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2017-08-24 13:40:00

TOTAL - MAERSK DEAL: $7.45 BLN

TOTAL - MAERSK DEAL: $7.45 BLN

PENNENERGY French oil company Total agreed Monday to buy Danish conglomerate AP Moller-Maersk's oil business for $7.45 billion, in a deal that will strengthen its position in the North Sea.

Total said the deal 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. It said it will uphold Maersk Oil's development schedules and investments in a series of projects and that Denmark will become the regional hub for all its operations in Denmark, Norway and the Netherlands.

"This transaction is immediately accretive to both cash flow and earnings per share and delivers further growth over coming years," said Total chairman and CEO Patrick Pouyanne. "It is in line with our announced strategy to take advantage of the current market conditions and of our stronger balance sheet to add new resources at attractive conditions."

As part of the deal, Maersk will get $4.95 billion worth of Total shares, which is equivalent to around 3.8 percent of Total's share capital. The French company, which will also assume some $2.5 billion worth of Maersk Oil debt, said the deal underpins its dividend profile.

Investors in AP Moller Maersk cheered the deal, with the company's share price up 4 percent at 13,260 Danish kroner on the Copenhagen Stock Exchange. Total's share price in Paris was unchanged at 42.58 euros.

The sale of Maersk Oil is part of Maersk's restructuring strategy, which will see it focus on its core transport and logistics arms. Lower oil prices over the past few years also played their role in the company's plan to divest its oil arm.

Although oil prices have recovered of late to trade around $50 a barrel, they are still around half the level they were just three years ago. The fall has cut into oil companies' margins and made many production areas uneconomic. Relatively expensive areas such as the North Sea, where deep-water drilling is required, have become less attractive than they were previously.

That's been particularly difficult for smaller and less diversified companies, such as Maersk Oil, a development that contributed to Maersk's decision to refocus its business activities. Maersk has been the main operator in the Danish sector of the North Sea for half a century, helping the country to be self-sufficient in oil and gas.

"In determining the best future ownership structure for Maersk Oil, it has been imperative for us that the capabilities and assets created in Maersk Oil continue to be developed, and that long-term investments are upheld, especially in the Danish part of the North Sea," said Soren Skou, AP Moller-Maersk's CEO.

The deal, which is subject to relevant regulatory approvals, is expected to be completed during the first quarter of 2018.

Total's Pouyanne said the addition of Maersk Oil will "create a leading international operator in the North West European offshore region, making Denmark a regional anchor point for Total's North Sea business."

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Earlier:

TOTAL: 

   

 MAERSK:

 

TOTAL NET INCOME $2.5 BLN

TOTAL NET INCOME $2.5 BLN TOTAL NET INCOME $2.5 BLN In a price environment that remains volatile, Total again delivered an excellent set of quarterly results with adjusted net income of $2.5 billion, a 14% increase compared to a year ago, and operati ...
2017-07-28
     

MAERSK LOSS $1.9 BLN

MAERSK LOSS $1.9 BLN MAERSK LOSS $1.9 BLN Maersk delivered an unsatisfactory loss of USD 1.9bn (profit of USD 925m) negatively impacted by post-tax impairments of USD 2.8bn (USD 2.6bn) primarily relating to Maersk Drilling of USD 1.4bn (USD 27m) and ...
2017-02-09
 

TOTAL INVESTMENT TO IRAN

TOTAL INVESTMENT TO IRAN TOTAL INVESTMENT TO IRAN It is worth taking the risk at $1 billion because it opens a huge market. We are perfectly conscious of some risks. We have taken into account (sanctions) snap-backs, we have to take into account regu ...
2017-06-20
     

MAERSK CUTTING U.S. JOBS

MAERSK CUTTING U.S. JOBS MAERSK CUTTING U.S. JOBS Maersk Drilling will cut 122 jobs in the United States due to the early termination of a contract for deepwater rig Maersk Valiant Maersk Drilling will cut 122 jobs in the United States due to the ear ...
2016-08-03
 

TOTAL NET INCOME $2.8 BLN

TOTAL NET INCOME $2.8 BLN TOTAL NET INCOME $2.8 BLN Supported by the OPEC/non-OPEC agreement, Brent prices remained volatile in the context of high inventories and averaged 54 $/b this quarter. In this environment, Totals adjusted net income increase ...
2017-04-27
     

MAERSK OIL CUTS 12%

MAERSK OIL CUTS 12% MAERSK OIL CUTS 12% Maersk Oil has announced its intention to implement workforce reductions amounting to 10-12% of roles across its business. Maersk Oil has announced its intention to implement workforce reductions amounting to 1 ...
2015-10-27
 

TOTAL WANTS IRANIAN GAS

TOTAL WANTS IRANIAN GAS TOTAL WANTS IRANIAN GAS Total is seeking a 50 percent stake in a $4 billion project in Irans giant South Pars gas field, the French energy firm said in a regulatory filing on Friday detailing talks held with Iranian officials ...
2017-03-22
     

MAERSK WRITEDOWN BRAZIL $1.7 BLN

MAERSK WRITEDOWN BRAZIL $1.7 BLN MAERSK WRITEDOWN BRAZIL $1.7 BLN Maersk plans $1.7 bn Brazil writedown, sells field stake Maersk plans $1.7 bn Brazil writedown, sells field stake
2014-07-09
 

TOTAL NET INCOME $8.3 BLN

TOTAL NET INCOME $8.3 BLN TOTAL NET INCOME $8.3 BLN In this difficult environment, the Group demonstrated its resilience by generating adjusted net income of $8.3 billion and had the highest profitability among the majors due to the strength of its i ...
2017-03-22
     
 

TOTAL & CNPC: IRANIAN DEAL

TOTAL & CNPC: IRANIAN DEAL TOTAL & CNPC: IRANIAN DEAL Iran wants $200bn of investment in its energy industry over the next five years in order to raise production. Until now the country has been struggling to persuade overseas energy companies to com ...
2016-11-08
     
 

TOTAL NET INCOME DOWN 16%

TOTAL NET INCOME DOWN 16% TOTAL NET INCOME DOWN 16% Total once again reported solid quarterly results with adjusted net income of $2.1 billion and operating cash flow before working capital changes of $4.5 billion. The Group increased cash flow by 13 ...
2016-10-31
     
       
Tags: TOTAL, MAERSK, MOLLER, OIL

Chronicle:

TOTAL - MAERSK DEAL: $7.45 BLN
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

TOTAL - MAERSK DEAL: $7.45 BLN
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

TOTAL - MAERSK DEAL: $7.45 BLN
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

TOTAL - MAERSK DEAL: $7.45 BLN
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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