“The resilience, dedication and loyalty shown by our colleagues is absolutely stunning, and I am deeply thankful for this,” says Claus V. Hemmingsen, Vice CEO of A.P. Moller - Maersk and CEO of the Energy division.
Reflecting on the process of finding structural solutions for the Energy businesses, the CEO of the division points out that it has been a time of uncertainty and concern. Yet during this time, the constructive reaction and hard work of our employees has kept the businesses performing – the basic foundation that is required in order to find those solutions. He is equally thankful to his own small team in the Energy division, who are also showing dedication to the task of finding solutions for the businesses, while working in positions that will no longer exist at the end of the process.
“I’ve been thoroughly impressed with how our colleagues in the Energy businesses have handled the situation. I really feel that it is the people in the businesses who make the difference. Our customers and partners have faith and trust in the companies, and that speaks volumes about the dedication and qualities of our employees,” Claus V. Hemmingsen says to the Maersk Post.
For all four businesses, the Energy division has been examining solutions including listings, trade sales and merger opportunities.
Keeping the businesses in good shape – even though they are all operating in market conditions that are challenging, to different degrees – has been the necessary groundwork for identifying and executing on the structural solutions.
Maersk Oil has done an excellent job in optimising cost and performance, while also exiting Qatar and pushing ahead with the major North Sea projects, Tyra, Culzean and John Sverdrup.
A.P. Moller - Maersk was investigating a listing of Maersk Oil, when the offer from Total came in. The terms of that offer made it more attractive than a listing would have been, in terms of price, commitment to Maersk Oil’s projects and employees, and commitments to Denmark, Claus V. Hemmingsen explains.