Maersk to Sell Tankers Business for $1.17 Billion
20 September 2017 - 6:29PM
Dow Jones News
By Dominic Chopping
A.P. Moeller-Maersk A/S on Wednesday said it would sell it
tankers unit to its controlling shareholder for $1.17 billion, the
latest move by the Danish conglomerate to break up its sprawling
operations.
The sale of Maersk Tankers A/S, one of the world's largest
operators of oil tankers, is the company's second sale since
announcing plans last September to separate its transport and
energy businesses.
Last month Maersk announced the sale of its Maersk Oil unit to
France's Total SA for $4.95 billion. It still has its Maersk
Drilling division, which operates oil and gas rigs mainly in the
North Sea, and Maersk Supply, a fleet of 44 support ships for
offshore operations, to sell or list.
Maersk Chief Executive Soren Skou said Thursday's sale
represented "an important step in our strategy to free up resources
and focus future growth in A.P. Moeller-Maersk on container
shipping, ports and logistics."
The tankers unit is being bought by APMH Invest A/S, a
subsidiary of A.P. Moeller Holding A/S -- the controlling
shareholder of A.P. Moeller-Maersk. Once the sale is completed, the
buyer plans to establish a consortium with Mitsui & Co. Ltd. to
hold the tankers business.
The sale is a departure for Maersk, which has owned the tanker
business since 1928. The unit transports refined oil products
around the world, has a fleet of 161 vessels and employs 3,100
people.
Maersk said it would use the proceeds from the sale to reduce
debt.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
September 20, 2017 04:14 ET (08:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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