Maersk splits oil, transport businesses

A.P. Moller-Maersk AS, Copenhagen, is separating its transportation and oil businesses and starting a 2-year strategic review of the latter.

In a press statement the company said its “main growth focus” will be “delivering best in class transportation and logistics services as an integrated transport and logistics company.”

Oil and oil-related services, the statement said, “will require different solutions for future development, including separation of entities individually or in combination from AP Moller-Maersk AS in the form of joint ventures, mergers, or listing.”

The company said it “aims to find solutions for the oil and oil-related businesses within 24 months.”

A new energy division will comprise Maersk Oil, Maersk Drilling, Maersk Supply Service, and Maersk Tankers.

The statement said Maersk Oil will change strategy to focus “in fewer geographies to gain scale in basins, particularly in the North Sea,” and “aim to strengthen its portfolio through acquisitions or mergers.”

Maersk Oil now has interests in Algeria, Angola, Brazil, Denmark, Ethiopia, Greenland, Iraqi Kurdistan, Kazakhstan, Kenya, Norway, Qatar, the UAE, the UK, and the US.

The operating company “will mature existing key development projects while keeping exploration activities and expenses at a low level,” the statement said. Investments in sanctioned “strategic projects” will continue.

Future investment in Maersk Drilling, Maersk Supply Services, and Maersk Tankers “will be limited,” the company said.

Claus V. Hemmingsen will become chief executive officer of the new energy division and group vice-CEO of A.P. Moller-Maersk.

Jakob Thomasen, now CEO of Maersk Oil, will leave the company in November.

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