Aug 22, 2017

Total agrees deal worth US$7.45bn for Maersk Oil

Oil & Gas
Jonathan Dyble
2 min
Offshore oil
French multinational oil and gas company Total SA has agreed to buy AP Moller Maersk’s Oil division in a deal valued at US$7.45bn. The de...

French multinational oil and gas company Total SA has agreed to buy AP Moller Maersk’s Oil division in a deal valued at US$7.45bn.

The deal will see Maersk receive $4.95bn in Total shares, with the remainder of the funds coming from Total’s assumption of the shipping giant’s debt.

“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 CEO of Maersk, Søren Skou.

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Maersk has taken the step to sell the entirety of its oil portfolio to Total, with the aim of stepping out of the industry in order to focus its attention on the creation of an integrated logistics and transport company.

“The valuation of Maersk Oil and Total’s commitment is a testament to the quality and standing of Maersk Oil,” Skou continued.

“In addition, the agreement will strengthen the financial flexibility of AP Moller Maersk and free up resources to focus our future growth on container shipping, ports and logistics.”

The deal will make Total the second largest operator in the northwest Europe offshore region, the seventh largest producing region of oil and gas worldwide.

“I welcome Maersk Oil to the Total family,” commented CEO of Total, Patrick Poyanné.

“The addition of Maersk Oil’s strong capabilities and high quality assets to our business will create a leading international operator in the northwest European offshore region, making Denmark a regional anchor point for Total’s North Sea business.

“With Maersk Oil’s technical and operating competencies and Total’s experience and strong financial position, we have an exceptional opportunity to boost the combined competitive position in several core upstream regions and deliver growth, value creation and career opportunities.”

The deal is expected to close in Q1 of 2018, subject to approval from the relevant regulatory authorities.

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May 6, 2021

Global Offshore rebrands Enelift and invests in global hubs

Tubulars
rebrand
Globalhubs
Dominic Ellis
2 min
Enelift plans to augment existing solutions with robotics and remote operational and training technology

Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.

The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.

The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.

Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.

Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.

The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.

Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".

"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.

Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.

"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."

 

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