Total Completes Maersk Oil Acquisition
Total S.A has completed the acquisition of Maersk Oil, which has resulted in the company becoming the second largest operator in the North Sea.
Under the agreed terms, A.P. Moller-Maersk will receive a consideration of $4.95 billion in Total shares and Total will assume $2.5 billion of Maersk Oil’s debt. The effective date of the transaction is March 8.
“This major acquisition is a success on many levels,” Patrick Pouyanné, chairman and CEO of Total, said in a company statement.
“First, it illustrates our strategy to build on our strengths and grow our presence in Total’s core areas, like the North Sea, to strengthen our leadership there. Second, it brings high-quality and low-breakeven assets, enhancing our worldwide portfolio. Third, the strong overlap between Maersk Oil and the Group’s assets will generate more than $400 million of synergies per year,” he added.
“We are committed to preserve and further develop Maersk Oil’s heritage by relying on the strong competencies of its teams. Our regional hub for North Sea activities is now headquartered in Copenhagen. Moreover, we welcome a major new shareholder, A.P. Moller-Maersk, which will hold 3.70 percent of the Group’s capital,” Pouyanné continued.
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