Total will take over Maersk Oils entire organisation, portfolio, obligations and rights with minimal pre-conditions, while Maersk will become part of the global oil and gas operator with a long term investment interest in the sector.
Denmark has been selected as the regional hub for all Total’s operations in the country, as well as for Norway and the Netherlands, based on Maersk Oil’s capabilities and strong position in the North Sea region
Patrick Pouyanne, Chairman and CEO of Total said, “The addition of Maersk Oil’s strong capabilities and high quality assets to our business will create a leading international operator in the North West European offshore region, making Denmark a regional anchor point for Total’s North Sea business.”
According to Pouyanne, the technical and operating competencies of Maersk combined with Total’s experience and strong financial position will provide opportunity to boost the combined competitive position of both companies in several core upstream regions and deliver growth and career opportunities.
Maersk CEO, Soen Skou added that the agreement will free up resources for A.P Moller-Maersk in order to focus the company’s future growth on container shipping, ports and logistics and uphold the long-term investments in the Danish part of the North Sea.
“With the agreement, Maersk is taking a material step forward in its strategy to separate its oil and oil related activities to create an integrated transport and logistics company. The transaction will contribute significantly to upholding its strong capital structure,” Skou concluded.