Danish Energy Agency Clears Maersk Oil Sale

Image Courtesy: Maersk Group

The Danish Energy Agency has approved Maersk Group’s sale of its oil business, Maersk Oil, to global oil major Total S.A.

As part of the agreement, announced in August last year, Total will take over Maersk Oil’s organization, portfolio, obligations and rights with minimal pre-conditions.

 The sale will take the form of a USD 7.45 billion worth combined share and debt transaction.

The move is part of Maersk Group’s separation of the energy businesses in line with the decision to focus its activities on transport and logistics.

For the transformation to be completed, Maersk is yet to find solutions for Maersk Drilling and Maersk Supply Service, which are expected to be defined before the end of 2018.

The transformation of Maersk Group from a conglomerate to an integrated global container logistics company is expected to take between three to five years.

“The Danish Energy Agency’s approval of the transfer contains conditions, including that A.P. Moller – Maersk, as seller, assumes a secondary liability for the decommissioning of existing Danish offshore facilities corresponding to Maersk Oil’s 31.2 pct interest in the Danish Underground Consortium, should Total be unable to cover such costs,” Maersk said in a release.

The decision will not have any impact on the group’s previous financial guidance for the financial year 2018.

The closing of the transaction is expected to take place during the first quarter of 2018.

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >