Davis Polk is advising A.P. Moller – Maersk A/S and Maersk Drilling on the proposed separation of A.P. Moller – Maersk’s offshore drilling activities through a demerger of Maersk Drilling. Pursuant to the demerger plan published today, shares in Maersk Drilling Holding A/S and its subsidiaries, as well as certain other assets and liabilities, will be contributed to a new company, The Drilling Company of 1972 A/S, that will issue new shares to the shareholders of A.P. Moller – Maersk. The Drilling Company’s shares will be admitted to trading and official listing on Nasdaq Copenhagen under the symbol “DRLCO,” but it will continue to be known as Maersk Drilling. Subject to the satisfaction of customary closing conditions, including approval of the shareholders of A.P. Moller – Maersk, completion of the demerger and commencement of trading in shares in Maersk Drilling is expected to occur on April 4, 2019.
This transaction is the latest in a series of deals that Davis Polk have advised on for A.P. Moller – Maersk, including its $7.45 billion disposal of Maersk Oil to Total, as it has implemented the separation of its energy and oil and gas related businesses from its core transport and logistics business as originally announced in September 2016.
Maersk Drilling owns and operates a fleet of 23 offshore rigs specializing in harsh environment and deepwater drilling operations. With more than 45 years of experience operating in the most challenging environments, Maersk Drilling provides safe, efficient and reliable drilling services to oil and gas companies around the world. Headquartered in Denmark, Maersk Drilling employs 2,850 people. A.P. Moller – Maersk is an integrated transport and logistics company with multiple brands and is a global leader in container shipping and ports. The company employs roughly 76,000 employees across operations in 130 countries.
The Davis Polk corporate team includes partner Will Pearce, counsel Connie I. Milonakis and associates Fiona Tregeagle, Grecia Barboza and Quentin Parmentier. Partner Jonathan Cooklin is providing tax advice. All members of the Davis Polk team are based in the London office.
Davis Polk is working alongside Gorrissen Federspiel, as Danish legal counsel to A.P. Moller – Maersk and Maersk Drilling, with a team led by corporate partner Anders Ørjan Jensen and capital markets partners Rikke Schiøtt Petersen and Chantal Pernille Patel.