Maersk Drilling names CFO

Danish driller Maersk Drilling has named Jesper Ridder Olsen its new Chief Financial Officer, following an announcement by Maersk last week that it will demerge the drilling unit via the Nasdaq Copenhagen listing in 2019.

“With a long career in KPMG and Ernst & Young, Jesper Ridder Olsen has been involved in a number of capital market transactions, including IPOs, in addition to serving as auditor and advisor for large Danish companies, such as A.P. Moller – Maersk, ISS, Carlsberg and Danske Bank,” Maersk said on Friday.

Maersk Drilling CEO Jørn Madsen said: “Jesper brings with him in-depth knowledge of Maersk Drilling and more than 25 years of experience, combined with the wide-ranging strategic and practical competences needed, as we prepare for becoming a separately listed company. With Jesper on board, the Maersk Drilling management team is well prepared to separate and demerge from A.P. Moller – Maersk,”

Jesper Ridder Olsen joined A.P. Moller – Maersk in November 2017 as Head of Accounting, Control & Tax.  He served as A.P. Moller – Maersk’s external auditor from 2001 until 2013 and as signing partner from 2006 to 2013, where he was also responsible for the audit of Maersk Drilling.

Jesper Ridder Olsen has over the years also been involved as advisor on several of A.P. Moller – Maersk’s large transactions, latest the acquisition of Hamburg Süd in 2017, Maersk Drilling said.

Demerger

Danish maritime giant Maersk last Friday said it had decided to “demerge” its drilling business Maersk Drilling via a separate listing of Maersk Drilling on Nasdaq Copenhagen in 2019.

Maersk has been looking to offload its oil and gas related business. The company in 2016 split its business into one focused on shipping and logistics, and the other on the oil and gas sector, with the final goal of selling its oil & gas related business firms.

Working toward its goal, Maersk has so far sold its oil business – Maersk Oil – to the French oil giant Total in March this year. It earlier sold Maersk Tankers to APMH Invest A/S, leaving it with Maersk Drilling and Maersk Supply Service to find a solution for.

The shipping giant last week said: “Having evaluated the different options available for Maersk Drilling, A.P. Moller – Maersk has concluded that listing Maersk Drilling as a standalone company presents the most optimal prospects for its shareholders, offering them the opportunity to participate in the value creation of an industry-leading pure-play offshore drilling company with long-term development prospects.”

Maersk Drilling will be demerged from A.P. Moller – Maersk via a separate listing, subject to A.P. Moller – Maersk maintaining investment grade rating. Listed shares in Maersk Drilling will be distributed to A.P. Moller – Maersk shareholders pro-rata, Maersj said.

A.P. Møller Holding has confirmed its intent to uphold a significant shareholding in a separately listed Maersk Drilling.

The process to ensure Maersk Drilling is operationally and organisationally ready to stand alone and for a separate listing in 2019 has been initiated, it added.