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Total buys Maersk Oil for $7.45 Billion

21 August, 2017, 20:27 | Author: Samuel Sharp
  • Painting honouring Heather Heyer who was killed during the Charlottesville attacks

In the deal, Total will give Maersk an estimated $4.95 billion in shares.

According to WoodMac, The acquisition also strengthens Total's North Sea exposure, through Maersk's core positions in the UK, Norway and Denmark.

Until Total's deal on Monday, numerous acquirers were private-equity firms and smaller players, eager to get a foothold major oil hubs like the North Sea. Total will also assume almost $3 billion in expected costs for decommissioning oil rigs in the North Sea.

For Total, the deal builds on its large existing presence in the North Sea and means it will become the second-largest exploration firm in the region, behind Norway's Statoil.

CEO Patrick Pouyanne says the company took account of about $3 billion decommissioning liabilities linked to Maersk Oil deal valuation. Maersk had been considering spinning off the oil and gas assets in an initial public offering, but "we offered them another option".

Total said an "exceptional overlap" of businesses would increase its competitiveness through growing assets and annual cost-savings.

Total's share price was up 0.5 per cent at the time of writing in a modestly falling market.

Among the assets Total is buying include a 49.99% stake in the Culzean gas field, around 145 miles to the east of Aberdeen, in which BP has a 32% stake. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

The deal is continent on necessary approvals and is expected finalized in the first quarter 2018. Closing is expected to take place during Q1 2018.

According to Soren Skou, the firm's chief executive, Maersk expects to make a gain of about $2.8bn from the deal, a portion of which will be returned to shareholders, subject to securing its investment-grade credit rating first.

As a effect of the transaction Maersk Oil will be classified as held-for-sale and discontinued operations in the Interim Report Q3 2017 for APMM.

Please join the teleconference on Monday, 21 August 2017 at 10:00am CET, following the announcement.

. The teleconference will be broadcasted live and will also be available on the IR website on demand afterwards.


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