Danish Energy Agency Clears Maersk Oil Sale to Total
The Danish Energy Agency has approved AP Moller-Maersk's US$ 7.45 billion sale of of Mærsk Olie & Gas A/S (Maersk Oil) to global oil major Total S.A., the conglomerate said.
As part of the agreement Total will take over Maersk Oil’s organisation, portfolio, obligations and rights with minimal pre-conditions.
The Danish Energy Agency's approval of the transfer contains conditions, including that A.P. Moller -Maersk, as seller, assumes a secondary liability for the decommissioning of existing Danish offshore facilities corresponding to Maersk Oil’s 31.2% interest in the Danish Underground Consortium, should Total be unable to cover such costs.
The information in this announcement does not change A.P. Moller -Maersk’s previous financial guidance for the financial year 2018.
The agreement to sell Maersk Oil to Total was announced on 21 August 2017, subject to regulatory approval from relevant authorities. As previously communicated, the closing of the transaction is expected to take place during first quarter 2018.
