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Moller-Maersk sinks into red in Q3 amid energy division sales

Maersk news
Maersk news

Danish conglomerate AP Moller-Maersk sank into the red in a third quarter marked by an agreement to sell its oil division to Total of France.

Last year the group said it would split off its energy business, allowing it to focus on transport and logistics instead.

In August the company announced Total’s £5.8billion acquisition of Maersk Oil, which has an operated-stake in the North Sea Culzean gas field, which is expected to come on stream in 2019.

A month later Moller-Maersk said it had struck a deal to sell is tanker business for almost £900million.

Today, the company said it expected to find a “structural solution” for Maersk Drilling in the next year.

The group posted pre-tax losses of £76.8million for the quarter, compared to a surplus of £6million a year ago.

Revenues increased by 14% year-on-year to £6billion.

At Moller-Maersk’s energy division, losses widened £19million from £5.3million in the third quarter of 2016.

Moller-Maersk chief executive Soren Skou said: “I am pleased with the agreements reached in Q3 for Total to acquire Maersk Oil and Gas and AP Møller Holding to acquire Maersk Tankers, which indicates a solid progress in the separation of the energy businesses.

“Whilst solutions for Maersk Drilling and Maersk Supply Service remain to be defined before the end of 2018, the future Maersk will leverage even further its position of strength within transport and logistics.”

 

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