Danish offshore drilling firm Maersk Drilling has completed the sale of its Maersk Inspirer combined drilling and production unit to Havila Sirius for $373 million.
The unit has been deployed at Repsol's Yme oil field in the North Sea and has recently started producing oil. Maersk Drilling and Havila Sirius had announced the agreed sale and purchase of the Maersk Inspirer - now renamed Inspirer - back in May 2021.
Announcing the completion of the transaction on Thursday, Maersk Drilling said: "This transaction divests a non-core asset and significantly deleverages Maersk Drilling’s balance sheet. Per the terms of Maersk Drilling’s term loan agreement, the sale triggers a simultaneous loan repayment of USD 80m."
As part of the transaction, Repsol has assumed responsibility for the day-to-day operation of the rig on the Yme field, leasing the rig from Havila Sirius on behalf of the Yme licensees. According to Maersk Drilling, 60 employees have been transferred from Maersk Drilling to Repsol in a transfer of undertaking, and to ensure operational continuity Maersk Drilling will continue to provide certain systems and logistics services for up to 12 months.
In addition, Maersk Drilling will provide drilling management services for a period against payment of a management fee, which is not included in the proceeds.
As per the agreement, ownership was transferred after the rig was ready to receive hydrocarbons, which was achieved on October 10, 2021.
"This transaction will not impact Maersk Drilling’s financial guidance for 2021. As a result of the transaction, Maersk Drilling’s contract backlog will be reduced. As of 30 June 2021, Maersk Drilling’s contract backlog was USD 1.6bn of which approximately USD 430m relates to the Inspirer," Maersk Drilling said..
Inspirer is an ultra-harsh environment CJ70-150MC jack-up rig that was delivered in 2004 and converted to a dual drilling and production facility in 2007. In end-2020, it moved offshore to prepare for operations at the Yme field offshore Norway.
Havila Sirius is a 100% owned subsidiary of Havila Holding, a family-owned investment company with long-term industrial ownership within offshore supply vessels, ship technology, ferry operations, tourism, and real estate.