Maersk Supply Unlikely to Be Sold by Year End
A. P. Moller Maersk doesn’t expect to finalize the sale of its Maersk Supply Service business by the end of 2018 as planned earlier, Vincent Clerk, Maersk’s Executive Vice President said in a conference call today.
The sale is part of Maersk Group’s transformation from a conglomerate to an integrated global container logistics company, which includes the separation of the group’s energy business.
In 2017, the business separation resulted in Mærsk Olie og Gas A/S being sold to Total S.A. and Maersk Tankers taken over by A.P. Møller Holding A/S.
Furthermore, earlier this year Maersk said it would spin off Maersk Drilling as a standalone company on Nasdaq Copenhagen in 2019, leaving Maersk Supply Service to find a potential buyer.
According to Clerk, Maersk Drilling’s listing is well on track to meet its deadline in 2019.
During the third quarter of 2018, Maersk Supply Service reported a revenue of USD 76 million, a 23% increase when compared to USD 62 million recorded in the same period last year.
The increase reflects higher project activity resulting in an EBITDA of USD 8 million, negatively impacted by increased project cost.
Maersk said that a negative fair value adjustment of USD 400 million was recognized in Q3 to reflect management’s revised expectations of a fair value of Maersk Supply Service. Hence, invested capital into the business at the end of the quarter totaled in USD 0.6 billion.
World Maritime News Staff