TOTAL ACQUIRES MÆRSK OLIE OG GAS A.P. Moller - Maersk has signed an agreement to sell Maersk Oil to French oil-giant Total S.A for 7.45bn dollar in a combined share and debt transaction. Total will take over Maersk Oil’s entire organization. Planned development schedules and investments in strategic and sanctioned projects will be upheld.
With the agreement A.P. Moller - Maersk is taking a material step forward in its strategy to separate out its oil and oil related activities to create an integrated transport & logistics company, and this transaction will contribute significantly to upholding its strong capital structure. - In determining the best future ownership structure for Maersk Oil, it has been imperative for us that the capabilities and assets created in Maersk Oil continue to be developed, and that longterm investments are upheld, especially in the Danish part of the North Sea,” says Søren Skou, CEO of A.P. Moller – Maersk. - The valuation of Maersk Oil and Total’s commitment is a testament to the quality and standing of Maersk Oil. In addition, the agreement will strengthen the financial flexibility of A.P. Moller - Maersk and free up resources to focus our future growth on container shipping, ports and logistics, says Søren Skou,
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REGIONAL HUB Denmark will become the regional hub for all Total’s operations in Denmark, Norway and the Netherlands, based on Maersk Oil’s capabilities and strong position in the North Sea region.
Maersk Oil will remain close to its technology and innovation partners at the Danish technical institutions and in the oil and gas service industry to the benefit of all parties, says Claus V. Hemmingsen.
- Maersk Oil’s activities across the North Sea will become part of a leading global operator with a strong performance record and long-term growth interest in the sector. The combination of Total and Maersk Oil’s global footprint and geographical overlap will ensure the continued development of Maersk Oil’s worldwide strategic and selective assets, says Claus V. Hemmingsen, Vice CEO of A.P. Moller - Maersk and CEO of the Energy division
MAIN OPERATOR A.P. Moller - Maersk has been the main operator in the Danish North Sea for half a century, establishing and maintaining Denmark’s position as self-sufficient within oil and gas. With Maersk Oil at the forefront, the Danish oil and gas industry has contributed 400bn kroner in taxes to Denmark over the past 50 years, and provides employment to 15.000 people in the sector.
- By selling to Total, we ensure a continued Danish stronghold in the North Sea based on Maersk Oil’s leading position within technology development and its track record as a lean, efficient and trusted partner. Importantly,
In addition, Maersk Oil has significant presence in the British and Norwegian sectors, with nine licenses in Norway, including an 8.44% ownership of Johan Sverdrup, one of Norway’s largest discoveries ever. In the United
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Published on Aug 30, 2017