Maersk to Sell Tankers Business for $1.17 Billion

By Dominic Chopping 

A.P. Moeller-Maersk A/S on Wednesday said it would sell it tankers unit to its controlling shareholder for $1.17 billion, the latest move by the Danish conglomerate to break up its sprawling operations.

The sale of Maersk Tankers A/S, one of the world's largest operators of oil tankers, is the company's second sale since announcing plans last September to separate its transport and energy businesses.

Last month Maersk announced the sale of its Maersk Oil unit to France's Total SA for $4.95 billion. It still has its Maersk Drilling division, which operates oil and gas rigs mainly in the North Sea, and Maersk Supply, a fleet of 44 support ships for offshore operations, to sell or list.

Maersk Chief Executive Soren Skou said Thursday's sale represented "an important step in our strategy to free up resources and focus future growth in A.P. Moeller-Maersk on container shipping, ports and logistics."

The tankers unit is being bought by APMH Invest A/S, a subsidiary of A.P. Moeller Holding A/S -- the controlling shareholder of A.P. Moeller-Maersk. Once the sale is completed, the buyer plans to establish a consortium with Mitsui & Co. Ltd. to hold the tankers business.

The sale is a departure for Maersk, which has owned the tanker business since 1928. The unit transports refined oil products around the world, has a fleet of 161 vessels and employs 3,100 people.

Maersk said it would use the proceeds from the sale to reduce debt.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

September 20, 2017 04:14 ET (08:14 GMT)

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