The Danish Energy Agency approved Maersk’s sale of Maersk Oil to global oil major Total S.A., including the conditions for such a transfer. 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 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, if Total cant’ cover such costs.
The agreement to sell Maersk Oil to Total was announced on 21 August 2017, subject to regulatory approval from relevant authorities. As it was announced, the closing of the transaction is expected to happen during the first quarter 2018.
The information in this announcement does not change Maersk’s previous financial guidance for the financial year 2018.