Page 7

Kingdom, Maersk Oil operates several offshore installations, as well as leading a number of project developments; most notably the Culzean gas development, where Maersk Oil is the operator and holds a 49.9 % ownership. - Our future position as the regional hub for Total’s operations in Denmark, Norway and the Netherlands, recognizes Maersk Oil’s status in the North Sea region. In Denmark, the focus will continue to be on investing in safe, efficient growth from existing fields, says Gretchen Watkins, CEO of Maersk Oil. - The capabilities, experiences and partnerships, which made Maersk Oil a globally recognized technology leader and trusted operator, will contribute to Total’s position in the entire North Sea and worldwide. In addition, the agreement presents new opportunities for our employees, as Maersk Oil joins a global industry leader.

STRATEGIC DECISION The separation of the energy businesses was decided as part of last year’s strategic decision to focus A.P. Moller - Maersk’s future activities on transport and logistics, as well as a result of recent years’ oil and gas industry and market developments. Maersk Oil is the first of the four energy companies of A.P. Moller – Maersk for which a future structural solution has now been identified. The solutions for Maersk Drilling, Maersk Supply Service and Maersk Tankers remain to be defined before the end of 2018. In a comment to the transaction, Chairman of A.P. Møller Holding A/S, Ane Mærsk Mc-Kinney Uggla states: “In my heart and mind, this is a very difficult, but right decision. Maersk Oil has for almost half a century been at the forefront of the Danish oil development, been vital to A.P. Moller - Maersk and to this very day plays a decisive role in the Danish and international

oil and gas industry. This gives us pride. As owners, we seek the best foundation for the future growth of the Maersk Oil activities and the focused development of the Danish North Sea. A.P. Møller - Mærsk A/S has found a dedicated industry owner with a sincere interest in further developing and investing in the assets and capabilities created in Maersk Oil, while preserving the heritage of Denmark’s leading oil company. On behalf of A.P. Moller Holding, I wish to thank all our employees in Maersk Oil for their vast achievements and relentless dedication to A.P. Moller - Maersk. REGULATORY APPROVAL The agreement is subject to regulatory approval from relevant authorities, including the Danish Minister of Energy, Utilities and Climate and relevant competition authorities. Closing is expected to take place during first quarter, 2018.

DAILY NEWS ON WWW.MARITIMEDENMARK.DK

PAGE 7 /

danish maritime magazine

Dmm 2 17  
Dmm 2 17  

Pirates remain a threat towards civilian shipping: African pirates still pose a particularly serious threat towards civilian shipping. In 20...