A.P. MOLLER – Maersk has announced plans to divest Maersk Supply Service, its offshore marine service company.
Valued at US$685 million, the sale of the MSS business would conclude a strategy initiated in 2016 to divest all energy-related businesses.
Under that strategy, Maersk Tankers, Maersk Oil & Gas and Maersk Drilling were divested between 2017 and 2019.
Now, Maersk said it has reached an agreement to divest the offshore business to A.P. Moller Holding, the parent company of the A.P. Moller Group.
Maersk CFO Patrick Jany said Maersk Supply Service would still be able to advance the green transition of the offshore sector under new long-term ownership.
“This transaction validates the excellent work done by the team in the last years,” Mr Jany said.
“At the same time, it marks the completion of our initial decision to divest all energy related activities and focus on truly integrated logistics.”
And A.P. Moller Holding CFO Martin Larsen said the capabilities and vessels MSS had built over more than 50 years are “much needed” in the offshore renewable energy sector, especially in the offshore wind industry.
“As new owners we will drive a transition of Maersk Supply Service to over time become a leading offshore marine company servicing the offshore wind industry,” Mr Larsen said.
“At the same time, we are pleased that this concludes the separation of energy related activities from A.P. Moller – Maersk as initiated in 2016.”
Maersk Supply Service is to continue trading under its current name and Maersk branding.
Maersk said it has obtained a fairness opinion from Norway’s DNB Bank, which reportedly found the transaction value is fair from a financial point of view.
The transaction includes a wind installation vessel to establish MSS as an offshore wind contractor.
