Maersk Stands to Get Another $7.5 Billion for Energy Divestments
But Maersk may struggle to find buyers for its remaining energy operations, according to Morten Imsgard, an analyst at Sydbank.
“An acceptable solution for the rest of the energy activities could take a very long time,” he said in a client note. “The market conditions for these units are, generally speaking, very challenging at the moment. So we have a hard time seeing how Maersk will achieve an acceptable price for its shareholders for the remaining businesses.”
Maersk last week reported second-quarter earnings that missed estimates after it booked a writedown at its Tankers division, which is part of the energy unit the company is selling. It kept its outlook for the full year, despite booking a charge of as much as $300 million after the company was hit by a cyberattack at the end of June.
Maersk founded its energy unit in 1962 when the conglomerate obtained a 50-year contract to explore and produce oil in Denmark. It started production in 1972 and has since expanded to the U.K. North Sea, Norway, Kazakhstan and Algeria.
With assistance from Peter Levring. To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net. To contact the editor responsible for this story: Tasneem Hanfi Brögger at tbrogger@bloomberg.net.
12
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension