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.

German Writer Detained in Spain at Turkish Request
On Friday, he explicitly told Germany's Turkish community not to vote for any of the major parties on September 24. Erdogan's move also did not go down well with the Turkish community.


Many people stabbed in Finland suspect shot and arrested
Officers said they were now treating the attack in Turku , in which two people were killed and eight injured, as a terrorist act. Police said the suspect was being treated in hospital, and advised people to stay away from the city centre.


World's oldest man and Auschwitz survivor, Yisrael Kristal, dies aged 113
Kristal's daughter told the New York Times her father had prayed every morning for the past 100 years. There, he opened another sweet shop and continued to run the business up until his retirement.


"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.

Recommended:

  • New Apple videos show tons of iOS 11 tips for iPad owners

    New Apple videos show tons of iOS 11 tips for iPad owners

    One designer used his imagination to dream up new features and big changes in iOS 12, and the results are absolutely stunning. In the latest iOS 11 public beta , testers can turn on the Emergency SOS feature through the iPhone's settings .

    Dunford reassures South Korean allies at Combined Forces Command

    Dunford made the comments to his counterparts in South Korea as part of a trip to South Korea, Japan and China. His comments echo those of White House National Security Adviser H.R.
    Nitish Kumar ousts Sharad as JD-U RS leader

    Nitish Kumar ousts Sharad as JD-U RS leader

    Confirming about the formal invite, Shah on Saturday tweeted, "I met JD (U) president Nitish Kumar at my residence yesterday". The JD (U) at its August 19 National Executive Committee meeting is likely to formally join the NDA.
  • Real, Barca register wins in La Liga opener

    Real, Barca register wins in La Liga opener

    There was a solemn feeling at the Nou Camp before and during the game with only 56,480 supporters at the 99,000-capacity arena. Not many teams go to the Nou Camp and win - and the majority of those that do need a bit of luck on their side along the way.
    Real Madrid Captain Sergio Ramos Equals LaLiga Record For Red Cards

    Real Madrid Captain Sergio Ramos Equals LaLiga Record For Red Cards

    Sergio Ramos had a moment of madness, as he got into an altercation over Fabian Schar and pushed the player into the ground. I don't know if Ramos' card is fair, I have to see it, but I'm not going to talk about that.
    The Jaguars must cut Blake Bortles this summer

    The Jaguars must cut Blake Bortles this summer

    With three weeks until the National Football League regular season, it's possible Bortles still wins the job. Jameis Winston continued his solid preseason, completing 21 of 29 passes for 196 yards for Tampa Bay .
  • Georgia ranked same place as coaches poll — Preseason AP poll

    Georgia ranked same place as coaches poll — Preseason AP poll

    This also represents the 59th time that Oklahoma has appeared in the preseason AP poll , second most behind Ohio State (64 times). Florida opens its season ranked No. 17. - 1.9 teams that started the season unranked finished ranked in the top 10.
    Virat Kohli's Day Out With The 'Gentle Giants' In Sri Lanka

    Virat Kohli's Day Out With The 'Gentle Giants' In Sri Lanka

    Talking about the slump in form which he had experienced, Dhawan said, "I have already had a slump so I don't think about it". And then he will be playing 5 One Day Internationals and a Twenty20 series with Indian cricket team against Sri Lanka.
    Thousands Expected To Attend Protests Of Right-Wing Rally In Boston This Weekend

    Thousands Expected To Attend Protests Of Right-Wing Rally In Boston This Weekend

    Boston police officials have said some 500 officers - both plainclothes and uniformed - are closely monitoring the gathering. Boston placed tight restrictions on rallygoers, banning backpacks, sticks or anything that could be turned into a weapon.
  • Wallabies outclassed in Bledisloe Cup opener

    Wallabies outclassed in Bledisloe Cup opener

    Before kickoff in Sydney, there was a sense New Zealand could be run close by Australia in the Rugby Championship opener. The All Blacks took a 40-6 lead to halftime and the game was already over.
    Sensex pares early gains, up 43 points in late morning deals

    Sensex pares early gains, up 43 points in late morning deals

    There were 907 advances, 725 declines and 328 unchanged stocks on NSE reflecting a mild positive undertone floating in the market. Among stock-specific action, Infosys ended 5 percent higher as the company said it will consider buyback of shares .
    United States  retail sales post biggest increase in seven months

    United States retail sales post biggest increase in seven months

    The dollar index, a measure of the greenback against a basket of six other currencies, rose 0.7% to a three-week high of 94.03. Health and personal care stores increased 0.4 percent over June and increased 1.6 percent unadjusted year-over-year.


Popular

Prepared militarily, will act if North Korea launches missile, says US
The U.S. and other countries have accused North Korea of using export income to fund its banned weapons programs. Trump called the postponement a "wise and well-reasoned decision" in a tweet on the social network Twitter.

Moscow hopes Iran won't quit nuclear deal
During the U.S. presidential election Mr Trump vowed to pull out of the pact, claiming that Iran had violated the agreement. Rouhani . "It was Iran's preference, but it was not and will not remain Iran's only option", Rouhani said, as cited by AP.

EFL to look into earlier closing of summer transfer window
If 14 or more clubs out of the 20 agree to the proposed changes, then the transfer window will be restructured from next year. On this basis we will be tabling the matter for discussion with Clubs in September.

Indian Army foils China's incursion bid in Ladakh
Doka La is the Indian name for the region which Bhutan recognises as Doklam, while China claims it as part of its Donglang region. The 3,488 km long India-China border from Jammu and Kashmir to Arunachal Pradesh, a 220-km section falls in the Sikkim sector.

Fall in USA inventories lifts oil
Even so, Citigroup Inc.'s Ed Morse says shale will win over OPEC on oil, as USA drillers can survive due to hedging. Futures fell 0.8% in NY after Monday's 2.5% decline, the biggest drop in more than five weeks.

Liverpool Confirm 22-Man Squad For Hoffenheim Clash: Key Duo Not Included
There's no chance it isn't going to happen again. 'It is a big test but it is a big opportunity that is how we have to look at it. Liverpool will line up against Hoffenheim tomorrow with some key players missing out on the tie due to injury.

Crystal Palace boss Frank de Boer sets their season target
When quizzed over the situation, De Boer was not certain a deal would materialise. We know we were very clinical and had bit of luck when they missed chances.

Ezekiel Elliott suspended six games
However, the league continued with their own investigation and think they have found enough evidence against him to warrant a suspension.

Omarosa Manigualt walks out on black journalist convention after uproar
She claimed she was there to talk about her personal experience with violence, as some of her family members have been murdered. For her part, Manigault knows she isn't popular with other African-Americans, and she resents their lack of support.

Chelsea look to sign Alex Oxlade-Chamberlain
He will continute to move up beecause the potential is there. 'Personally, I think he is a hugely talented player. Chelsea have launched a £25million move for Arsenal midfielder Alex Oxlade Chamberlain according to reports .