Even though ESVAGT is one of the most profitable investments held by the A.P. Møller Maersk Group, its services fall outside of what Maersk considers its core leaving some to wonder what is next for the Esbjerg, Denmark-headquartered company.
ESVAGT is a specialist within the emergency response and rescue sector of the offshore industry and its fleet is comprised of ships specifically designed and built for the task. The company has also recently expanded into the offshore wind services sector and now operates vessels such as the ESVAGT FROUDE, pictured above.
As the majority shareholder, Maersk is fully supportive of ESVAGT’s current growth, but considering it is not considered a core business within the Maersk Group, it has left some to wonder what is next for ESVAGT.
The short answer is that there are no expected changes, but to address the issue, Maersk provided the following statement to gCaptain:
As we have previously stated, ESVAGT is an independent company outside our core activities with exciting development opportunities. Therefore, we continuously assess how to best serve ESVAGTs long-term interests while ensuring value to Maersk Group and its shareholders. Such assessments happens in dialogue with the other shareholders in ESVAGT.
Assessments may include considerations regarding strategic focus and cost savings as well as structural business changes or possible sale. In some cases we use external advisors for such assessment processes.
Today ESVAGT is one of the industry’s most profitable companies and following a long-term growth strategy expected to support continued profitable growth. We are fully behind this strategy – also with necessary capital investments. That does not mean ESVAGT or other companies outside our core activities can never be sold, should an opportunity emerge that is better both for the company and the Maersk Group.