AP Moller-Maersk has aborted plans to sell its offshore support vessel division and will no longer completely exit the energy segment as part of a high-profile strategic shift.
The move comes amid suspicions Maersk's top brass had become frustrated at the pace of its transition from a conglomerate to a transport and logistics specialist and efforts to accelerate the process.
Maersk has previously sold off its oil and gas and product tanker fleets and is in the final stages of listing its drilling business.
But following today’s reversal, OSV specialist Maersk Supply Service will no longer be jettisoned from the group.
Maersk’s board made the call today ahead of the group’s annual general meeting next week, where updates on the strategy progress are likely to be high on the agenda.
Maersk said: “Despite continuous efforts, no attractive separation solution has been identified for Maersk Supply Service, primarily due to the challenging market conditions with overcapacity within the offshore support vessel industry.”
Maersk Supply, the smallest of the original energy divisions, will now continue its efforts to diversify into new markets.
While the company will stay under the ownership of the main listed company AP Moller Maersk, today’s statement stressed Maersk Supply would operate on a standalone basis and not be an integrated business.
Maersk Supply is projecting it will be close to break-even on a core operating profit level in 2019, which will see the delivery of its final newbuildings.
Maersk began the strategic overhaul in 2016 and placed a three to five year timeframe on the process, which has been compared to the transition undertaken by computer company Dell.
Shares in AP Moller-Maersk climbed marginally to DKK 8,462 ($1,272) each at the time of writing on Friday.
