A.P. Møller - Mærsk A/S - Sale of Maersk LNG A/S

In the Interim Management statement dated 11 May 2011, A.P. Møller - Mærsk A/S announced its intention to sell its LNG business as it wished to reallocate resources to strategic

focus areas in the Group. Today, A.P. Møller - Mærsk A/S has entered into an agreement to sell Maersk LNG A/S to Teekay LNG Operating LLC and Marubeni Corporation at a total consideration of USD 1,402 million on a cash and debt free basis.
As part of the Group, Maersk LNG does not in itself have the necessary scale to significantly influence the overall development of the industry. And as Maersk LNG is not within those core business areas, where the Group intends to invest, the conclusion is that Maersk LNG would benefit from a different ownership.
“Teekay and Marubeni jointly represent an unrivalled owner of Maersk LNG and we are very satisfied that we have been able to transfer the ownership of Maersk LNG to such renowned and reliable owners with clear and strong strategic, long-term interests in the LNG transportation business,” says Claus V. Hemmingsen, member of the A.P. Moller - Maersk Group's Executive Board, and overall responsible for Maersk LNG.
“We are confident that customers, partners and employees agree that we could not have found a better owner of the business going forward,” says Claus V. Hemmingsen.
Through its subsidiaries Maersk LNG A/S owns six LNG vessels as well as two vessels owned through limited partnerships (26% ownership). The sales agreement comprises all of these vessels and consequently, the A.P. Moller - Maersk Group will not have any LNG vessels in its fleet following completion of the transaction.
The transaction is not expected to have a significant impact on the result of A.P. Møller - Mærsk A/S. The transaction remains subject to a.o. customer consents and regulatory approval and is expected to be completed during Q4 2011.
Source: A.P. Møller - Mærsk A/S