Copenhagen, Denmark
Copenhagen, Denmark

Maersk Oil is a Danish oil and gas company owned by the A. P. Moller-Maersk Group. The company was established in 1962 when Maersk Group was awarded a concession for oil and gas exploration and production in the Danish sector of the North Sea. In 1986, Maersk Oil took over operatorship of the Dansk Undergrunds Consortium-owned fields in the Danish section of the North Sea.Maersk Oil is engaged in exploration for and production of oil and natural gas in the North Sea Danish, British, and Norwegian sectors, Qatar, Algeria, Kazakhstan, Angola, Gulf of Mexico , Brazil, and Greenland. Most of these activities are not 100% owned, but are via membership in consortiums.Total oil production is more than 600,000 barrels per day and gas production is up to some 1 billion cubic feet per day . Production is from the North Sea, from both the Danish and British sectors, offshore Qatar, as well as Algeria, Kazakhstan and Brazil.Maersk Oil has been preliminarily awarded two new exploration licenses, PL472 and PL474, in Norway's latest licensing round in February 2008.Oil and gas activities provided A.P. Moller - Maersk with 22% of its revenue and 68% of its profit in 2008. Wikipedia.

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NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE:INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today announced that its joint venture with Euronav NV has signed two contracts for five years with North Oil Company (NOC), the future operator of the Al Shaheen oil field, off the coast of Qatar, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. These contracts are for the FSO Africa and FSO Asia and commence upon expiry of their current contracts with Maersk Oil Qatar in the third quarter of 2017. The FSO Africa and FSO Asia floating storage platforms are both high specification, specially built units serving the Al Shaheen oil field since 2010. In addition, the joint venture will be debt free from July 2017. The new contracts are expected, over their five year terms, to generate in excess of $360 million of EBITDA (earnings before interest, taxes, depreciation and amortization) for the joint venture. Based on International Seaways’ ownership in the joint venture, the five year contracts are expected to generate in excess of $180 million of EBITDA for the Company. “ We look forward to our FSO joint venture continuing its presence at Al Shaheen and are pleased to have finalized the new five year contracts,” said Lois K. Zabrocky, International Seaways’ president and CEO. “ Complementing our balanced fleet deployment strategy, this FSO joint venture combined with the Company’s LNG joint venture position International Seaways to optimize revenue through the current tanker cycle. With a high quality, diverse tanker fleet and upside to the spot market, the Company also remains poised to capitalize on a market recovery in both the product and crude sectors.” International Seaways, Inc. (NYSE:INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 55 vessels, including one ULCC, eight VLCCs, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 20 MR tankers. Through joint ventures, it has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at www.intlseas.com. This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s plans to issue dividends, its prospects, including statements regarding trends in the tanker markets, possibilities of strategic alliances and investments, and projections of the amount of EBITDA to be generated in the future. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for the Company and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.


News Article | May 17, 2017
Site: www.engineeringnews.co.za

Africa-focused oil company Tullow Oil said it encountered 75 m of net oil pay in two zones at an exploration well in northern Kenya. The Emekuya-1 well, located in the South Lokichar basin in north-western Kenya, would eventually be developed to full field development, the company said on Wednesday. The well has proven oil charge across a significant part of the Greater Etom structure, Tullow said. "The discovery not only adds more recoverable resources to the current portfolio, but, along with Etom-2 and Erut-1 (wells), establishes the 'northern triangle' part of the South Lokichar basin as an independent production hub," Morgan Stanley analyst Sasikanth Chilukuru said. Tullow operates Blocks 13T and 10BB with 50% equity and is partnered by Africa Oil Corp and Maersk Oil with 25% each. The Emekuya-1 well is located in Block 13T. Earlier this year, the company said its Erut-1 well, located in the same block, discovered oil with 25 m of net oil pay. According to Davy Research, Tullow's latest guidance for discovered resources in the South Lokichar basin is 750-million barrels. Shares of the company were up 2.9% at 207p by 08:10 GMT on the London Stock Exchange.


News Article | May 17, 2017
Site: worldmaritimenews.com

Antwerp-based tanker owner and operator Euronav has, through a joint venture with International Seaways, signed a contract for five years for the FSO Africa and FSO Asia in direct continuation of the current contractual service. The contract was signed with North Oil Company (NOC), the future operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. Euronav said that the new contracts for these custom-made 3 million barrels capacity units which have been significantly converted and that have been serving the Al-Shaheen field without interruption since 2010 will have a duration of five years starting at the expiry of the existing contracts with Maersk Oil Qatar. The existing contracts will remain in force until expiry in the third quarter of 2017. The new contracts are expected over their full duration to generate EBITDA in excess of USD 360 million for the joint ventures. Based on Euronav’s 50% ownership in the joint ventures the five year contracts are expected to generate in excess of USD 180 million of EBITDA for the company. The FSO Africa and FSO Asia floating storage platforms are both high specification and long duration assets with a potential trading life to 2032. In addition, the joint venture with International Seaways will be debt free from July 2017 “providing further optionality to create value,” Euronav said.


News Article | May 11, 2017
Site: globenewswire.com

Vedhæftet delårsrapport for 1. kvartal 2017 for A.P. Møller - Mærsk A/S (kun på engelsk). ”A.P. Møller - Mærsk A/S leverede et underliggende resultat på USD 201m i forhold til samme kvartal sidste år. Mens vi ikke kan være tilfredse med den overordnede lønsomhed i 1. kvartal, er resultatet som forventet, og vi fastholder vores forventninger for året.   Vi har i overensstemmelse med vores ambitioner om igen at skabe vækst i vores virksomhed, for første gang siden 3. kvartal 2014, øget vores omsætning set over året. Omsætningen steg med 5 pct. eller USD 424mio. til USD 9,0 mia., som følge af stigning i omsætning i Maersk Line og Maersk Oil. Maersk Line er på rette kurs i forhold til at levere en resultatfremgang på over 1 mia. USD i 2017 i forhold til 2016. Dette til trods for et underliggende tab på USD 80 mio. i 1. kvartal, drevet af forøgede brændstofudgifter på USD 381 mio. Både spotrater og kontraktpriser er steget i kvartalet, senest også på nord-syd ruter. Maersk Lines fokus i de kommende kvartaler vil være på genoprettelse af indtjening, samt fastholdelse markedsandele, efterhånden som markedsvilkårene forbedres. Opkøbet af Hamburg Süd skrider frem som planlagt mod en afslutning af handlen i fjerde kvartal, med forbehold for myndighedsgodkendelser. Købet vil bidrage til betydelig omsætning, volumen og vækst i markedsandel, såvel som operationelle synergier på USD 350-400 mio. om året fra 2019. Vi begynder at se synergier indenfor Transport og Logistik, eksempelvis har Maersk Line øget volumenerne til APM Terminals, mens forbedret samarbejde mellem Maersk Line og Maersk Container Industry har ført til betydeligt højere volumener og forbedrede resultater, samt synergier på salg og administrationsomkostninger.   Arbejdet med at definere langsigtede strukturelle løsninger for de enkelte virksomheder i vores Energy division skrider frem, og divisionen var profitabel i første kvartal, hvor Maersk Oil leverede en stærk indtjening. Olieprisen steg over året, og vi så moderate tegn på øget aktivitet i offshore-markederne hos Maersk Supply Service og Maersk Drilling, omend fra meget lave niveauer. Fokus her er fortsat på omkostninger, effektiviseringer og udnyttelsesgrad. Maersk Tankers resultat var påvirket af forringede markedsrater, hvilket delvist blev opvejet af omkostningsbesparelser."


News Article | May 11, 2017
Site: globenewswire.com

The Interim Report 1st Quarter 2017 for A.P. Møller - Mærsk A/S is hereby enclosed. “A.P. Møller - Mærsk A/S delivered an underlying profit of USD 201m in line with same quarter last year. Whilst we cannot be satisfied with the overall profitability in the first quarter, the result is as expected and we reiterate our guidance for the year for the Group. We delivered year-on-year revenue growth for the first time since Q3 2014 in line with our ambitions to become a growth company again. Revenue increased by 5pct or USD 424m to USD 9.0bn as a result of revenue growth in Maersk Line and Maersk Oil. Maersk Line is on track to deliver a result improvement of above USD 1bn for 2017 compared to 2016, despite an underlying loss of USD 80m in Q1, driven by a USD 381m higher fuel bill. Both spot freight rates and contract rates have increased during the quarter, lately also on the North-South trades. Maersk Line is focused on restoration of profitability and maintaining market share in the next quarters, as industry fundamentals improve. The Hamburg Süd acquisition is progressing as planned towards a closing in fourth quarter, subject to regulatory approvals. The acquisition will deliver substantial revenue, volume and market share growth as well as operational synergies of USD 350-400m per year from 2019. We are starting to see synergies in Transport & Logistics, for example with Maersk Line increasing volumes to APM Terminals, improved collaboration between Maersk Line and Maersk Container Industry leading to significantly higher volumes and improved results, as well as cost synergies on Sales, General & Administration. Our Energy division is progressing on defining sustainable structural solutions for the individual businesses and was profitable in first quarter with Maersk Oil delivering strong earnings. Oil price was up year-on-year, and we saw moderate signs of increasing activity in off-shore markets of Maersk Supply Service and Maersk Drilling, albeit from very low levels. Focus here continues to be on cost, efficiency and up-time. Maersk Tankers’ result was impacted by deteriorating market rates, which was partly offset by costs savings.”


News Article | May 11, 2017
Site: globenewswire.com

The Interim Report 1st Quarter 2017 for A.P. Møller - Mærsk A/S is hereby enclosed. “A.P. Møller - Mærsk A/S delivered an underlying profit of USD 201m in line with same quarter last year. Whilst we cannot be satisfied with the overall profitability in the first quarter, the result is as expected and we reiterate our guidance for the year for the Group. We delivered year-on-year revenue growth for the first time since Q3 2014 in line with our ambitions to become a growth company again. Revenue increased by 5pct or USD 424m to USD 9.0bn as a result of revenue growth in Maersk Line and Maersk Oil. Maersk Line is on track to deliver a result improvement of above USD 1bn for 2017 compared to 2016, despite an underlying loss of USD 80m in Q1, driven by a USD 381m higher fuel bill. Both spot freight rates and contract rates have increased during the quarter, lately also on the North-South trades. Maersk Line is focused on restoration of profitability and maintaining market share in the next quarters, as industry fundamentals improve. The Hamburg Süd acquisition is progressing as planned towards a closing in fourth quarter, subject to regulatory approvals. The acquisition will deliver substantial revenue, volume and market share growth as well as operational synergies of USD 350-400m per year from 2019. We are starting to see synergies in Transport & Logistics, for example with Maersk Line increasing volumes to APM Terminals, improved collaboration between Maersk Line and Maersk Container Industry leading to significantly higher volumes and improved results, as well as cost synergies on Sales, General & Administration. Our Energy division is progressing on defining sustainable structural solutions for the individual businesses and was profitable in first quarter with Maersk Oil delivering strong earnings. Oil price was up year-on-year, and we saw moderate signs of increasing activity in off-shore markets of Maersk Supply Service and Maersk Drilling, albeit from very low levels. Focus here continues to be on cost, efficiency and up-time. Maersk Tankers’ result was impacted by deteriorating market rates, which was partly offset by costs savings.”


News Article | May 11, 2017
Site: globenewswire.com

The Interim Report 1st Quarter 2017 for A.P. Møller - Mærsk A/S is hereby enclosed. “A.P. Møller - Mærsk A/S delivered an underlying profit of USD 201m in line with same quarter last year. Whilst we cannot be satisfied with the overall profitability in the first quarter, the result is as expected and we reiterate our guidance for the year for the Group. We delivered year-on-year revenue growth for the first time since Q3 2014 in line with our ambitions to become a growth company again. Revenue increased by 5pct or USD 424m to USD 9.0bn as a result of revenue growth in Maersk Line and Maersk Oil. Maersk Line is on track to deliver a result improvement of above USD 1bn for 2017 compared to 2016, despite an underlying loss of USD 80m in Q1, driven by a USD 381m higher fuel bill. Both spot freight rates and contract rates have increased during the quarter, lately also on the North-South trades. Maersk Line is focused on restoration of profitability and maintaining market share in the next quarters, as industry fundamentals improve. The Hamburg Süd acquisition is progressing as planned towards a closing in fourth quarter, subject to regulatory approvals. The acquisition will deliver substantial revenue, volume and market share growth as well as operational synergies of USD 350-400m per year from 2019. We are starting to see synergies in Transport & Logistics, for example with Maersk Line increasing volumes to APM Terminals, improved collaboration between Maersk Line and Maersk Container Industry leading to significantly higher volumes and improved results, as well as cost synergies on Sales, General & Administration. Our Energy division is progressing on defining sustainable structural solutions for the individual businesses and was profitable in first quarter with Maersk Oil delivering strong earnings. Oil price was up year-on-year, and we saw moderate signs of increasing activity in off-shore markets of Maersk Supply Service and Maersk Drilling, albeit from very low levels. Focus here continues to be on cost, efficiency and up-time. Maersk Tankers’ result was impacted by deteriorating market rates, which was partly offset by costs savings.”


News Article | May 11, 2017
Site: globenewswire.com

Vedhæftet delårsrapport for 1. kvartal 2017 for A.P. Møller - Mærsk A/S (kun på engelsk). ”A.P. Møller - Mærsk A/S leverede et underliggende resultat på USD 201m i forhold til samme kvartal sidste år. Mens vi ikke kan være tilfredse med den overordnede lønsomhed i 1. kvartal, er resultatet som forventet, og vi fastholder vores forventninger for året.   Vi har i overensstemmelse med vores ambitioner om igen at skabe vækst i vores virksomhed, for første gang siden 3. kvartal 2014, øget vores omsætning set over året. Omsætningen steg med 5 pct. eller USD 424mio. til USD 9,0 mia., som følge af stigning i omsætning i Maersk Line og Maersk Oil. Maersk Line er på rette kurs i forhold til at levere en resultatfremgang på over 1 mia. USD i 2017 i forhold til 2016. Dette til trods for et underliggende tab på USD 80 mio. i 1. kvartal, drevet af forøgede brændstofudgifter på USD 381 mio. Både spotrater og kontraktpriser er steget i kvartalet, senest også på nord-syd ruter. Maersk Lines fokus i de kommende kvartaler vil være på genoprettelse af indtjening, samt fastholdelse markedsandele, efterhånden som markedsvilkårene forbedres. Opkøbet af Hamburg Süd skrider frem som planlagt mod en afslutning af handlen i fjerde kvartal, med forbehold for myndighedsgodkendelser. Købet vil bidrage til betydelig omsætning, volumen og vækst i markedsandel, såvel som operationelle synergier på USD 350-400 mio. om året fra 2019. Vi begynder at se synergier indenfor Transport og Logistik, eksempelvis har Maersk Line øget volumenerne til APM Terminals, mens forbedret samarbejde mellem Maersk Line og Maersk Container Industry har ført til betydeligt højere volumener og forbedrede resultater, samt synergier på salg og administrationsomkostninger.   Arbejdet med at definere langsigtede strukturelle løsninger for de enkelte virksomheder i vores Energy division skrider frem, og divisionen var profitabel i første kvartal, hvor Maersk Oil leverede en stærk indtjening. Olieprisen steg over året, og vi så moderate tegn på øget aktivitet i offshore-markederne hos Maersk Supply Service og Maersk Drilling, omend fra meget lave niveauer. Fokus her er fortsat på omkostninger, effektiviseringer og udnyttelsesgrad. Maersk Tankers resultat var påvirket af forringede markedsrater, hvilket delvist blev opvejet af omkostningsbesparelser."


News Article | May 11, 2017
Site: globenewswire.com

Vedhæftet delårsrapport for 1. kvartal 2017 for A.P. Møller - Mærsk A/S (kun på engelsk). ”A.P. Møller - Mærsk A/S leverede et underliggende resultat på USD 201m i forhold til samme kvartal sidste år. Mens vi ikke kan være tilfredse med den overordnede lønsomhed i 1. kvartal, er resultatet som forventet, og vi fastholder vores forventninger for året.   Vi har i overensstemmelse med vores ambitioner om igen at skabe vækst i vores virksomhed, for første gang siden 3. kvartal 2014, øget vores omsætning set over året. Omsætningen steg med 5 pct. eller USD 424mio. til USD 9,0 mia., som følge af stigning i omsætning i Maersk Line og Maersk Oil. Maersk Line er på rette kurs i forhold til at levere en resultatfremgang på over 1 mia. USD i 2017 i forhold til 2016. Dette til trods for et underliggende tab på USD 80 mio. i 1. kvartal, drevet af forøgede brændstofudgifter på USD 381 mio. Både spotrater og kontraktpriser er steget i kvartalet, senest også på nord-syd ruter. Maersk Lines fokus i de kommende kvartaler vil være på genoprettelse af indtjening, samt fastholdelse markedsandele, efterhånden som markedsvilkårene forbedres. Opkøbet af Hamburg Süd skrider frem som planlagt mod en afslutning af handlen i fjerde kvartal, med forbehold for myndighedsgodkendelser. Købet vil bidrage til betydelig omsætning, volumen og vækst i markedsandel, såvel som operationelle synergier på USD 350-400 mio. om året fra 2019. Vi begynder at se synergier indenfor Transport og Logistik, eksempelvis har Maersk Line øget volumenerne til APM Terminals, mens forbedret samarbejde mellem Maersk Line og Maersk Container Industry har ført til betydeligt højere volumener og forbedrede resultater, samt synergier på salg og administrationsomkostninger.   Arbejdet med at definere langsigtede strukturelle løsninger for de enkelte virksomheder i vores Energy division skrider frem, og divisionen var profitabel i første kvartal, hvor Maersk Oil leverede en stærk indtjening. Olieprisen steg over året, og vi så moderate tegn på øget aktivitet i offshore-markederne hos Maersk Supply Service og Maersk Drilling, omend fra meget lave niveauer. Fokus her er fortsat på omkostninger, effektiviseringer og udnyttelsesgrad. Maersk Tankers resultat var påvirket af forringede markedsrater, hvilket delvist blev opvejet af omkostningsbesparelser."


News Article | May 11, 2017
Site: globenewswire.com

Vedhæftet delårsrapport for 1. kvartal 2017 for A.P. Møller - Mærsk A/S (kun på engelsk). ”A.P. Møller - Mærsk A/S leverede et underliggende resultat på USD 201m i forhold til samme kvartal sidste år. Mens vi ikke kan være tilfredse med den overordnede lønsomhed i 1. kvartal, er resultatet som forventet, og vi fastholder vores forventninger for året.   Vi har i overensstemmelse med vores ambitioner om igen at skabe vækst i vores virksomhed, for første gang siden 3. kvartal 2014, øget vores omsætning set over året. Omsætningen steg med 5 pct. eller USD 424mio. til USD 9,0 mia., som følge af stigning i omsætning i Maersk Line og Maersk Oil. Maersk Line er på rette kurs i forhold til at levere en resultatfremgang på over 1 mia. USD i 2017 i forhold til 2016. Dette til trods for et underliggende tab på USD 80 mio. i 1. kvartal, drevet af forøgede brændstofudgifter på USD 381 mio. Både spotrater og kontraktpriser er steget i kvartalet, senest også på nord-syd ruter. Maersk Lines fokus i de kommende kvartaler vil være på genoprettelse af indtjening, samt fastholdelse markedsandele, efterhånden som markedsvilkårene forbedres. Opkøbet af Hamburg Süd skrider frem som planlagt mod en afslutning af handlen i fjerde kvartal, med forbehold for myndighedsgodkendelser. Købet vil bidrage til betydelig omsætning, volumen og vækst i markedsandel, såvel som operationelle synergier på USD 350-400 mio. om året fra 2019. Vi begynder at se synergier indenfor Transport og Logistik, eksempelvis har Maersk Line øget volumenerne til APM Terminals, mens forbedret samarbejde mellem Maersk Line og Maersk Container Industry har ført til betydeligt højere volumener og forbedrede resultater, samt synergier på salg og administrationsomkostninger.   Arbejdet med at definere langsigtede strukturelle løsninger for de enkelte virksomheder i vores Energy division skrider frem, og divisionen var profitabel i første kvartal, hvor Maersk Oil leverede en stærk indtjening. Olieprisen steg over året, og vi så moderate tegn på øget aktivitet i offshore-markederne hos Maersk Supply Service og Maersk Drilling, omend fra meget lave niveauer. Fokus her er fortsat på omkostninger, effektiviseringer og udnyttelsesgrad. Maersk Tankers resultat var påvirket af forringede markedsrater, hvilket delvist blev opvejet af omkostningsbesparelser."

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