Moller-Maersk spun off its oil and gas drilling unit and listed it separately on the Copenhagen stock exchange. Shares in the new company, called The Drilling Company of 1972, traded at $83.5 per share, valuing the company at $3.6bn. The demerger is a part of the Danish shipping group’s 2016 plan to refocus its efforts into transport and logistics, a plan that has also led to the divestment of its oil exploration and production business to France’s Total in 2017. Maersk’s existing shareholders had been given shares in the drilling company under the demerger arrangement.