Maersk’s aim to be a “fully fledged” transport and logistics company is well on its way after the sale of Maersk Oil.
AP Møller-Maersk (APM-M) announced on 21 August its sale of Maersk Oil to the French oil and gas major Total SA for a total enterprise value of US$7.45 Bn. APM-M will receive US$4.95Bn in Total shares and Total will take on US$2.5Bn of Maersk Oil’s debt.
Alphaliner commented “Ending the group’s involvement in the energy business, the sale represents a first step in transforming AP Møller into a fully fledged transport and logistics company.”
It said that Maersk Oil is the second biggest division of APM-M after Maersk Line, with 14% of the group’s total revenues.
The transaction is expected to be completed in Q1 2018, subject to regulatory approvals from authorities.
Alphaliner highlighted that the three other business units in APM-M’s energy division – Maersk Drilling, Maersk Tankers and Maersk Supply Service – will be separated from the group by the end of 2018. This is part of APM-M’s aim of focusing on transport and logistics and was announced in its strategic review last year.