A.P. Moller – Maersk (Maersk) has reached an agreement with A.P. Moller Holding, the parent company of the A.P. Moller Group, to divest Maersk Supply Service (MSS), specializing in the provision of global offshore marine services and project solutions for the energy sector.
The move is part of Maersk’s strategy around integrated logistics and separation of the existing energy-related activities launched back in 2016.
As part of the strategy, Maersk Tankers, Maersk Oil & Gas and Maersk Drilling were divested in the period 2017-2019. Maersk said that with today’s intended sale of Maersk Supply Service, the final divestment of the energy-related activities will be completed.
“We are very pleased to see Maersk Supply Service will be able to continue to further develop new solutions for the green transition of the offshore sector under a new long-term ownership. This transaction validates the excellent work done by the team in the last years. At the same time, it marks the completion of our initial decision to divest all energy related activities and focus on truly integrated logistics,” says Patrick Jany, CFO at A.P. Moller – Maersk.
“The capabilities and vessels Maersk Supply Service have built over more than 50 years supporting the oil and gas energy industry are much needed within offshore renewable energy, especially in the wind industry. As new owners we will drive a transition of Maersk Supply Service to over time become a leading offshore marine company servicing the offshore wind industry. At the same time, we are pleased that this concludes the separation of energy related activities from A.P. Moller – Maersk as initiated in 2016,” says Martin Larsen, CFO at A.P. Moller Holding.
Maersk Supply Service will continue trading under its current name and will be using the Maersk seven-pointed star logo as part of its brand.
The transaction includes a wind installation vessel, which when finalized will establish Maersk Supply Service as an offshore wind contractor.
As the transaction is between related parties, a fairness opinion has been obtained from DNB Bank ASA. The fairness opinion confirms that the transaction value is fair from a financial point of view.
The value of the transaction is $685m (enterprise value), reflecting an EV/EBITDA multiple of 27.4x based on EBITDA for full-year 2022. U
ntil obtaining all required regulatory approvals and closing of the transaction, Maersk Supply Service will remain a subsidiary of A.P. Moller – Maersk A/S and run the business independently as usual.
Maersk Supply Service serves the energy sector with a fleet of 36 vessels manned by more than 1,300 crew members and supported by around 300 onshore staff worldwide.