AP Moller sells Maersk Oil to Total for $7.45bn

AP Moller sells Maersk Oil to Total for $7.45bn

Total is to buy Maersk Oil for $7.45bn in a upstream gas-rich deal expected to close in 1Q 2018.

Maersk's main shareholder also has the possibility of a seat on Total's board of directors. There is no lock-up on the shares it will own in Total.

"The valuation of Maersk Oil and Total's commitment is a testament to the quality and standing of Maersk Oil".

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

Moeller-Maersk (AMKBY) shares gained in the first minutes of trading Monday after it said it had sold its oil and gas division to Total (TOT).

Maersk Oil last week reported a $191 million second-quarter net profit on revenue of $1.37 billion.

By adding such a portfolio of growing conventional offshore North Sea assets, we confirm our strategy for value creation of, on the one hand, playing to our core strengths in order to grow further and, on the other hand, to constantly seek to lower our break-even by delivering significant synergies.

Maersk Oil's partners at Culzean, a $4.5bn project due to produce first gas in 2019, are BP with 32% and Japan's JX Nippon 18.01%.

Denmark will become a regional hub for all Total's operations in Denmark, Norway and the Netherlands, based on Maersk Oil's capabilities and strong position in the North Sea region.

The deal is subject to regulatory approval and a consultation process with Total's employees.

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