Maersk divests Maersk Supply Service for $685mn
MSS serves the energy sector with a fleet of 36 vessels manned by more than 1,300 crew members
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), a leading provider of global offshore marine services and project solutions for the energy sector.
The value of the transaction is $685 million (enterprise value), reflecting an EV/EBITDA multiple of 27.4x based on EBITDA for full-year 2022, says an official release from Maersk.
"Until obtaining all required regulatory approvals and closing of the transaction, Maersk Supply Service will remain a subsidiary of Maersk and run the business independently as usual."
MSS, founded in 1967, 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 release added.
"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," says Patrick Jany, CFO, Maersk. "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."
Maersk Tankers, Maersk Oil & Gas and Maersk Drilling were divested in 2017-2019, the release said. "Today with the intended sale of Maersk Supply Service, the final divestment of the energy related activities will be completed."
Martin Larsen, CFO, A.P. Moller Holding says: "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."
MSS will continue trading under its current name and will be using the Maersk seven-pointed star logo as part of its brand, the release added.