Poland’s Lotos Buys Rig for Baltic Drilling

Poland’s Lotos has completed the purchase of Giant, a jack-up rig, from Maersk Drilling, the seller announced June 21.

The acquisition will help boost state-controlled Lotos’ exploration arm: Lotos Petrobaltic Group. The subsidiary holds several licences in the Baltic Sea. Wary of reliance on Russia, Poland is pushing hard to increase its energy independence.

The Danish offshore driller said in a statement: “The new owners will use the rig for drilling solely in the Baltic Sea, for jobs involving the Lotos Petrobaltic Group and other contracting parties. Maersk Drilling will recognise a single-digit million dollar pre-tax gain on the sale.

“After reviewing different options, we believe that a sale of Giant creates the highest shareholder value,” said CFO Jesper Ridder Olsen. “The rig was built in 1986 and the sale is part of our fleet optimisation in line with our strategic priority of maintaining a fleet of modern, high-quality assets.”

Lotos Petrobaltic holds licences for exploration three areas in the eastern part of Poland’s marine basin with a total surface of 3,177km². It also holds licences for the B3, B4, B6 and B8 fields. Currently the B3 and B8 oilfields are operated and the B4 and B6 gas fields are being prepared for development.

In addition, the company is exploring onshore in northern Poland alongside state-controlled gas utility PGNiG.