Maersk Stands to Get Another $7.5 Billion for Energy Divestments

Maersk Stands to Get Another $7.5 Billion for Energy Divestments
Now that its oil and gas unit has been sold, Moller-Maersk A/S is planning separate divestments for the three remaining bits of what used to be a combined energy division.

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.


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