Total to Buy Maersk's Oil and Gas Business for $4.95 Billion

21 August, 2017, 20:31 | Author: Celia Hoffman
  • Total acquiring Maersk Oil in deal worth $7.45bn

The French conglomerate Total is a new owner of the Maersk company, the official statements about the details of the deal released on Monday. The company is a player in some of the largest North Sea projects, including the giant Johan Sverdrup field in Norway. The deal is already approved by both boards and expected to close in 1Q 2018 and have an effective date of July 1 2017.

Total said its purchase of Maersk Oil will position it as the No. 2 operator in the North Sea, which is the seventh-largest oil-and-gas producing region in the world. Alongside Maersk Oil's UK North Sea assets, Total will also take over its Danish and Norwegian...

The energy research firm Wood Mackenzie called the deal the biggest North Sea transaction since the merger of Norway's Statoil with the Norwegian aluminum and renewable energy firm Norsk Hydro more than a decade ago. Altogether, the Maersk Group has received shares for United States dollars 4.95 billion in the French oil company, corresponding to a 3.76 percent ownership share. Coretrax was established in 2008 to provide a bespoke and tailored service, offering a wide range of downhole tools and services which provide up-to-date solutions to improve time efficiency, maximise cost reduction, reliability, damage prevention and technological advancement to the global oil and gas industry.

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"We have an exceptional opportunity to boost the combined competitive position in several core upstream regions and deliver growth, value creation and career opportunities", said Patrick Pouyanné, chairman and chief executive of Total. TOTAL S.A. has no liability for their acts or omissions.

The proposed transaction is subject to the applicable legally required consultation and notification processes for employee representatives and to approvals by the relevant regulatory authorities. "They have a lot of cash still available and very well-valued shares". Closing is expected to take place during Q1 2018.

The margin for the Maersk group is expected to be United States dollars 2.8 billion. The accounting gain will be recorded partly from earnings until closing and the residual at closing. The teleconference will be broadcasted live and will also be available on the IR website on demand afterwards.


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