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Maersk to cut $1billion from capex budget as prices fall

A.P. Moeller-Maersk A/S’s oil unit cut $1 billion off its annual budget for capital expenditure after petroleum prices plunged. Maersk Oil plans long-term capex in the range of $2 billion to $4 billion a year compared with a previous range of $3 billion to $5 billion, according to an investor presentation in Copenhagen on Wednesday. The new forecast doesn’t include funds to be spent on acquisitions, which the company says it’s still pursuing. Maersk Oil is following the rest of the industry in cutting jobs and lowering investments after crude prices dropped about 50 percent over the past 12 months. The company says it has lowered unit costs by about 33 percent over the past year and completed 600 job cuts by the end of June.

Oil & Gas

Scottish Government backs Maersk investment but urges further reform

The Scottish Government welcomed the £3billion investment by Maersk Oil in the UK – but also urged Chancellor George Osborne to reform North Sea taxes. Energy minister Fergus Ewing said: “Development of the Culzean field brings welcome investment, jobs and supply chain opportunities and, as the largest new field in a decade, it also demonstrates that there remain considerable opportunities to extend production for decades to come.

Oil & Gas

Maersk exec says recovery in oil drilling years away

The market for offshore drilling rigs is likely to remain weak for another two years as a slump in oil prices hurts exploration investments, while much-needed industry consolidation remains a distant prospect, the head of Denmark's Maersk Drilling said. With demand plunging and new capacity coming on the market, the cost to an oil company of renting deepwater drilling rigs has fallen by more than half in the last two years, from a peak around $650,000 per day to a current level of around $300,000. Competitors Fred. Olsen Energy FOE.OL, Diamond Offshore Drilling DO.N, Transocean RIGN.VX and Seadrill SDRL.OL have all recently warned of weak markets ahead.


Maersk Line’s second-quarter profit falls as freight rates drop

A P Moeller-Maersk A/S’s container line, the world’s biggest, reported a decline in second-quarter profit as freight rates plunged. Maersk Line reported a 7.3 percent drop in net operating profit after tax to $507 million, according to a statement published Thursday. Maersk’s group net income fell to $1.07 billion in the quarter, beating the median estimate of $729 million in a Bloomberg survey of 10 analysts.

North Sea

Exova extends with Maersk Oil

Testing and calibration specialist Exova has been awarded a contract to provide materials qualification testing for Maersk Oil.


Maersk profit misses estimates as container line loses share

AP Moeller-Maersk A/S, Denmark’s biggest company, reported first-quarter profit that missed analyst estimates after its shipping line lost market share. Maersk Line, the world’s largest container line, reported a 57 percent jump in first-quarter net operating profit after tax to $714 million, missing the $783 million estimate in a survey conducted by SME Direkt. Maersk Line, which transports about 15 percent of the world’s manufactured goods, said gains from lower fuel costs were dented by a decline in freight rates and volumes.

Other News

Iranian authorities seize Maersk cargo ship with British man onboard

A British man is on board a cargo ship seized by Iranian authorities. He is one of 24 crew members on the Maersk Tigris, which was in international waters crossing the Strait of Hormuz en route from Jeddah in Saudi Arabia to Jebel Ali in the UAE when it was approached and seized by Iranian patrol boats. A spokesman for Denmark-based Maersk said they understand the “crew is safe and under the circumstances in good spirits”. A statement added: “We are continuing our efforts to obtain more information about the Iranian authorities’ seizure - in international waters - of Maersk Tigris. We are not able at this point to establish or confirm the reason behind the seizure.

Health, Safety & Environment

PSA find number of breaches following lifeboat incident

The PSA (Norwegian Petroleum Safety Authority) has found a number of breaches after a lifeboat was unintentionally launched from the mobile unit Maersk Giant earlier this year. The incident, in January, occurred during testing of the lifeboat systems. An investigation by the PSA found if the boat had been released with workers in it, there could have been serious injuries caused or even fatalities. The NSA said during testing, a lifeboat had descended to the sea, with efforts being made to activate the manual brake on the lifeboat winch.

Energy Technology

Maersk launch new training facility in Aberdeen

Maersk have launched a new training facility in Kingswells, providing additional training opportunities to oil and gas workers in Aberdeen. Launched this week, the centre aims to complement the training facilities that already exist in the north-east, including the survival centre in Portlethen and the boat training facility in Stonehaven.

Other News

Maersk Oil appoints new UK boss

The boss of Maersk Oil UK will be returning to Denmark as the firm appoints a new head of its UK business. Martin Rune Pedersen will become head of the Danish firm’s domestic oil business, while Morten Kelstrup will become managing director in Aberdeen from 1 April 2015. Mr Rune Pedersen has been managing director of the business since 2010. He has worked for the firm for 17 years following a career as an officer in the Danish Army.


Maersk will divest Danske stake to focus on oil, shipping

AP Moeller-Maersk A/S, Denmark’s biggest company, plans to divest its holding in Danske Bank A/S as Chief Executive Officer Nils Smedegaard Andersen focuses on developing the oil and shipping businesses. Maersk stock rose the most in 18 months. Maersk will dispose of its 20.05% stake in Denmark’s largest bank by distributing an extraordinary cash dividend to investors plus offering them the opportunity to buy Danske Bank stock, the company said in a statement Wednesday. The holding is valued at about 35.8 billion kroner ($5.45 billion), based on Danske Bank’s closing price on Tuesday. Since Andersen took over in 2007, Copenhagen-based Maersk has been selling divisions that aren’t part of its main businesses of container shipping, port operations, oil exploration and drilling. Disposals include its stake in a supermarket chain, an unprofitable shipyard and a stake in a ferry operator. The company has more than 1,000 subsidiaries. “The box of chocolates has been opened and the goodies are coming out,” Matthew O’Keeffe, a London-based analyst at Berenberg Equity Research, said in a note, repeating a buy recommendation on Maersk.


Maersk hires DNV GL for Culzean work

Maersk Oil and Gas has hired DNV GL in a multi-million service contract deal for its Culzean project in the UK North Sea. The scope of contract includes Independent Competent Person (ICP) verification, Independent Verification Body (IVB) and Pressure Equipment Directive (PED) work. The team will be managed from a single point in the UK and DNV GL said it will use additional resources and expertise from Maersk’s team in Denmark to deliver the work.


Al Shaheen win for Aberdeen company

Aberdeen-based PIM (Plant Integrity Management) has landed a contract from Maersk Oil Qatar for its PSV (Pressure Safety Valve) software in the Al Shaheen field. The company has helped deliver PSV management and consultancy systems on 33 platforms in the region.