The Moller – Maersk Board decided to retain full ownership of Maersk Supply Service. As the company said, the offshore support vessel industry has showed clear signs of distress, which impacted Maersk’s ability to find a sustainable ownership structure outside of the company.
According to Maersk, the offshore support vessel industry’s distress situation has reduced company market capitalisations and lower asset values, negatively impacting the ability to find a sustainable ownership structure outside of A.P. Moller – Maersk. In fact, it noted that the industry is characterized by oversupply, financial restructurings and consolidation, while this outlook is expected to remain subdued in the near and mid-term.
We have over the past two years been investigating various structural solutions for Maersk Supply Service. However, having been unable to establish any solutions meeting our objective of creating shareholder value, we have decided to retain Maersk Supply Service
Claus V. Hemmingsen, Vice CEO of A.P. Moller – Maersk and CEO of the Energy division, explained.
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Maersk Supply Service’s strategy aims to improve current business through time chartering out its assets, pursuing of new business, and by diversifying into new markets. This strategy is progressing well, as during 2018 about 30% of Maersk Supply Service’s revenue came from new and diverse business, such as offshore wind, ocean cleaning and deep-sea mining.
In addition, in the last two years, Maersk Supply Service has been progressing towards becoming a stand-alone entity and operates almost fully independently and will continue to do so. In this aspect, Steen S. Karstensen, CEO of Maersk Supply Service, commented that:
Our diversification initiatives are building presence in other markets and enable us to be less dependent on the traditional Oil & Gas market in the future. Our 44-vessel fleet has an average age of less than ten years and supports our integrated solutions offerings
Maersk Supply Service will now be reclassified to continue operations and will be included in A.P. Moller – Maersk’s income statement, balance sheet and cash flow statement as part of the segment Manufacturing and Others.
