Maersk Supply Service to get a new parentWritten by Nick Blenkey
In a “keep it in the family” deal, publicly-listed A.P. Moller – Maersk (Maersk) has reached an agreement that will see privately-held A.P. Moller Holding, the parent company of the A.P. Moller Group, acquire offshore services provider Maersk Supply Service (MSS).
The deal values Maersk Supply Services at $685 million and is in line with the strategy adopted by Maersk in 2016 of focusing on integrated logistics and away from energy. Maersk Tankers, Maersk Oil & Gas and Maersk Drilling were divested in the period 2017-2019.
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.
U.S. OFFSHORE WIND
The company 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. The transaction includes the innovative wind turbine installation vessel (WTIV) under construction for the company at Sembcorp Marine. As we have reported earlier, Maersk Supply has already lined up two U.S. offshore wind installation contracts for the vessel, partnering up with Houston-headquartered Kirby Corporation to provide Jones Act compliant feedering services.
The Maersk Supply installation vessel features a patented load transfer system that will enable safe transfer of cargo. The concept will utilize two newbuilt tugs and barges to transport wind turbine components out to the the installation site, while the WTIV stays on location to carry out successive installations.
“The capabilities and vessels Maersk Supply Service has 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,” said Martin Larsen, CFO at A.P. Moller Holding. “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.”
Until all required regulatory approvals have been obtained and the transaction closes, Maersk Supply Service will remain a subsidiary of A.P. Moller – Maersk A/S.