Maersk Supply Unlikely to Be Sold by Year End

MSS Starfish VesselsImage Courtesy: Maersk Supply Service

A. P. Moller Maersk doesn’t expect to finalize the sale of its Maersk Supply Service business by the end of 2018 as planned earlier, Vincent Clerk, Maersk’s Executive Vice President said in a conference call today.

The sale is part of Maersk Group’s transformation from a conglomerate to an integrated global container logistics company, which includes the separation of the group’s energy business.

In 2017, the business separation resulted in Mærsk Olie og Gas A/S being sold to Total S.A. and Maersk Tankers taken over by A.P. Møller Holding A/S.

Furthermore, earlier this year Maersk said it would spin off Maersk Drilling as a standalone company on Nasdaq Copenhagen in 2019, leaving Maersk Supply Service to find a potential buyer.

According to Clerk, Maersk Drilling’s listing is well on track to meet its deadline in 2019.

During the third quarter of 2018, Maersk Supply Service reported a revenue of USD 76 million, a 23% increase when compared to USD 62 million recorded in the same period last year.

The increase reflects higher project activity resulting in an EBITDA of USD 8 million, negatively impacted by increased project cost.

Maersk said that a negative fair value adjustment of USD 400 million was recognized in Q3 to reflect management’s revised expectations of a fair value of Maersk Supply Service. Hence, invested capital into the business at the end of the quarter totaled in USD 0.6 billion.

World Maritime News Staff

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 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 1

Salvage & Wreck

Salvage and Wreck Removal Conference will focus on Casualty management case studies, Dealing with hazardous cargo and container ship fires…

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >