COPENHAGEN  - Maersk Drilling, a part of A.P. Moller-Maersk, said late Monday it had agreed to sell its 50 percent stake in Egyptian Drilling Company (EDC) to Egyptian General Petroleum Corporation (EGPC) for $100 million in an all-cash transaction.

Maersk Drilling said in a statement:

* Following the transaction EGPC will become sole owner of EDC and will as part of the agreement take over the entire portfolio, obligations and rights

* EDC operates 70 rigs in total of which the vast majority are land-based drilling rigs

* The divestment of EDC is in line with Maersk Drilling's strategy to focus on offshore drilling in harsh environment and deepwater markets

* EDC employs approximately 5,000 people, whereof 34 are Maersk Drilling employees. Maersk Drilling is currently looking into future job opportunities for its employees in EDC

(Reporting by Jacob Gronholt-Pedersen, editing by Gwladys Fouche) ((jacob.pedersen@thomsonreuters.com; +45 3396 9673; Reuters Messaging: jacob.pedersen.thomsonreuters.com@reuters.net))