The Drilling Company of 1972 A/S (“Maersk Drilling”) announces that it has received notice of early termination for convenience of two drilling contracts. The first is the BG International Ltd contract, a subsidiary of Shell, has terminated the contract for the semi-submersible Mærsk Developer with immediate effect. The original end of contract was expected to be in August 2020. This was followed by termination of Aker BP contract for the jack-up rig Maersk Reacher, which was hired for accommodation services on the Valhall field, with effect from end-April 2020. The original end of contract was expected to be in October 2020. For both contracts, Maersk Drilling expects to receive compensation in the form of early termination fees. Accordingly, the financial impact of the contract terminations on profitability in 2020 is expected to be limited. Maersk Drilling owns and operates a fleet of 22 offshore rigs specialising 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.
