Maersk Drilling and Maersk Supply Service will invest an equal amount in the JV over the coming year. The joint investment is approximately USD 20 million covering the first years of operations. In addition, the JV partners will provide assets to the JV through standard commercial conditions. With the projection of adding up to three new projects per year after 2020, the JV’s revenue is expected to grow steadily over the first five years.
A lean organisation
The foundation of the JV will be a lean and scalable base organisation, covering only core capabilities and drawing upon support from Maersk Drilling and Maersk Supply Service. The JV will be headquartered at the Maersk Drilling and Maersk Supply Service joint headquarters in Lyngby, Denmark.
Lars Banke has been appointed Chief Executive Officer of the JV and will join the company from Total in June 2018. Lars has a background in mechanical engineering from Denmark’s Technical University and has worked in various Maersk companies since 2001, most recently acting as site manager for the construction of the Ailsa FSO in Singapore, for the Culzean project.
Jens Klit Thomsen, currently Head of Decommissioning Business Development at Maersk Supply Service has been appointed Chief Commercial Officer of the JV as of 1 April. Carsten Sander Jacobsen has been appointed Chief Technical Officer as of 1 May. He is currently Head of P&E Engineering in INEOS Denmark, responsible for field development and decommissioning activities.
An individual corporate brand for the JV will be established in the coming months.
The JV will not impact the ongoing work in A.P. Moller – Maersk to establish new ownership structures for each of the partner companies.