Maersk Reaches Agreement with Danish Government

A.P. Moller-Maersk A/S has reached an agreement with the Danish Government. The agreement changes and increases taxation of income under the A.P. Moller-Maersk A/S North Sea concession until its expiry in 2012 as the Government a.o. will receive a 20% share of the profit.

Simultaneously, the concession is extended to 2042 with the Danish Government joining DUC with an ownership share of 20% as of 2012 without payment.

A.P. Moller-Maersk A/S has found it unreasonable to negotiate the existing agreement under pressure of new legislation, but found it prudent to accept a complete solution which should ensure a continued economically and for the society proper development of the oil and gas fields in question, also after 2012.

As the agreement will come into force only as of January 1, 2004, it will not affect the A.P. Molle-Maersk A/S estimates for 2003.

The agreement is not final until approved by relevant boards of directors and the Danish Parliament.