Danish shipping conglomerate A.P. Møller-Maersk A.S. is considering divesting its oil and gas assets in Brazil following the company’s decision last fall to split into two separate divisions, one focusing on transportation and the other on energy.
Source: Carsten Medom Madsen/Shutterstock
A.P. Møller-Maersk A.S. is considering divesting its oil and gas assets in Brazil, according to a report from Reuters.
Danish shipping conglomerate A.P. Møller-Maersk A.S. is considering divesting its oil and gas business in Brazil, according to a report from Reuters news service.
Maersk Energy CEO Claus Hemmingse told Reuters on the sidelines of the GE Oil and Gas annual meeting in Florence, “Maersk’s assets in Brazil’s offshore Campos basin – a 20 percent stake in the Wahoo field and a 27 percent stake in Itaipu assets – appear ‘on the fringe’ of the company’s portfolio.”
“It is not being marketed, but we are looking through the portfolio,” he said.
Hemmingse’s comments come after the Maersk Group last fall announced it would split into two separate divisions – one focusing on transportation and logistics and the other focusing on energy – as a result of a massive internal strategic review by company management.
At the time, Maersk said it would consider various options for the former Maersk Oil and its drilling, supply services and tankers businesses, including joint-ventures, mergers or listing, and aimed to find solutions within 24 months, depending on market development and structural opportunities.
“We have three service companies of which many are top quartile if not leaders in their sector. We have three service companies that are all global. We have no intention to limit their presence in their global markets,” Hemmingse said.
“However there is little to speak of in terms of synergies, so we actually believe three stand-alone companies will be the best outcome. That could be achieved by mergers or de-merging them, that has yet to be decided.”