drilling programmes, reducing overall well cost and risk, and shaping the future of offshore drilling,” says Jørn Madsen, CEO of
Maersk Drilling.

Maersk Drilling, which was established in 1972, is a high-end harsh environment jack-up leader with a strong position in the modern deepwater floater market. Its modern fleet consists of 24 drilling rigs, of which 21 are harsh environment jack-ups and deep-water floaters. The company is situated in Copenhagen, Denmark and employs approximately 3,400 people on- and offshore.

In a demerger, Maersk Drilling will continue to operate under the name “Maersk Drilling”, on which its global leading market position is built and recognised, using the A.P. Moller – Maersk seven-pointed star-logo as part of its brand.

Further details on the separate listing will be announced at a later stage.

A webcast in connection with the Q2 Report 2018 will be held on 17 August 2018 at 11:00 a.m. (CET) and can be accessed via http://investor.maersk.com/financial-reports