The Egyptian General Petroleum Corporation (EGPC) will purchase Maersk Drilling Company’s 50% stake in the Egyptian Drilling Company (EDC) for $100 million, Al Ahram Newspaper reports.

The purchase will be made in cash, according to the newspaper.

After the transaction, EGPC will acquire sole ownership of EDC, according to Reuters.

Maerks Drilling, which is a part of A.P. Moller-Maersk, is divesting EDC as a part of its strategy to focus on offshore drilling.

EDC operates a total of 70 rigs—most of which are land-based drilling rigs. The company employs around 5,000 people.

In July, EDC possessed a positive balance sheet of over $1 billion and controlled almost 65% of the Egyptian drilling market, according to the company’s CEO, Jeppe Jensen, in an interview with Energy Digital.