Davis Polk is advising A.P. Møller – Mærsk in connection with the disposal of its 50% shareholding in Egyptian Drilling Company to Egyptian General Petroleum Corporation, its joint venture partner in Egyptian Drilling Company, for $100 million in an all-cash transaction.
A.P. Møller - Mærsk is an integrated transport and logistics company with multiple brands and is a global leader in container shipping and ports. Including a stand-alone Energy division, the company employs roughly 88,000 employees across operations in 130 countries. Headquartered in Copenhagen, Denmark, and listed on Nasdaq Copenhagen, it is the largest container ship operator in the world. Egyptian General Petroleum Corporation is Egypt’s national petroleum corporation, overseeing exploration, production refining, marketing and distributing of oil and gas within Egypt. Egyptian Drilling Company is one of the leading drilling operators in the Middle East and operates 70 rigs in total, of which the vast majority are land-based drilling rigs. Egyptian Drilling Company began operations in 1976 as a 50/50 joint venture between Maersk Drilling and Egyptian General Petroleum Corporation, which is owned by the Ministry of Petroleum and Mineral Resources in Egypt.
The Davis Polk corporate team includes corporate partner Will Pearce, associate William Tong and trainee solicitor Aya Aboulatta. Members of the Davis Polk team are based in the London office.