ADES to purchase Maersk Convincer jackup for $42.5 million

Maersk Drilling has entered an agreement with ADES to sell the benign-environment jackup Maersk Convincer for $42.5 million in an all-cash transaction. The transaction is subject to customary closing conditions, and the rig is expected to be transferred to ADES following the completion of its current drilling program with Brunei Shell Petroleum Company (BSP).

The Maersk Convincer is a Baker Pacific Class 375 cantilever jackup that was delivered in 2008. It has been operating offshore Brunei since 2017, and Maersk Drilling has reached an agreement with BSP to release the rig from its current contract upon completion of Maersk Convincer’s current drilling program, which is expected to be completed in August 2022 and no later than 15 September 2022.

“This transaction will contribute to the optimization of our fleet in line with Maersk Drilling’s strategic priorities of maintaining a fleet of modern, high-end assets and concentrating our jackup activities in the harsh environments of the North Sea. Though the sale marks the end of an era of proud operations and exemplary collaboration with BSP – a joint venture between the government of Brunei Darussalam and the Shell group of companies – during which our rigs have won multiple Shell Group Jackup of the Year awards, the Southeast Asian jackup market is not key to us,” said Maersk Drilling CFO Christine Morris.

After the sale, Maersk Drilling’s rig fleet counts 10 jackups, all of which are suited for operations in harsh environments, and eight floaters.