Maersk sells Venezuela drilling unit

OE Staff
Wednesday, September 17, 2014

Maersk Drilling is selling its drilling barge activities in Venezuela to Barrystar Holding, an investment company based in Panama.

The activities, registered in the company Maritime Contractors Venezuela (MCVSA), comprise the ownership and operation of 10 cantilevered offshore drilling barges working on Lake Maracaibo in Venezuela.

All the drilling barges are on contract with the national oil company in Venezuela, Petróleos de Venezuela (PdVSA). In 2013, MCVSA revenues were US$195 million.

“The divestment of Maersk Drilling’s drilling barge activities in Venezuela is in line with our strategy of focusing on developing and growing our core activities within the ultra deepwater and ultra harsh environment segments, and we concluded that Maersk Drilling was no longer the best owner of the activities in MCVSA,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board in the Maersk Group.

He added: “Maersk Drilling has been operating in Venezuela since 1992 and MCVSA’s operational and remarkable safety performance has been driven by our 900 loyal and dedicated MCVSA colleagues. We are proud to hand over a well-functioning company with further potential to Barrystar which is committed long term to Venezuela and to the further development and expansion of the company.”

Categories: Activity South America Drilling Maersk

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