A. P. Moller – Maersk has announced plans to divest its offshore support vessel company Maersk Supply Service to A.P. Moller Holding, the parent company of the A.P. Moller Group.
The divestment is the final step in Maersk’s strategic restructuring that it initiated in 2016 and involved the divestment of its energy-related businesses to focus of transportation and integrated logistics. Maersk Tankers, Maersk Oil & Gas and Maersk Drilling were divested between 2017 and 2019.
A.P. Moller Holding said the deal is part of a strategy to “establish a leading offshore marine company servicing the offshore wind industry” by building on Maersk Supply Services’ experience and assets that currently primarily serve the offshore oil and gas industry.
Maersk Supply Service’s fleet consists of more than 35 vessels offering a wide range of services to the offshore energy sector, including towing, anchor handling, subsea support, and platform supply.
The transaction is valued at $685 million and closing, which is expected Q2 2023, is dependent on regulatory approvals. The transaction includes an offshore wind turbine installation vessel (WTIV) being built by Sembcorp Marine in Singapore, which is expected to be delivered in 2025, following a contract award from Equinor and BP to install turbines for the Empire 1 and 2 wind farms off of New York State.
“We are very pleased to see Maersk Supply Service will be able to continue to further develop new solutions for the green transition of the offshore sector under a new long-term ownership,” said Patrick Jany, CFO at A.P. Moller – Maersk. “This transaction validates the excellent work done by the team in the last years. At the same time, it marks the completion of our initial decision to divest all energy related activities and focus on truly integrated logistics.”
Maersk Supply Service will continue trading under its current name and will be using the Maersk seven-pointed star logo as part of its brand.
“The capabilities and vessels Maersk Supply Service have built over more than 50 years supporting the oil and gas energy industry are much needed within offshore renewable energy, especially in the wind industry,” said Martin Larsen CFO at A.P. Moller Holding. “As new owners we will drive a transition of Maersk Supply Service to over time become a leading offshore marine company servicing the offshore wind industry. At the same time, we are pleased that this concludes the separation of energy related activities from A.P. Moller – Maersk as initiated in 2016.”
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