Maersk continues to review and streamline its business portfolio. As part of that strategy, it announced today of its exit of the Egyptian rig company joint venture.
Press release
A.P. Møller - Mærsk A/S ("A.P. Moller - Maersk") and Egyptian General Petroleum Corporation ("EGPC") has today signed an agreement whereby EGPC will acquire A.P. Moller - Maersk’s 50 percent shareholding in Egyptian Drilling Company ("EDC") for USD 100m in an all-cash transaction.
Following the transaction EGPC will become sole owner of EDC and will as part of the agreement...
