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Maersk Drilling sells last business in Egypt

Maersk Drilling sells last business in Egypt

19-12-2017 15:00:00

Maersk Drilling has decided to sell its 50 % share of the Egyptian company, Egyptian Drilling Company, to Egyptian General Petroleum Corporation (EGPC) for 100 million Dollars. The organization already owned the other half of the company.

The sale of Egyptian Drilling Company marks the end of a 40 years presence Maersk has had in Egypt.

Maersk Drilling helped build the company in 1976 as part of a joint venture with EGPC, but since 2013 they have wanted to sell their share of the company, which primarily works with rigs on land.

The company consists of more than 5000 employees and has an income of approximately 600 million dollars, according to various medias.

Source: Maritime Denmark

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