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Maersk Sells Oil and Gas Division to Total

Maersk Sells Oil and Gas Division to Total”

FILE - In this October 23, 2013, file photo of A.P. Moller-Maersk's oil rig in the North Sea named Halfdan.

The French oil and gas giant picked up the assets for $7.45 billion in a combined share and debt transaction.

AP Moller Maersk's share price rose 4 per cent in Monday trading, while Total's was down 0.1 per cent.

APMM will receive an enterprise value per 30 June 2017 of United States dollars 7.45bn paid by 97.5m shares in Total S.A. with a value of USD 4.95bn equal to approx.

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French supermajor Total said Monday it would become the second-largest operator in northwest Europe through a deal to acquire Danish producer Maersk Oil.

Total has proved more resilient than many other oil companies following the price slump that struck the industry from 2014, cutting costs faster and earlier, which is now allowing it to invest in new projects. Denmark will also function as a base of operations for Total's activities in Denmark, Norway and the Netherlands. Moreover, the deal adds significant volumes to the North Sea reserve base. The deal is expected to close in the first quarter of 2018 and take effect on July 1, Total said.

Total is a global integrated energy producer and provider, a leading worldwide oil and gas company, and a major player in solar energy with SunPower and Total Solar.

According to the Maersk press release, Total is planning to keep Maersk Oil's current offices in Copenhagen and Esbjerg operational.

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The combination with Maersk Oil offers Total an exceptional overlap of upstream businesses globally which will enhance Totals competitiveness and value in many core areas, in particular through some high quality growing assets and through the delivery of synergies. In recent days, prices have been around $50 per barrel. The 2018 production will have an estimated free cash flow break-even of less than $30/bbl.

The deal will also see Total take over operatorship and 31.2% ownership of the DUC producing assets in Denmark.

The deal is subject to regulatory approval and a consultation process with Total's employees.

The interim results from Danish shipping giant A.P. Moller-Maersk Line indicate a welcome recovery for container lines, but challenging times for shippers, the Load Star reported.

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Part of the reason is to avoid internal discord affecting certain clubs once the season is off and running. The selling clubs will still think they can get a bit more and hold out for more money.

"This may not be the final word from Total", he said.



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