A. P. Moller Maersk doesn’t expect to finalize the sale of its Maersk Supply Service business by the end of 2018 as planned earlier, Vincent Clerk, Maersk’s Executive Vice President said in a conference call today.
The sale is part of Maersk Group’s transformation from a conglomerate to an integrated global container logistics company, which includes the separation of the group’s energy business.
In 2017, the business separation resulted in Mærsk Olie og Gas A/S being sold to Total S.A. and Maersk Tankers taken over by A.P. Møller Holding A/S.
Furthermore, earlier this year Maersk said it would spin off Maersk Drilling as a standalone company on Nasdaq Copenhagen in 2019, leaving Maersk Supply Service to find a potential buyer.
According to Clerk, Maersk Drilling’s listing is well on track to meet its deadline in 2019.
During the third quarter of 2018, Maersk Supply Service reported a revenue of USD 76 million, a 23% increase when compared to USD 62 million recorded in the same period last year.
The increase reflects higher project activity resulting in an EBITDA of USD 8 million, negatively impacted by increased project cost.
Maersk said that a negative fair value adjustment of USD 400 million was recognized in Q3 to reflect management’s revised expectations of a fair value of Maersk Supply Service. Hence, invested capital into the business at the end of the quarter totaled in USD 0.6 billion.