With the aim of finding viable structural solutions before the end of 2018, the Energy division has during 2017 achieved half of that remit.
Progress is important to bring clarity to the oil and oil-related businesses and with the solutions for Maersk Oil and Maersk Tankers, A.P. Moller - Maersk can now increasingly its focus on becoming an integrated transport and logistics company.
For all the oil and oil-related businesses, the Energy division has been examining solutions including listings, trade sales and merger opportunities. Keeping the businesses in good shape – not least since they are all operating in challenging market conditions – has been the necessary premise for identifying and executing on the structural solutions. Maintaining high performance is a testament to the dedication of those working there.
“We are proud and very satisfied with the speed in which we have found good and solid solutions, and where we safeguard that the capabilities and assets built in Maersk Oil and Maersk Tankers continue to be developed in the future,” says Claus V. Hemmingsen, Vice CEO of A.P. Moller - Maersk and CEO of the Energy division. “I am personally am deeply impressed with the attitude of colleagues in the oil and oil-related businesses undergoing such immense change. They have continued to deliver during these times of change. They are really making the difference.”
The future businesses
A.P. Moller - Maersk has signed an agreement to sell Maersk Oil to oil and gas major Total for USD 7.45 billion in a combined share and debt transaction that is expected to close during the first quarter. It has also sold Maersk Tankers to APMH invest, a subsidiary of A.P. Moller Holding, for USD 1.171 million in an all-cash transaction.
Maersk Oil will become part of the world’s fourth largest oil and gas company and Denmark will become the regional hub for Total’s activities in Denmark, Norway and the Netherlands, ensuring a continued Danish stronghold in the North Sea. Sanctioned projects – including Culzean, Johan Sverdrup and Tyra – will continue to progress under Total.
“There’s a future, not an end to this story and there’s really something to celebrate and be proud of for Maersk Oil. It’s a good, strong and industry focused company that is not only yielding up value for A.P. Moller - Maersk, but also providing new opportunities for our colleagues,” Claus V. Hemmingsen says.
As one of the largest tanker companies, with a leading position in their industry, brand recognition was key in the structural solutions for Maersk Tankers. The tanker company will continue under the Maersk Tankers name and use the A.P. Moller - Maersk seven pointed star logo as part of its brand under the ownership of APMH Invest.